AL SB293

Establishes an Alabama income tax credit equal to $3,000 or 50 percent of qualified storm shelter construction/acquisition/installation costs, whichever is less.

Eligible shelters must be capable of withstanding an EF5 tornado, meet Federal Emergency Management Agency minimum criteria for residential safe rooms, and be attached to or located on the same lot as the taxpayer's primary residence.

Tax credit is limited to an aggregate of $2,000,000 annually and is issued on a first-come, first-served basis by the Alabama Emergency Management Agency after taxpayer files an informational report.

Credit is non-refundable, non-transferable, and cannot reduce tax liability below zero; must be claimed in the tax year the shelter was acquired, constructed, or installed.

Tax credit is effective January 1, 2022 through the 2025 tax year, unless extended by the Legislature.