SB 49, sponsored by Senator Trip Pittman (R-Montrose), received a favorable report from the House Ways and Means Education Committee on March 1st.  Representative Steve McMillan (R-Bay Minette) presented the bill to the committee, and SB 49 passed unanimously with a vote of 13-0.

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.  Expired at the end of 2015, 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.  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 House 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.