Bill Restoring Credits for Neighborhood Revitalization Projects Receives Action in the House
May 15, 2017
SB 229, sponsored by Trip Pittman, (R-Montrose), received a favorable report in the House Committee on Ways and Means Education last week.
Under current law, municipalities may create Neighborhood Infrastructure Authorities to collect voluntary assessments from both home and business owners to participate in neighborhood revitalization projects. Income tax credits have been available previously to homeowners and businesses for 10 percent of any assessments paid that did not exceed $1,000 in any tax year and for a period that did not exceed 10 consecutive years. The provision for new tax credits expired December 31, 2015.
SB 229 would restore the tax credits for the 2017 through 2022 tax years, unless extended by the Legislature.
SB 229 passed the House Committee on Ways and Means Education with an amendment that would require the Local Neighborhood Infrastructure Authority to provide the Department of Revenue: a copy of the articles of incorporation, proof of municipal approval of the authority and a list of the authority’s members by December 31st each year, following incorporation and municipal approval.
SB 229 has already passed the Senate and is pending passage in the House.
Alabama REALTORS® support SB 229 because of the economic development opportunities it provides to neighborhoods and communities and the benefits it provides to home and business owners.
Pictured: Sen. Pittman with a Photo of a Before and After a Neighborhood Improvement Project