Section 40-16-5.1 Payment of Estimated Financial Institution Excise Taxes

(a) Financial institutions shall pay estimated financial institution excise tax in accordance with 26 U.S.C. § 6655, except the provisions of 26 U.S.C. § 6655(g)(1)(A)(ii) through (iii) shall not apply. The balance of the tax owed, after reduction by the credits allowed by this chapter, and by prior payments including estimated payments as provided in this section, shall be due and paid at the same time as the due date of an original return.

(b) For the purposes of this section:

(1) Section 40-16-4 shall be substituted when 26 U.S.C. § 6655 refers to Chapter 1;

(2) Section 40-16-4 shall be substituted when 26 U.S.C. § 6655 refers to Section 11;

(3) The terms section 1201(a) and Subchapter L of Chapter 1 referred to in 26 U.S.C. § 6655(g)(1)(A)(i) shall be ignored for Alabama excise tax purposes;

(4) Section 40-16-8 shall be substituted when 26 U.S.C. § 6655(g)(1)(B) refers to Part IV of Subchapter A of Chapter 1;

(5) The term carrybacks referred to in 26 U.S.C. § 6655(g)(2)(B)(iii) shall be ignored for Alabama excise tax purposes;

(6) Commissioner shall be substituted when 26 U.S.C. § 6655 refers to Secretary.