Income taxes, state income tax credit for qualified rehabilitation expenses of certified historic properties extended, annual credit amount increased

SB 313 extends Alabama's state income tax credit for rehabilitating certified historic properties through 2032 (instead of ending in 2027) and increases the annual credit limits. It raises the credit amount for urban properties to $25,000 and lowers the threshold for rural properties to $20,000 (based on county population under 175,000). The bill directly affects property owners - individuals or tax-exempt entities - who undertake substantial rehabilitation of historic structures certified by Alabama's Historical Commission. Key provisions include updated definitions for "rural communities" and "substantial rehabilitation," ensuring the credit aligns with federal standards for historic preservation.