Bill Restoring Credits for Neighborhood Revitalization Projects Passes Senate Committee
January 30, 2018
Last Thursday, SB 49, sponsored by Senator Trip Pittman (R-Montrose), received a favorable report from the Senate Finance and Taxation Education Committee. The bill was approved in committee unanimously with a vote of 10-0.
Under existing law, municipalities are authorized to create Neighborhood Infrastructure Authorities to manage, coordinate, and collect voluntary assessments from homeowners and business owners to participate in neighborhood revitalization projects. Income tax credits were available for 10 percent of any assessments paid, not to exceed $1,000 in any tax year for a period not to exceed 10 successive tax years, which expired at the end of 2015. SB 49 will re-authorize new income tax credits for voluntary assessments through December 31, 2022 unless extended by the Legislature.
SB 49 now moves to the Senate floor for debate.
Alabama REALTORS® support SB 49 because of the economic development opportunities it provides to neighborhoods and communities and the benefits it provides to home and business owners.
Pictured Above: Senator Trip Pittman with before and after photo of a neighborhood infrastructure improvement project.