Alabama Administrative Code › Title 460 - ALABAMA HISTORICAL COMMISSION › Chapter 460-X-23 - ALABAMA HISTORIC REHABILITATION TAX CREDIT › Section 460-X-23-.03 - Tax Credit

Current through Register Vol. 42, No. 9, June 28, 2024
(1) A
			 tax credit of twenty-five percent (25%) of qualified rehabilitation
			 expenditures is available against any state tax due that is specified in the
			 Act for the Certified Rehabilitation of Certified Historic Structures and
			 Certified Historic Residential Structures. This credit is available for both
			 income-producing buildings and owner-occupied residential buildings.
(2) A tax credit of ten percent (10%) of
			 qualified rehabilitation expenditures is available against any state tax due
			 that is specified in the Act for the Certified Rehabilitation of Qualified
			 Non-historic Structure. This credit is available for non-residential
			 income-producing buildings only.
(3) Rehabilitation of a Qualified Structure
			 shall be substantial as defined by the term Substantial Rehabilitation
			 contained in section
			 460-X-23-.02.
(4) The tax credit may be used by the Owner
			 of the Certified Historic Structure, Certified Historic Residential Structure,
			 or a Qualified Non-historic Structure.
(5) Eligible expenditures include reasonable
			 expenses and costs expended in the Certified Rehabilitation of a Qualified
			 Structure as defined by the term Qualified Rehabilitation Expenditures in
			 section
			 460-X-23-.02.
			 Eligible expenditures do not include: the cost of acquiring any interest in a
			 Qualified Structure or its Property; any expenditure attributable to the
			 enlargement of an existing building; and site work expenditures, including any
			 landscaping, sidewalks, parking lots, paving, decks, outdoor lighting remote
			 from the building, fencing, retaining walls, or similar expenditures because
			 they are not considered made in connection with the rehabilitation of a
			 Qualified Structure.
(6) The
			 Applicant shall not be permitted to request the review of another property in
			 the place of the property contained in the Application. All or any portion of
			 the tax credits under this Act shall be transferable and assignable, subject to
			 any notice and verification requirements to be determined by the Department,
			 without the requirement of transferring any ownership interest in the qualified
			 structure. However, once a credit is transferred, only the transferee or
			 transferees may utilize such credit and the credit cannot be transferred again.
			 The transferee or transferees of the tax credits may use the amount of tax
			 credits transferred to offset any state tax due under Chapters 16 and 18 of
			 Title 40.
(7) For the purpose of
			 these regulations, dates of notification or issuance of any decisions, actions,
			 requests for information, billing for fees, and other correspondence by the
			 Commission shall be in writing and the date of the notification or issuance
			 shall be stated. The notification or issuance is effective as of the stated
			 date and not the date of receipt by the Applicant.
Authors
: Chloe Mercer, David Schneider, Jennifer
				  Bailey
Statutory Authority
: Act 2013-241; Act
				  2014-452