The Education Trust Fund: Revenue Source for the Historic Tax Credit Rehabilitation Program
May 2, 2017
Did you know sales tax revenue from the Education Trust Fund would sustain the Alabama Historic Rehabilitation Tax Credit Program? The Historic Tax Credit legislation would create a separate account named the Historic Preservation Income Tax Credit Account within the Education Trust Fund.
The State Comptroller would transfer funds from the amount of sales tax revenues that is sufficient for the Department of Revenue to cover the tax credits for the applicable tax year from the Education Trust Fund to the Historic Preservation Income Tax Credit Account.
The Education Trust Fund received $1.7 billion in sales tax in 2016. The Education Trust Fund Budget is expected to grow $90 million in the 2018 fiscal year.
Charts courtesy of the Legislative Fiscal Office