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New Provisions to Take Effect for Alabama HTC

Tuesday, July 3, 2018 - 10:00AM

A series of new provisions for the Alabama state historic tax credit will become effective July 14. The new provisions include a requirement that any nonprofit receiving a credit must file a state tax return for the year the project is placed in service, any tax credit transferred must be valued at 85 percent or greater of the present value and the recipient of a tax credit certificate must forward a copy of the certificate to the Alabama Department of Revenue within 30 days of the date of issuance. The new provisions were included in Rule 810-3-137-.02.

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