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AL HB357
Bill
Status
4/20/2023
Primary Sponsor
Cynthia Almond
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AI Summary
HB357 Summary
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Establishes the Alabama Workforce Housing Tax Credit Act providing state tax credits for qualified taxpayers owning interests in qualified low-income housing projects placed in service on or after January 1, 2024.
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Sets annual award amounts between $200,000 and $2,000,000 per project, with a $15,000,000 annual award cycle cap that can be carried forward if unused or recaptured from prior years.
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Allows qualified taxpayers to claim tax credits for 10 years against Alabama tax liability, with carryforward of unused credits for up to 5 additional years; credits are non-refundable.
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Requires 20-25 percent of annual award cycle cap be allocated to rural projects, with remaining capacity awarded to four percent qualified projects without geographic restrictions.
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Designates the Alabama Housing Finance Authority to administer the program and adopt necessary regulations by July 31, 2023; tax credits only available for applications submitted before September 30, 2026.
Legislative Description
Relating to the state income tax; to establish the Alabama Workforce Housing Tax Credit Act; to create the Alabama Workforce Housing Tax Credit for qualified workforce housing projects; to define certain terms; to provide for minimum and maximum annual award amounts for qualified projects; to allow the tax credits to be claimed for 10 years against the income tax liability of a qualified taxpayer; to allow carryforward for earned but unused tax credits; to require a minimum of the annual award cycle cap be awarded for qualified projects located in areas designated as rural by the authority; and to require the Alabama Housing Finance Authority to implement and administer the provisions of this act.
Establishes the Alabama Workforce Housing Tax Credit Act; creates the Alabama Workforce Housing Tax Credit
Last Action
Introduced and Referred to House Ways and Means Education
4/20/2023