The bill amends Section 40-18-111 of the Code of Alabama 1975 to extend the existing income tax credit for the construction, acquisition, or installation of qualified storm shelters at primary residences. The tax credit is set at a maximum of $3,000 or 50% of the total costs incurred, excluding any reimbursed amounts from other entities. The bill specifies that taxpayers must apply for and claim the credit in the tax year they receive a tax credit certificate from the Alabama Emergency Management Agency (AEMA). The total amount of tax credits available is capped at $2 million annually, and the AEMA is responsible for issuing certificates on a first-come, first-served basis until the cap is reached.

Additionally, the bill modifies the effective period of the tax credit, extending it from 2025 to 2028, and introduces new language regarding the application process and reporting requirements for taxpayers. It also allows the AEMA to adopt rules for the implementation and administration of the article. The act is set to become effective on October 1, 2024.

Statutes affected:
Introduced: 40-18-111
Enrolled: 40-18-111