SB395 Summary

• Allows individual Alabama taxpayers with legal residences in Alabama Insurance Underwriting Association zones an income tax deduction for costs to retrofit homes to resist hurricane, tornado, and windstorm damage, limited to the lesser of 50% of costs or $3,000 per tax year beginning in 2011.

• Permits all Alabama taxpayers a separate income tax deduction for ordinary repairs, replacements, and upgrades designed to resist windstorm or flooding damage meeting standards from specified building safety codes, also limited to the lesser of 50% of costs or $3,000.

• Combines both deductions to not exceed $3,000 total across all taxable years; costs purchased with grant funds do not qualify unless grants are included in taxpayer income.

• Requires all homeowners insurance rate filings and related actuarial information filed after the act's effective date to be treated as public information, available at the Insurance Commissioner's office in Montgomery and on the Department of Insurance website.

• Protects proprietary actuarial risk analysis and forecasting information as trade secrets that remain confidential; requires 10 business days notice if such information is requested by court order.