SB404 Summary

• Allows historic structure rehabilitation tax credits to be freely transferred and assigned between taxpayers, subject to commission notice and verification requirements.

• Clarifies that tax credits are awarded on a calendar year basis rather than fiscal year basis.

• Permits ownership changes of applicants so long as at least 50 percent ownership remains the same; allows unrestricted ownership changes after rehabilitation commencement.

• Tax credits may be transferred until claimed on an Alabama tax return, with transferor and transferee required to file written transfer agreement with commission within 30 days to perfect the transfer.

• Effective retroactively to May 15, 2013 (except transferability provision applies to tax periods beginning January 1, 2014 or later).