AL HB428

Establishes an Alabama income tax credit for eligible taxpayers who construct, acquire, or install a qualified storm shelter meeting EF5 tornado design standards and Federal Emergency Management Agency minimum criteria.

Tax credit equals one-third of total construction, acquisition, and installation costs, distributed annually over three years.

Maximum tax credit of $6,000 for shelters attached to a taxpayer's primary residence or on the same lot or parcel.

Maximum tax credit of $25,000 for shelters placed in residential developments, apartment complexes, or condominiums for common use.

Tax credit is non-refundable and non-transferable, and taxpayers must apply annually; the Department of Revenue shall prescribe a form requiring documentation of qualifying costs and compliance with safety standards.