SB257 Summary

• Allows tax credits for historic structure rehabilitation to be freely transferable and assignable between taxpayers and entities, subject to notice and verification requirements.

• Expands eligible tax uses to include state taxes under Chapters 14A, 14B, 16, 18, and 21 of Title 40 and Chapters 3, 4, and 4A of Title 27, in addition to previously specified chapters.

• Removes the expiration date for the historic rehabilitation tax credit program by repealing Section 40-9F-7 of the Alabama Code.

• Maintains tax credit rates of 25 percent for certified historic structures and 10 percent for pre-1936 non-historic structures, with maximum credits of $5,000,000 for most properties and $50,000 for certified historic residential structures.

• Requires transferor and transferee to jointly file written transfer agreements with the Alabama Historical Commission within 30 days to perfect the transfer.