SB131 Summary

• Establishes a state income tax credit in Alabama for rehabilitation, preservation, and development of historic structures, which did not previously exist.

• Provides a 25% tax credit for certified historic structures and 10% tax credit for non-historic structures built before 1936, with maximum credits of $5,000,000 and $50,000 respectively.

• Requires Alabama Historical Commission approval of rehabilitation plans before work begins and establishes certification process for qualified rehabilitation expenditures and historic residential structures.

• Credits are fully transferable and assignable, may be claimed in the tax year rehabilitation is placed in service, and unused portions may be carried forward for up to 10 additional tax years.

• Caps aggregate tax credits reserved annually at $30,000,000 and requires commission to report to Legislature on economic impact beginning in the third year after passage.