HB687 Alabama 2012 Session

Sponsors

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

<p class="bill_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</p><p class="bill_description"> 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</p><p class="bill_description"> 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</p><p class="bill_entitled_an_act"> 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. </p>

Subjects

Taxation