SB49 Alabama 2018 Session

Under existing law, municipalities have been authorized to create Neighborhood Infrastructure Authorities to manage, coordinate, and collect voluntary assessments from homeowners and business owners to participate in neighborhood revitalization projects. Income tax credits have been available in the amount of 10 percent of any assessments paid not to exceed $1,000 in any tax year for a period not exceeding 10 years. The provision for new credits expired December 31, 2015

This bill would authorize new income tax credits until 2022 unless further extended by the Legislature

To amend Sections 11-71-11 and 11-71-12 of the Code of Alabama 1975, relating to Neighborhood Infrastructure Authorities authorized to be created by municipalities for homeowners and businesses to participate in neighborhood revitalization projects; to authorize new income tax credits until 2022 unless further extended by the Legislature.