AL SB230

Extends the tax credit program for substantial rehabilitation of qualified structures by seven years, changing the application deadline from May 15, 2016 to May 15, 2023.

Expands the calendar years eligible for tax credit reservations from 2013-2015 to 2013-2022, maintaining the $20,000,000 annual cap per year with a $60,000,000 total cap for the May 15, 2013 through May 16, 2016 period.

Preserves existing tax credit rates of 25 percent for certified historic structures and 10 percent for qualified pre-1936 non-historic structures, with maximum credits of $5,000,000 and $50,000 respectively.

Maintains provisions allowing tax credits to be transferred and assigned, with a $1,000 transfer fee per transferee and a 10-year carryforward period for unused credits.

Becomes effective immediately upon passage and approval for tax years beginning on or after January 1, 2016.