Alabama Legislation Would Provide Tax Credit for Some Impact-Oriented QOFs

Friday, May 3, 2019 - 4:00pm

Legislation introduced Thursday in Alabama would grant the state the authority to issue up to $50 million in tax credits to impact-oriented qualified opportunity funds that meet certain standards. H.B. 540 includes a wide range of tools to attract and expand businesses in rural Alabama and would allow various state funds to invest in opportunity zones (OZs). The OZ credits could be applied to the income tax or financial institution excise tax and could be applied to OZ projects in rural areas, as well as technology companies, companies that do workforce training, affordable housing and other options.