HB687 Alabama 2012 Session

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

Relating to low-income housing, to amend Section 40-7-15, Code of Alabama 1975, to provide that any income tax credit shall not be considered in the determining the fair market value of real property; to amend Section 40-7-62, Code of Alabama 1975, to provide that jurisdictions shall not consider any tax credits and/or restricted rents in determining fair market value of real property; to add Section 40-8-6, Code of Alabama 1975, to provide for a tax credit with respect to certain low-income housing; to provide for definitions; to provide for conditions and limitations; to provide for authority of the state revenue commissioner with respect to the foregoing; to provide for applicability; and to repeal conflicting laws.