SB262 Summary

• Establishes a new income tax credit equal to 25 percent of qualified rehabilitation expenditures for certified historic structures in Alabama.

• Creates a Historic Tax Credit Evaluating Committee to review projects and allocate up to $20,000,000 in tax credits annually for tax years 2018-2027, with a $200,000,000 aggregate cap through December 31, 2027.

• Sets maximum tax credit limits of $5,000,000 for most property types and $50,000 for certified historic residential structures.

• Requires owners to submit applications and rehabilitation plans to the Alabama Historical Commission for approval before beginning substantial rehabilitation work.

• Allows tax credits to be transferred to other taxpayers at no less than 85 percent of present value, subject to a $1,000 transfer fee per transferee.