SB123 Alabama 2013 Session

Summary

Primary Sponsor

Mark Slade Blackwell

Republican

Co-Sponsors

J.T. WaggonerCam Ward

Session

Regular Session 2013

Title

Income tax, tax credit for rehabilitation, preservation, and development of certain historic structures

Summary

SB123 would create a state income tax credit in Alabama to encourage the rehabilitation, preservation, and development of historic structures.

What This Bill Does

It authorizes a tax credit against Alabama income tax for qualified rehabilitation expenditures on certified historic structures and certain pre-1936 non-historic structures. The credit is 25% of eligible costs for certified historic structures and 10% for certified pre-1936 non-historic structures, with caps of $5,000,000 per project (or $50,000 for certified historic residential structures) and an overall yearly cap of $30,000,000 plus any rescinded credits. The program is administered by the Alabama Historical Commission and the Department of Revenue, with credits transferable, no refunds, and a 10-year carryforward; it also requires appraisal and CPA certification after completion and triggers re-assessment of ad valorem taxes.

Who It Affects

• Property owners or entities undertaking rehabilitation, preservation, or development of qualified historic structures (including pre-1936 non-historic structures) who may qualify for a state income tax credit and must follow application, approval, and certification processes.
• State regulatory and tax authorities (Alabama Historical Commission and Alabama Department of Revenue) that administer the credit program, issue reservations and certificates, verify expenditures, handle transfers, audit for proper use, adjust ad valorem tax assessments, and report on the program.

Key Provisions

• Tax credits equal to 25% of qualified rehabilitation expenditures for certified historic structures and 10% for certified pre-1936 non-historic structures, with per-property caps ($5,000,000 excluding historic residential structures; $50,000 for certified historic residential structures) and an overall annual cap ($30,000,000 plus rescissions).
• Administration and transfer rules requiring pre-approval of rehabilitation plans, reservations of credits, certification of expenditures and appraisals after completion, transferability of credits, no refunds (carryforward up to 10 years), and ad valorem tax re-assessment upon completion.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Taxation