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Alabama: Expired Historic Rehabilitation Tax Credit Program could be renewed

In 2013, the Alabama legislature signed HB 140 into law, designed to provide tax help for owners who rehabilitate residential or commercial properties. The program, known as the Alabama Historic Rehabilitation Tax Credit Program (Program), offered a tax credit of up to 25 percent for the substantial rehabilitation of a historic residential or commercial property. The Alabama Historical Commission notes that between 2013 and 2015, $20 million in tax credits were available, for a total of $60 million. Commercial projects could receive the credit for up to $5 million in qualified expenses, and private residential properties up to $50,000.
The Program expired in May 2016, but at least one lawmaker is eager to bring it back, according to the Alabama NewsCenter. When the legislature convened on February 7, 2017, and State Sen. Jabo Waggoner revealed that he plans to introduce a similar measure to encourage the rehabilitation of abandoned buildings.