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AL HB454
Bill
Status
1/26/2010
Primary Sponsor
James Gordon
Click for details
AI Summary
HB 454 Summary
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Allows individual taxpayers to claim a state income tax credit for costs incurred to retrofit their permanent residence to resist hurricane or catastrophic windstorm damage, with a maximum credit of $1,000 or 25% of costs, whichever is less.
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Provides a state income tax credit for Alabama state sales tax paid on tangible personal property used for home retrofitting, calculated as 4% of the purchase price with a maximum credit of $1,500.
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Allows taxpayers to claim a state income tax credit for excess property and casualty insurance premiums paid during the tax year, defined as amounts exceeding 5% of adjusted gross income, with a maximum annual credit of $1,250 and a 5-year carryforward provision for unused credits.
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Excludes costs and items purchased with federal, state, or private grant funds from eligibility unless the grant funds are included in the taxpayer's income.
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Becomes effective January 1, 2011.
Legislative Description
Income tax, tax credit authorized for retrofitting home due to loss from hurricane or windstorm events, for sales tax paid on retail sale of tangible personal property used to retrofit home, and for excess premium paid for property and casualty insurance, Consumer Hurricane Mitigation Tax Credit Act
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on Education Appropriations
1/26/2010