SB240 Alabama 2023 Session

Summary

Primary Sponsor

Bobby D. Singleton Senator

Democrat

Session

Regular Session 2023

Title

Relating to taxation; to amend Sections 40-9F-31, 40-9F-33, and 40-9F-38, Code of Alabama 1975, to increase the amount of tax credits that may be provided in a tax year; to allow rehabilitation credits to be tied to the year in which the reservation is allocated; to provide for additional rehabilitation credit allocations; to further provide for the membership of the Historic Tax Credit Evaluating Committee and the factors considered by the committee; and to make nonsubstantive, technical revisions to update the existing code language to current style.

Description

Under current law, the aggregate amount of all tax credits that may be reserved in any year by the Alabama Historical Commission shall not exceed twenty million dollars.

This bill would allow the Alabama Historical Commission to aggregate up to forty million dollars in tax credits each year.

Under current law, rehabilitation tax credits are tied to the year in which the certified rehabilitation is placed in service.

This bill would allow rehabilitation tax credits to be tied to the year in which the reservation is allocated.

This bill would provide for additional rehabilitation credit allocations.

This bill would further provide for the membership of the Historic Tax Credit Evaluating Committee and the factors considered by the committee.

This bill would also make nonsubstantive, technical revisions to update the existing code language to current style.

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