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Continuation Sheet - Alabama Historic Rehabilitation Tax Credit Program - Alabama
Continuation Sheet - Alabama Historic Rehabilitation Tax Credit Program is a legal document that was released by the Alabama Historical Commission - a government authority operating within Alabama.
FAQ
Q: What is the Alabama Historic Rehabilitation Tax Credit Program?
A: The Alabama Historic RehabilitationTax Credit Program is a program that provides tax credits to individuals and businesses that invest in the rehabilitation of historic buildings in Alabama.
Q: Who is eligible for the Alabama Historic Rehabilitation Tax Credit?
A: Individuals and businesses that own or plan to invest in a qualified historic building in Alabama are eligible for the tax credit.
Q: What is a qualified historic building?
A: A qualified historic building is a property that is listed on the Alabama Register of Landmarks and Heritage or the National Register of Historic Places.
Q: How much is the tax credit?
A: The tax credit is equal to 25% of the qualified rehabilitation expenditures incurred for the rehabilitation of the historic building.
Q: Are there any limits on the tax credit?
A: Yes, the tax credit is limited to $5 million per property and $20 million per calendar year for all eligible properties.
Q: How can the tax credit be used?
A: The tax credit can be used to offset the taxpayer's Alabama income tax liability.
Q: Is there an application process for the tax credit?
A: Yes, there is an application process that requires the submission of documentation and approval by the Alabama Historical Commission.
Q: Can the tax credit be transferred or sold?
A: Yes, the tax credit can be transferred or sold to another taxpayer.
Q: Is there a deadline to apply for the tax credit?
A: Yes, the application must be submitted before the start of the rehabilitation work on the historic building.
Q: Are there any additional requirements for the tax credit?
A: Yes, there are additional requirements including compliance with the Secretary of the Interior's Standards for Rehabilitation and completion of the rehabilitation within 24 months of the credit issuance.
Form Details:
- The latest edition currently provided by the Alabama Historical Commission;
- Ready to use and print;
- Easy to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of the form by clicking the link below or browse more documents and templates provided by the Alabama Historical Commission.
