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AL SB45
Bill
Status
1/11/2022
Primary Sponsor
Clyde Chambliss
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AI Summary
SB45 Summary
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Amends Section 40-9F-36 of the Code of Alabama 1975 to modify the state income tax credit for substantial rehabilitation of qualified historic structures.
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Applications and rehabilitation plans must be submitted by December 31, 2027, to qualify for tax credits; structures placed into service after that date remain eligible if application was filed by the deadline.
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Applications for historic residential structures in active status or with tax allocation reservations granted prior to May 14, 2021, shall not be excluded from receiving tax credit allocations when additional credits become available after 2022.
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Protects previously reserved tax allocations from being reduced or suspended by legislative action if the commission reserved an allocation on or before December 31, 2027.
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Effective retroactively to May 14, 2021, upon passage and approval by the Governor.
Legislative Description
Income tax, historic structures, qualified rehabilitation, tax credits extended to 2027, residential structures disqualified, admin. by Historical Commission, Sec. 40-9F-36 am'd.
Taxation
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
1/11/2022