# Ala. Code § 40-16-2: Section 40-16-2 Production Credit Associations Taxable Under Chapter

> Alabama · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_AL_T40_C16_S40-16-2

## Section

- **Citation:** Ala. Code § 40-16-2
- **Heading:** Section 40-16-2 Production Credit Associations Taxable Under Chapter
- **Jurisdiction:** Alabama
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Alabama Code / Title 40 / Chapter 16 / Section 40-16-2

## Text

Production credit associations, incorporated pursuant to the provisions of the act of Congress known as the Farm Credit Act of 1933, are not foreign corporations, and any such association which may become taxable by the state shall be subject to the same taxation imposed upon national banks under the provisions of this chapter, and such associations shall be exempt from all other forms of income, privilege and license taxes imposed by the state.

## Nearby sections

- [Ala. Code § 40-16-1 Section 40-16-1 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_AL_T40_C16_S40-16-1.md)
- [Ala. Code § 40-16-1.1 Section 40-16-1.1 Taxation of Trust as Financial Institution](https://www.frixlaw.com/law-library/statutes/STATE_AL_T40_C16_S40-16-1.1.md)
- [Ala. Code § 40-16-1.2 Section 40-16-1.2 Additional Items Included in Federal Taxable Income; Items Deducted from Federal Taxable Income](https://www.frixlaw.com/law-library/statutes/STATE_AL_T40_C16_S40-16-1.2.md)
- [Ala. Code § 40-16-1.3 Section 40-16-1.3 Net Income of Credit Unions](https://www.frixlaw.com/law-library/statutes/STATE_AL_T40_C16_S40-16-1.3.md)
- [Ala. Code § 40-16-2 Section 40-16-2 Production Credit Associations Taxable Under Chapter](https://www.frixlaw.com/law-library/statutes/STATE_AL_T40_C16_S40-16-2.md)
- [Ala. Code § 40-16-3 Section 40-16-3 Returns](https://www.frixlaw.com/law-library/statutes/STATE_AL_T40_C16_S40-16-3.md)
- [Ala. Code § 40-16-3.1 Section 40-16-3.1 Extension of Due Date for Taxpayers of Financial Institution Excise Tax, Tax Years Beginning on or After January 1, 2021](https://www.frixlaw.com/law-library/statutes/STATE_AL_T40_C16_S40-16-3.1.md)
- [Ala. Code § 40-16-4 Section 40-16-4 Levy; Reporting of Tax; Promulgation of Rules](https://www.frixlaw.com/law-library/statutes/STATE_AL_T40_C16_S40-16-4.md)
- [Ala. Code § 40-16-5 Section 40-16-5 When Tax Due; Extension of Time for Payment](https://www.frixlaw.com/law-library/statutes/STATE_AL_T40_C16_S40-16-5.md)
- [Ala. Code § 40-16-5.1 Section 40-16-5.1 Payment of Estimated Financial Institution Excise Taxes](https://www.frixlaw.com/law-library/statutes/STATE_AL_T40_C16_S40-16-5.1.md)
- [Ala. Code § 40-16-6 Section 40-16-6 Remittance and Disposition of Tax](https://www.frixlaw.com/law-library/statutes/STATE_AL_T40_C16_S40-16-6.md)
- [Ala. Code § 40-16-8 Section 40-16-8 Exemptions and Credits](https://www.frixlaw.com/law-library/statutes/STATE_AL_T40_C16_S40-16-8.md)
- [Ala. Code § 40-16-9 Section 40-16-9 Tax Credits Applied to State Portion of Tax Liability](https://www.frixlaw.com/law-library/statutes/STATE_AL_T40_C16_S40-16-9.md)
- [Ala. Code § 40-16-10 Section 40-16-10 Computation of Net Income of Financial Institutions](https://www.frixlaw.com/law-library/statutes/STATE_AL_T40_C16_S40-16-10.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_AL_T40_C16_S40-16-2. Check the current official text before relying on it. Not legal advice.