SB377 Alabama 2017 Session

Summary

Primary Sponsor

Del Marsh

Republican

Session

Regular Session 2017

Title

New Markets Development Act, Secs. 41-9-216 to 41-9-219.7, inclusive, repealed

Summary

The bill repeals the Alabama New Markets Development Act starting January 1, 2018, but allows taxpayers with unused NMDA tax credits earned before 2018 to carry them forward to future years.

What This Bill Does

It eliminates the Alabama New Markets Development Act (the NMDA program). After repeal, no new NMDA tax credits would be available. Taxpayers who earned NMDA credits before 2018 may carry forward any unused credits to future tax years. The repeal and its credits carry-forward rule take effect according to the act's timing and effective date.

Who It Affects

• Taxpayers who earned NMDA tax credits before January 1, 2018; they can carry forward unused credits to future tax years.
• Businesses, developers, and investors who would have used NMDA credits after the repeal; there will be no new NMDA credits available, though pre-existing unused credits can still be carried forward.

Key Provisions

• Section 1: Repeals the Alabama New Markets Development Act (Article 8C, starting with Section 41-9-216, and ending with 41-9-219.7) effective January 1, 2018.
• Section 2: Allows any unused NMDA tax credits earned before January 1, 2018 to be carried forward to future tax years.
• Section 3: Establishes the act's general effective date as the first day of the third month after passage and governor approval.

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