HB687 Alabama 2012 Session

Summary

Primary Sponsor

Thad McClammy

Democrat

Co-Sponsors

Jack WilliamsMary Sue McClurkin

Session

Regular Session 2012

Title

Ad valorem tax, fair market value, income tax credits not considered, Alabama housing tax credit allowed for projects after Jan. 1, 2013, equal to federal housing tax credit for low-income housing, Secs. 40-7-15, 40-7-62 am'd.; Sec. 40-8-62 added

Description

This bill would amend Section 40-7-15, Code of Alabama 1975, relating to the fair market value of appraised property, which shall not include any income tax credits.

This bill would amend Section 40-7-62, Code of Alabama 1975, relating to fair market value of real property determined by jurisdictions, which shall not consider any tax credits and/or restricted rents in the determination.

This bill would provide for a tax credit, which shall be known as the Alabama Housing Tax Credit, for certain low-income housing; to provide for definitions; to provide for conditions and limitations; to provide for the Commissioner of the Department of Revenue to promulgate rules; and to provide for applicability.

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Subjects

Taxation