HB570 Alabama 2017 Session

Summary

Primary Sponsor

Phil Williams

Republican

Session

Regular Session 2017

Title

New Markets Development Act, Secs. 41-9-216 to 41-9-219.7, inclusive, repealed

Summary

HB570 repeals the Alabama New Markets Development Act, ending new NMDA tax credits after 2017 while allowing carryforward of unused credits earned before 2018.

What This Bill Does

It repeals the New Markets Development Act starting January 1, 2018. It also allows taxpayers who earned NMDA credits before that date to carry forward any unused credits to future tax years. No new NMDA credits would be issued after the repeal, and the act becomes effective on the first day of the third month after the bill is passed and approved by the Governor.

Who It Affects

• Taxpayers who earned NMDA tax credits before January 1, 2018, who can carry forward any unused credits to future tax years.
• Taxpayers who might have sought NMDA credits after the repeal, as the program would no longer be available for new credits.

Key Provisions

• Section 1: Beginning January 1, 2018, the Alabama New Markets Development Act (Sections 41-9-216 to 41-9-219.7) is repealed.
• Section 2: Notwithstanding the repeal, taxpayers with unused NMDA credits earned before January 1, 2018 may carry forward those credits to future tax years.
• Section 3: The act becomes effective on the first day of the third month after it passes and is approved by the Governor (or otherwise becomes law).

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Tax Credits