Section 40-9F-1 – Applicability.
Section 40-9F-1 Applicability. This chapter shall apply to qualified structures throughout the State of Alabama. (Act 2013-241, p. 579, §1.)
Section 40-9F-2 – Definitions.
Section 40-9F-2 Definitions. As used in this chapter, the following terms shall have the following meanings: (1) CERTIFIED HISTORIC STRUCTURE. A property located in Alabama which is certified by the Alabama Historical Commission as being individually listed in the National Register of Historic Places, eligible for listing in the National Register of Historic Places, or […]
Section 40-9F-3 – Standards for Approval; Application, Rehabilitation Plan; Review; Certification; Tax Credit Certification; Fees; Report to Legislature.
Section 40-9F-3 Standards for approval; application, rehabilitation plan; review; certification; tax credit certification; fees; report to Legislature. (a) The commission shall develop standards for the approval of the substantial rehabilitation of qualified structures for which a tax credit is sought. The standards shall take into account whether the substantial rehabilitation of a qualified structure is […]
Section 40-9F-4 – Tax Credits Calculated, Claimed, Reserved, Granted; Transfer or Assignment of Tax Credits.
Section 40-9F-4 Tax credits calculated, claimed, reserved, granted; transfer or assignment of tax credits. (a) The state portion of any tax credit against the tax imposed by Chapters 16 and 18, for the taxable year in which the certified rehabilitation is placed in service, shall be equal to 25 percent of the qualified rehabilitation expenditures […]
Section 40-9F-5 – Recapture of Credits; Assessment.
Section 40-9F-5 Recapture of credits; assessment. (a) Recapture of any of the credit shall apply against the taxpayer who utilizes the credit, and any required adjustments to basis due to recapture, shall be governed by Section 50 of the Internal Revenue Code. (b) In the taxable year the certified rehabilitation is placed in service for […]
Section 40-9F-6 – Appeals.
Section 40-9F-6 Appeals. Owners or their duly authorized representatives may appeal any state official decision, including all preliminary or final reservations, approvals, and denials, made by the commission or the department with regard to an application and rehabilitation plan submitted under Section 40-9F-3, in accordance with the Alabama Administrative Procedure Act contained in Chapter 22 […]
Section 40-9F-7 – Limitations.
Section 40-9F-7 Limitations. The tax credits authorized by this chapter for the substantial rehabilitation of qualified structures shall not be available to owners of qualified structures that submit an application and rehabilitation plan after May 15, 2016. No action or inaction on the part of the Legislature shall reduce or suspend the tax credits authorized […]
Section 40-9F-8 – Rules and Regulations; Timing of Applications and Credits.
Section 40-9F-8 Rules and regulations; timing of applications and credits. The commission shall promulgate by September 1, 2013, any and all rules and regulations necessary to implement the provisions of this chapter. Applications for the reservation of tax credits shall be accepted beginning October 1, 2013, but no tax credit may be credited prior to […]