HB454 Alabama 2010 Session

Sponsors

Session

Regular Session 2010

Title

Income tax, tax credit authorized for retrofitting home due to loss from hurricane or windstorm events, for sales tax paid on retail sale of tangible personal property used to retrofit home, and for excess premium paid for property and casualty insurance, Consumer Hurricane Mitigation Tax Credit Act

Description

<p class="bill_description"> This bill would allow a taxpayer to claim a state income tax credit up to a certain amount for costs incurred to retrofit a taxpayer's permanent place of abode to resist loss due to hurricane or other catastrophic windstorm events in accordance with subsection (b) of Section 2 of Act 2009-500 of the 2009 Regular Session now appearing as Section 27-31D-2, Code of Alabama 1975; would provide for the calculation of the state income tax credit up to a certain amount for state sales tax paid on tangible personal property used to retrofit the taxpayer's permanent place of abode pursuant to Section 27-31D-2; and would allow a taxpayer to claim a state income tax credit up to a certain amount for excess premium paid during the applicable tax year for property and casualty insurance providing coverage for the taxpayer's permanent place of abode</p><p class="bill_entitled_an_act"> To allow a taxpayer to claim a state income tax credit for costs incurred to retrofit a permanent place of abode to resist loss due to hurricane or other catastrophic windstorm events; to provide for the calculation of the state income tax credit for state sales tax paid on tangible personal property used to retrofit the taxpayer's permanent place of abode pursuant to Section 27-31D-2, Code of Alabama 1975; and to allow a taxpayer to claim a state income tax credit for excess premium paid for property and casualty insurance under certain circumstances. </p>

Subjects

Taxation