SB45 Alabama 2022 Session

In Committee

Bill Summary

Sponsors

Clyde Chambliss

Session

Regular Session 2022

Title

Income tax, historic structures, qualified rehabilitation, tax credits extended to 2027, residential structures disqualified, admin. by Historical Commission, Sec. 40-9F-36 am'd.

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

This bill would provide that a tax allocation reservation granted to certain taxpayers with a certified rehabilitation project shall not be excluded from receiving tax credits already reserved prior to the enactment of Act 2021-431

Relating to the state income tax credit for the rehabilitation of qualified historic structures; to amend Section 40-9F-36 of the Code of Alabama 1975, as amended by Act 2021-431, 2021 Regular Session to provide that tax allocation reservations granted to taxpayers for a certified historic residential structure shall not be excluded from receiving tax allocation reservations granted prior to enactment of Act 2021-431; and to provide for retroactive effect.

Subjects

Taxation

Bill Actions

Action Date	Chamber	Action
January 11, 2022	S	Read for the first time and referred to the Senate committee on Finance and Taxation Education

Bill Text

Download SB45 Alabama 2022 Session PDF

Bill Documents