HB140 Summary

• Establishes a state income tax credit for rehabilitation of certified historic structures and pre-1936 buildings in Alabama, with credits equal to 25% of qualified rehabilitation expenditures for historic structures and 10% for pre-1936 non-historic structures.

• Tax credit limited to $5,000,000 per project for most property types and $50,000 for certified historic residential structures, with unused credits transferable to future tax years for up to 10 years.

• Requires Alabama Historical Commission approval of rehabilitation plans before work begins, with applications accepted starting October 1, 2013, and tax credits first available for tax year 2014.

• Establishes annual statewide tax credit reservation cap of $20,000,000, allocated to applicants on first-come, first-served basis with priority maintained for two years if credits become available.

• Tax credits are freely transferable to any person or entity and may be used against state income taxes, corporate taxes, and certain other state taxes under Title 40 and Title 27.