AL HB345

Establishes new income tax credit equal to 25 percent of qualified rehabilitation expenditures for certified historic structures in Alabama, replacing expired program.

Creates Historic Tax Credit Evaluating Committee composed of state officials and legislators to review projects and allocate credits, with annual applications accepted starting January 1, 2018.

Limits tax credits to $5,000,000 per project for most property types and $50,000 for historic residential structures, with aggregate reservations capped at $20,000,000 annually and $200,000,000 total through December 31, 2027.

Requires Alabama Historical Commission approval of rehabilitation plans meeting U.S. Secretary of Interior standards, with owners submitting cost certifications by independent CPAs and appraisals before tax credit certificates are issued.

Allows tax credits to be transferred at minimum 85 percent of present value with $1,000 transfer fee per transferee, and provides refunds if taxpayer's liability is less than claimed credit.