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 credit must be applied for and claimed in the tax year when the taxpayer receives a tax credit certificate from the Alabama Emergency Management Agency. The bill also establishes an annual cap of $2 million for the total tax credits available to all taxpayers and requires the Alabama Emergency Management Agency to issue tax credit certificates on a first-come, first-served basis until the cap is reached.

Additionally, the bill modifies the effective date of the tax credit to January 1, 2022, and extends its availability through the 2028 tax year, replacing the previous expiration date of 2025. It also includes provisions for the Alabama Emergency Management Agency to prepare reports on the number of storm shelters constructed and the tax credits claimed, which will be shared with the Legislature. The agency is authorized to adopt rules for the implementation and administration of the article.

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