Two Projects Approved for Historic Tax Credit
November 3, 2020
The Historic Tax Credit Committee approved two projects to receive Alabama’s Historic Tax Credit. One of the projects is in a rural county while the other project falls in the urban category. The urban project joins 21 other projects that are waitlisted to receive an urban allocation if and when funds become available. The rural project will be granted funds from the 2021 rural allocation. Both requests are supplemental or additional requests from projects that have already received a credit for prior phases of work.
The two projects are:
- Rural Project: Womack’s Hardware in Monroeville – allocated $32,777.75 in 2021 (first request - received $147,341.50 in 2018)
- Urban Project: Wheeler Building in Mobile – waitlisted for $116,700 (first request – received $1,625,000 in 2019)
The Alabama Legislature renewed the Historic Tax Credit in 2017, setting aside $100 million spread over five years (2018 to 2022). The annual funds are split with 40% ($8 million) reserved for projects in rural counties and 60% ($12 million) reserved for projects in urban counties. As anticipated, applications from urban projects have far outpaced those from rural projects. Twenty-two urban projects are on a waitlist, while over $2.2 million from 2021 and all funds from 2022 of the rural set-aside remain unallocated for 2021. If any of a rural allocation is unused for a year, the credit reverts to urban projects. So, the $2.2 million will likely be allocated to the urban projects on the waitlist.
The map below shows where each project, including rescinded, is located.