HB380 Alabama 2024 Session

Summary

Primary Sponsor

Joe Lovvorn Representative

Republican

Session

Regular Session 2024

Title

Taxation and revenue; income tax credit for storm shelter construction, extended

Description

Under existing law, there is an Alabama income tax credit for eligible taxpayers who incur costs for the construction, acquisition, or installation of a qualified storm shelter at their primary residence in the state. The tax credit is equal to the lesser of $3,000 or 50 percent of the total costs.

Also under existing law, the tax credit shall continue through the 2025 tax year unless extended by act of the Legislature.

This bill would extend the tax credit through the 2028 tax year.

Show more Show less

Subjects

Taxation & Revenue