SB 49

Sponsor
Session
Regular Session 2018
Title
Neighborhood Infrastructure Authorities, municipalities, assessments for neighborhood infrastructure revitalization projects, income tax credits, expiration date deleted, tax credits extended until 2022, Secs. 11-71-11, 11-71-12 am'd.
Description

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.

Subjects
Neighborhood Infrastructure Authorities
View Original PDF: SB 49 - Introduced - PDF

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.

Section 1

Sections 11-71-11 and 11-71-12 of the Code of Alabama 1975, are amended to read as follows:

§11-71-11.

(a) Each homeowner and business assessed pursuant to this chapter, beginning in the 2012 tax year until the 2015 tax year, shall be eligible for an income tax credit of 10 percent of the amount of assessment paid, not to exceed one thousand dollars ($1,000) credit in any tax year, for a period not exceeding 10 successive tax years.

(b) Each homeowner and business assessed pursuant to this chapter, beginning in the 2018 tax year until the tax year 2022, shall be eligible for an income tax credit of 10 percent of the amount of assessment paid, not to exceed one thousand dollars ($1,000) credit in any tax year, for a period not exceeding 10 successive tax years.

(c) Each local neighborhood infrastructure authority created after the effective date of the act adding this subsection shall provide the Department of Revenue a copy of its articles of incorporation and the municipality's approval of the authority and a list of the members of the authority by December 31 of the year the authority incorporates and is approved by the municipality.

§11-71-12.

This The authority for new tax credits under this chapter shall automatically expire December 31, 2015, as provided in Section 11-71-11 unless specifically extended by an act of the Legislature; however, all authorities in existence as of December 31, 2015 2022, shall continue in existence until all existing projects of the authority are completed and the authority seeks dissolution."

Section 2

This act shall become effective immediately following its passage and approval by the Governor, or its otherwise becoming law.

No articles found.
Action Date Chamber Action
March 1, 2018HPending third reading on day 17 Favorable from Ways and Means Education
March 1, 2018HRead for the second time and placed on the calendar
February 8, 2018HRead for the first time and referred to the House of Representatives committee on Ways and Means Education
February 8, 2018SMotion to Read a Third Time and Pass adopted Roll Call 338
February 8, 2018SThird Reading Passed
January 23, 2018SRead for the second time and placed on the calendar
January 9, 2018SRead for the first time and referred to the Senate committee on Finance and Taxation Education
2018-02-08
Chamber: Senate
Result: Passed