HB253 is a bill that proposes amendments to the taxation laws in Alabama to provide incentives for the rehabilitation of historic structures. The bill establishes new provisions for the allocation and utilization of tax credits for historic rehabilitation projects. It sets limits on the aggregate amount of tax credits that may be reserved by the commission and allows for the transfer and assignment of tax credits. The bill also establishes the Historic Tax Credit Evaluating Committee, which will review and rank qualifying projects for tax credit reservations.

The bill requires the Alabama Historical Commission to adopt rules that set guidelines for the allocation of tax credits. The guidelines must consider factors such as the value of the proposed project to the community, the return on investment for the community, and the number of net new jobs created. The bill also requires applicants to provide information on any additional tax credits or government grants they expect to utilize for the project. Overall, the bill aims to provide clearer guidelines for the allocation of tax credits for historic projects and ensure that projects meet certain thresholds before being funded by the Commission.

Statutes affected:
Introduced: 40-9F-31, 40-9F-33, 40-9F-38
Engrossed: 40-9F-31, 40-9F-33, 40-9F-38
Enrolled: 40-9F-31, 40-9F-33, 40-9F-38