SB158 Summary

• Establishes an Alabama income tax credit for taxpayers who construct, acquire, or install a qualified storm shelter that can withstand an EF5 tornado and meets Federal Emergency Management Agency minimum safety criteria.

• Tax credit equals one-third of the total qualified storm shelter costs, distributed annually over three years.

• Maximum credit of $6,000 per year for shelters attached to a taxpayer's primary residence, and $25,000 per year for shelters in residential developments, apartment complexes, or condominiums for common use.

• Tax credit is non-refundable and non-transferable, and cannot reduce a taxpayer's tax liability below zero.

• Department of Revenue shall establish a form requiring documentation that costs were incurred for a qualified storm shelter meeting Federal Emergency Management Agency safety standards; effective the first day of the third month following passage and gubernatorial approval.