HB281 Alabama 2021 Session

Sponsors

Session

Regular Session 2021

Title

Income tax, historic structures, qualified rehabilitation, tax credits extended to 2029, admin. by Historical Commission, Secs. 40-9F-33, 40-9F-36 am'd.

Description

<p class="bill_description"> Under existing law, a state income tax credit is provided under certain conditions for qualified rehabilitation expenditures for the substantial rehabilitation of certified historic structures. The Alabama Historical Committee administers the tax credit program and approves rehabilitation of qualified structures that qualify for the income tax credit. The aggregate amount of all tax credits is limited for the tax years 2018 through 2022. A portion of the tax credits are reserved to taxpayers with a certified rehabilitation project located in a county with a population that does not exceed 175,000 according to the 2010 decennial census</p><p class="bill_description"> This bill would extend the tax credits for qualified rehabilitation expenditures for the substantial rehabilitation of certified historic structures through 2029. The bill would also specify that tax credits reserved to taxpayers with a certified rehabilitation project located in a county with a population that does not exceed 175,000 would be based on the most recent federal decennial census</p><p class="bill_entitled_an_act"> Relating to the state income tax credit for the rehabilitation of qualified historic structures; to amend Sections 40-9F-33 and 40-9F-36 of the Code of Alabama 1975, to extend the income tax credit through 2029. </p>

Subjects

Taxation