No. Section 40-14A-43, Code of Alabama 1975, states “The taxes levied by this chapter shall not apply to any organization described in 26 U.S.C. §501(a)…”
Section 501(a) of the Internal Revenue Code further refers to 26 U.S.C. §501(c), which identifies exempt organizations. Section 501(c)(14) (A) addresses credit unions without capital stock organized and operated for mutual purposes and without profit.