AL SB469

Provides individual taxpayers with a state income tax credit for costs incurred to retrofit their legal residence to resist hurricane, tornado, rising floodwater, or windstorm damage.

Tax credit for taxpayers in counties bordering the Gulf of Mexico and Mobile Bay is limited to the lesser of 25% of retrofitting costs or $1,500, beginning with the 2009 tax year.

Tax credit for taxpayers in non-coastal counties and those in federally designated disaster areas is limited to 25% of costs or $1,500; disaster area residents receive an enhanced credit of 50% of costs or $3,000 for three years following disaster designation.

Costs must be associated with fortification measures defined in Section 27-31D-2 and meet standards set by the Institute for Business and Home Safety, International Code Council ICC 600, or the Alabama Residential and Energy Codes Board.

Costs purchased with grant funds that are not included in taxpayer income are ineligible for the credit; the act becomes effective immediately upon passage and approval.