AL HB214

Extends the deadline for submitting applications and rehabilitation plans for tax credits to May 15, 2023 (previously May 15, 2016), providing a seven-year extension.

Maintains tax credit rates at 25% of qualified rehabilitation expenditures for certified historic structures and 10% for qualified pre-1936 non-historic structures.

Extends the calendar years eligible for tax credit reservations through 2022 (previously through 2015), with aggregate annual limits of $20 million per year plus any rescinded credits, not to exceed $60 million total during the extended period.

Requires tax credit recipients to submit annual reports to the House Ways and Means Education Committee detailing the amount of credit received, property address, and sale price if the credit was transferred to a third party.

Protects owners who submit applications and reserve allocations on or before May 15, 2023 from any future legislative reduction or suspension of tax credits, even if the structure is placed in service after that date.