AL SB313

Extends Alabama's historic rehabilitation tax credit program from its current 2027 sunset date through tax year 2032, allowing applications for certified historic structure rehabilitation through December 31, 2032

Increases the annual aggregate tax credit cap from $20 million to $25 million per year for tax years 2028-2032, with a new cumulative maximum of $325 million reserved from May 25, 2017 through December 31, 2032

Creates a higher 30% tax credit rate for certified historic structures located in rural communities (counties with population under 175,000), compared to 25% for urban communities, for tax years 2028-2032

Lowers the substantial rehabilitation expenditure threshold for rural properties to $20,000, while maintaining the $25,000 threshold for urban properties (or 50% of purchase price, whichever is greater)

Effective date of October 1, 2026