SB85 Summary

• Establishes an Alabama income tax credit equal to the total toll road and bridge fees paid by eligible taxpayers to the Alabama Toll Road, Bridge, and Tunnel Authority or its concessionaires in a tax year.

• Credit applies only to tolls for authority projects completed after the act's effective date and can be claimed in full in the tax year the tolls are paid, with refunds available if the credit exceeds taxes owed.

• Creates a separate Toll Authority Income Tax Credit Account within the Education Trust Fund, funded by sales tax revenues certified by the Commissioner of Revenue and transferred by the state Comptroller.

• Tax credits claimed by partnerships, limited liability companies, S-Corporations, trusts, and estates are claimed at the entity level and do not pass through to individual partners, members, or owners.

• Requires the Department of Revenue to prescribe a claim form and adopt rules for implementation; authorizes the Legislature to replenish the Education Trust Fund from Gulf of Mexico Energy Security Act (GOMESA) revenues or other dedicated sources.