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AL SB36
Bill
Status
3/3/2015
Primary Sponsor
Jimmy Holley
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AI Summary
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Governor may award an additional $5,000,000 in tax credits via executive order under the Alabama New Markets Development Act, increasing the total annual cap from $20,000,000 to $25,000,000.
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Additional $5,000,000 allocation is available only to Community Development Entities (CDEs) that are based in Alabama.
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Qualifying CDEs must follow guidelines in Section 45D of the Internal Revenue Code of 1986 but are not required to have received a prior allocation from the Community Development Financial Institutions Fund (CDFI).
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The existing application process described in Section 41-9-219.3 remains in effect for all allocations.
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Act becomes effective for all taxable years beginning after December 31, 2015, following passage and approval by the Governor.
Legislative Description
Tax Credits, Alabama New Markets Development Act, limitations revised, allocation of tax credits further provided for, Sec. 41-9-219.2 am'd.
Taxation
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
3/3/2015