HB357 Alabama 2023 Session

Summary

Primary Sponsor

Cynthia Lee Almond

Republican

Session

Regular Session 2023

Title

Relating to the state income tax; to establish the Alabama Workforce Housing Tax Credit Act; to create the Alabama Workforce Housing Tax Credit for qualified workforce housing projects; to define certain terms; to provide for minimum and maximum annual award amounts for qualified projects; to allow the tax credits to be claimed for 10 years against the income tax liability of a qualified taxpayer; to allow carryforward for earned but unused tax credits; to require a minimum of the annual award cycle cap be awarded for qualified projects located in areas designated as rural by the authority; and to require the Alabama Housing Finance Authority to implement and administer the provisions of this act.

Description

This bill would establish the Alabama Workforce Housing Tax Credit Act to authorize and provide a tax credit for qualified taxpayers owning an interest in a qualified workforce housing project located in the State of Alabama.

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Subjects

Establishes the Alabama Workforce Housing Tax Credit Act; creates the Alabama Workforce Housing Tax Credit