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AL HB687
Bill
Status
4/12/2012
Primary Sponsor
Thad McClammy
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AI Summary
HB687 Summary
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Amends Section 40-7-15 to prohibit tax assessors from considering any income tax credits when determining fair market value of real property for assessment purposes.
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Amends Section 40-7-62 to prohibit county jurisdictions from considering income tax credits and/or restricted rents when determining fair market value of real property.
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Creates Alabama Housing Tax Credit under new Section 40-8-6 equal to the federal housing tax credit for qualified low-income housing projects placed in service after January 1, 2013.
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Allows unused credits to be carried forward up to three succeeding tax years and permits flexible allocation of credits among partners, members, or shareholders of the project-owning entity.
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Becomes effective January 1, 2013, and applies to all taxable years beginning on or after that date.
Legislative Description
Ad valorem tax, fair market value, income tax credits not considered, Alabama housing tax credit allowed for projects after Jan. 1, 2013, equal to federal housing tax credit for low-income housing, Secs. 40-7-15, 40-7-62 am'd.; Sec. 40-8-62 added
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
4/12/2012