HB140 Signed by Governor for Preservation of Historic Structures. Thank You Alabama Association of Realtors!

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June 5, 2013 by Beth Spradley

Photo: The Governor signed HB 140 into law today. This bill allows for tax credits for the rehabilitation of historic properties in our state. Good job REALTORS!HB140 provides a credit against the tax liability of the owner or its partners/members for the rehabilitation, preservation, and development of certain historic structures. The tax credit for the taxable year in which the certified rehabilitation is placed in service shall be equal to 25 percent of the qualified rehabilitation expenditures for certified historic structures, and shall be 10 percent of the qualified rehabilitation expenditures for qualified pre-1936 nonhistoric structures. The credit can be applied against the state portion of the financial institution excise tax (FIET) and against the income tax. The annual aggregate amount of any tax credits that may be reserved by the Alabama Historical Commission is $20 million, and the maximum credit for any commercial project is $5 million. The credits may not be applied until the 2014 tax year and the act is scheduled to sunset three years from the date of enactment.

 

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