Extends state income tax credit for certified historic structures through 2032, increases credit amount.

The bill extends the state income tax credit for substantial rehabilitation of certified historic structures through 2032. It increases the annual credit amount for properties in rural communities and provides certain definitions. The bill also makes nonsubstantive, technical revisions to update existing code language to current style. The Alabama Historical Commission will issue tax credit certificates based on the lesser of the tax credit reservation or the actual qualified rehabilitation expenditures. The commission may utilize unreserved tax credits in subsequent years.

Extends state income tax credit for certified historic structures through 2032, increases credit amount.

The bill extends the state income tax credit for substantial rehabilitation of certified historic structures through 2032. It increases the annual credit amount for properties in rural communities and provides certain definitions. The bill also makes nonsubstantive, technical revisions to update existing code language to current style. The Alabama Historical Commission will issue tax credit certificates based on the lesser of the tax credit reservation or the actual qualified rehabilitation expenditures. The commission may utilize unreserved tax credits in subsequent years.