Shares of stock in corporations or associations incorporated under the laws of this state or otherwise shall be exempt from ad valorem taxation in this state.
Ala. Code § 40-9-32
Exemption of Shares in Corporations from Ad Valorem Tax.
(Act 99-665, 2nd Sp
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.