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AL SB229
Bill
AI Summary
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Extends income tax credits for homeowners and businesses participating in Neighborhood Infrastructure Authorities beyond the December 31, 2015 expiration date.
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Allows homeowners and businesses assessed starting in the 2017 tax year to claim a 10 percent income tax credit on voluntary neighborhood infrastructure assessments, capped at $1,000 per tax year for up to 10 successive years.
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Permits Neighborhood Infrastructure Authorities created by municipalities before December 31, 2015 to continue operating indefinitely until existing projects are completed and the authority seeks dissolution.
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Removes the automatic expiration date for new credits and makes the tax credit program permanent unless specifically repealed by the Legislature.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Neighborhood Infrastructure Authorities, municipalities, assessments for neighborhood infrastructure revitalization projects, income tax credits, expiration date deleted, Secs. 11-71-11, 11-71-12 am'd.
Neighborhood Infrastructure Authorities
Last Action
Pending third reading on day 26 Favorable from Ways and Means Education with 1 amendment
5/9/2017