HB445 Summary

• Establishes the Historic University Neighborhood Rehabilitation Act creating an income tax credit equal to 25% of qualified rehabilitation expenditures for structures within one-half mile of Alabama's land-grant colleges and universities designated under the Morrill Acts.

• Requires owners to submit rehabilitation plans and applications to the Alabama Historical Commission for approval before beginning work, with a maximum tax credit of $5 million per project.

• Creates a $10 million annual tax credit reservation limit for tax years 2019-2023, with a $50 million aggregate cap through December 31, 2023, funded through the Education Trust Fund.

• Establishes the Historic University Neighborhood Rehabilitation Tax Credit Evaluating Committee to review and rank projects based on community value, geographic distribution, and local support.

• Tax credits are transferable at 85% or more of present value, subject to a $1,000 per transferee fee, and may be claimed only once; applications accepted beginning November 1, 2018, with deadline for new applications of December 31, 2023.