AL SB49

Authorizes new income tax credits for homeowners and businesses assessed by Neighborhood Infrastructure Authorities beginning in the 2018 tax year through the 2022 tax year, replacing the previous authorization period that expired December 31, 2015.

Provides an income tax credit of 10 percent of assessments paid, not to exceed $1,000 per tax year, for a period not exceeding 10 successive tax years.

Requires newly created Neighborhood Infrastructure Authorities to provide the Department of Revenue with copies of articles of incorporation, municipal approval documentation, and a member list by December 31 of the year the authority incorporates and is approved.

Changes the automatic expiration date for new tax credits from December 31, 2015 to December 31, 2022, unless further extended by the Legislature.

Allows existing authorities as of December 31, 2022 to continue operating until all existing projects are completed and the authority seeks dissolution.