Loading chat...
AL SB240
Bill
Status
4/25/2023
Primary Sponsor
Bobby Singleton
Click for details
AI Summary
SB240 Summary
-
Increases the annual aggregate amount of historic tax credits that the Alabama Historical Commission may reserve from $20 million to $40 million for tax years 2023 through 2027.
-
Changes the timing for rehabilitation tax credits from being tied to the year the certified rehabilitation is placed in service to the year the reservation is allocated to the project.
-
Prohibits tax credit reservations for tax years 2023-2027 for qualified structures with a disqualifying use (properties occupied by an owner as a primary or secondary residence).
-
Expands the Historic Tax Credit Evaluating Committee membership to include the chairs of the Senate Finance Taxation Education Committee and House Ways and Means Education Committee (or their designees), and adds evaluation criteria including leveraged investment ratio, net new jobs created, and amount of firm project financing secured.
-
Permits the committee to meet in person, remotely, or by hybrid model.
Legislative Description
Relating to taxation; to amend Sections 40-9F-31, 40-9F-33, and 40-9F-38, Code of Alabama 1975, to increase the amount of tax credits that may be provided in a tax year; to allow rehabilitation credits to be tied to the year in which the reservation is allocated; to provide for additional rehabilitation credit allocations; to further provide for the membership of the Historic Tax Credit Evaluating Committee and the factors considered by the committee; and to make nonsubstantive, technical revisions to update the existing code language to current style.
Last Action
Introduced and Referred to Senate Finance and Taxation Education
4/25/2023