HB274 Summary

• Amends Act 2013-241 to allow tax credits for historic structure rehabilitation to be freely transferred and assigned between taxpayers and entities, subject to commission and department verification requirements.

• Increases the aggregate annual tax credit reservation limit from $20,000,000 to $30,000,000, plus any previously rescinded tax credit amounts from prior years.

• Permits transferees of tax credits to use transferred credits to offset tax liability under Chapters 16 and 18, or to further transfer and assign credits to other persons or entities, including tax-exempt organizations under Section 501(c) of the Internal Revenue Code.

• Repeals Section 7 of Act 2013-241 (now appearing as Section 40-9F-7 of the Alabama Code).

• Effective date is the first day of the third month following passage and approval by the Governor.