SB253 Alabama 2017 Session

Sponsors

Session

Regular Session 2017

Title

Alabama Renewal Act, new qualified broadband telecommunication network facilities, provided for, nonrefundable, transferable income tax credit, provided for, certain exemptions provided for, certain earned, unused credits, authorized to be carried forward, process for claiming and transferring credit and exemptions provided for, act repealed following close of certain fiscal year, Sec. 40-18-415.1 added; Sec. 40-18-416 am'd.

Description

<p class="bill_description"> Under existing law, the Alabama Renewal Act was designed to create new programs within the state for the growth of business and industry in Alabama by providing certain tax credits to encourage economic development</p><p class="bill_description"> This bill would encourage accelerated private investment in broadband infrastructure by amending the Alabama Renewal Act to provide a nonrefundable, transferable income tax credit equal to 10 percent of the investment in new qualified broadband telecommunications network facilities, subject to a cap</p><p class="bill_description"> This bill would provide a 10-year property tax exemption for new qualified broadband telecommunications network facilities and an exemption from sales and use tax for equipment and materials incorporated into or used to operate any qualified broadband telecommunications network facilities</p><p class="bill_description"> This bill would also provide for the repeal of this bill following the close of fiscal year 2025, with certain conditions</p><p class="bill_entitled_an_act"> To amend the Alabama Renewal Act by adding Section 40-18-415.1 to the Code of Alabama 1975, to provide for new, qualified broadband telecommunications network facilities and a nonrefundable, transferable credit against income tax liability imposed by state law; to provide an exemption from ad valorem taxation under state law and from sales and use tax levied, assessed, or payable under state law; to limit the term of the ad valorem tax exemptions and to cap the income tax credits; to provide for the carry forward of certain earned but unused credits; to provide methods for claiming the exemptions or credits; and to amend Act 2016-102, 2016 Regular Session now appearing as Section 40-18-416, Code of Alabama 1975, with certain conditions. </p>

Subjects

Revenue Department