SB123 Summary

• Establishes a state income tax credit for taxpayers who rehabilitate, preserve, or develop certified historic structures and pre-1936 non-historic structures throughout Alabama.

• Tax credit amounts are 25% of qualified rehabilitation expenditures for certified historic structures and 10% for pre-1936 non-historic structures, with maximum credits of $5,000,000 and $50,000 respectively for historic residential structures.

• Requires Alabama Historical Commission to develop approval standards and review rehabilitation plans before work begins, with tax credit reservations capped at $30,000,000 per fiscal year.

• Allows tax credits to be claimed in full in the year rehabilitation is placed in service, with unused portions carried forward up to 10 additional tax years, and permits credits to be freely transferred and assigned to other taxpayers.

• Applications accepted beginning October 1, 2013, with credits first available for the 2014 tax year; Commission must promulgate implementing rules by September 1, 2013.