Bill > SB313

This bill extends and modifies the state income tax credit for qualified rehabilitation expenses of certified historic properties, allowing for a higher annual credit amount and extending the program's availability through December 31, 2032. A "certified historic structure" is defined as a property at least 60 years old (or 75 years old for applications after June 1, 2023) that is listed on or eligible for the National Register of Historic Places or contributes to a historic district, and is certified by the Alabama Historical Commission. "Qualified rehabilitation expenditures" are costs associated with repairing or altering these structures, as defined by federal law, excluding acquisition costs and personal labor. The bill introduces distinctions for "rural communities" (counties with less than 175,000 population) and "urban communities" (counties with over 175,000 population), adjusting the definition of "substantial rehabilitation" and the credit percentage for projects in these areas. Specifically, for tax years 2028 through 2032, the credit will be 30% for rural communities and 25% for urban communities, with an increased annual reservation cap of $25 million and a total cap of $325 million. The bill also clarifies that applications submitted and reserved before the new expiration date will still be honored, even if rehabilitation is completed after that date, and it allows for the transfer of tax credits.

Budget and Finance

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