SB202 Summary

• Amends Section 11-71-11, Code of Alabama 1975, to revise income tax credit allocation for voluntary assessments paid to local Neighborhood Infrastructure Authorities beginning in the 2015 tax year.

• Provides a 100% income tax credit for assessments under $1,000 in the year the assessment was paid.

• Allows a 33.33% income tax credit for assessments between $1,000 and $3,000, spread across the payment year plus two additional successive tax years.

• Grants a 10% income tax credit for assessments between $3,000 and $10,000, spread across the payment year plus nine additional successive tax years.

• Becomes effective on the first day of the third month following passage and gubernatorial approval.