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Financial Institution Excise Tax Return

Financial Institution Excise Tax Return 2025

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The document is the Alabama Department of Revenue's Financial Institution Excise Tax Return Form ET-1 for the tax year 2004. It includes sections for reporting income, deductions, and calculating the excise tax owed by financial institutions operating in Alabama. The form requires detailed financial information such as total assets, income sources, and various deductions, along with schedules for specific types of income and expenses. It also addresses filing status options and provides instructions for completing the return.

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What is the financial institution excise tax in Alabama?

It is not a tax on income but is an excise tax measured by income. The proceeds of the tax are distributed one-half (50%) to the general fund, 33.3% distributed to the municipalities, and the remaining 16.7% distributed to the counties.

How do I know if my business has to pay excise tax?

Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.

Who needs to file a federal excise tax return?

Taxpayers include importers, manufacturers, retailers, and consumers, and vary depending on the specific tax. Excise taxes may be imposed at the time of: Entry into the United States, or sale or use after importation. Sale or use by the manufacturer.

What makes an excise tax different from a regular tax?

Unlike general sales taxes, excise taxes are usually applied on a per-unit basis instead of as a percentage of the purchase price. For instance, cigarette excise taxes are calculated in cents per pack. And most gasoline excise taxes are imposed in cents per gallon.

What is an excise tax return?

Excise taxes are primarily business taxes. They are separate from other taxes that corporations must pay, such as income taxes. Businesses charging and receiving excise taxes are required to file Form 720 Federal Excise Tax Return on a quarterly basis and include quarterly payments.

Does everyone pay excise tax?

Excise tax is imposed only on specific goods and services like airline tickets, fuel, tires, indoor tanning services, and gambling. Sales tax is imposed on nearly every sale to a consumer, with a few specific exceptions, such as groceries.

What is an example of an excise tax?

Excise taxes are commonly levied on cigarettes, alcoholic beverages, soda, gasoline, insurance premiums, amusement activities, and betting, and typically make up a relatively small and volatile portion of state and local and, to a lesser extent, federal tax collections.

Financial Institution Excise Tax Return 2025

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