Ala. Admin. Code r. 460-X-23-.12

Current through Register Vol. 43, No. 02, November 27, 2024

Section 460-X-23-.12 - Expiration Of The Tax Credits

(1) In the year in which the Certified Rehabilitation is placed into service, the Commission shall provide notice of the Certified Rehabilitation to the taxing authority responsible for the assessment of ad valorem taxes, along with a copy of the appraisal provided by the Owner. Upon notification, the taxing authority responsible for assessing ad valorem taxes shall complete a new assessment of ad valorem taxes for the tax year in which the building is placed in service.

(2) The Commission shall, in consultation with the department, report to the Legislature in the third year following passage of this act, and annually thereafter, on the overall economic activity, usage, and impact to the state from the substantial rehabilitation of Qualified Structures for which tax credits have been allowed.

New Rule: Filed December 13, 2013; effective December 20, 2013.

Author: Chloe Mercer, David Schneider

Statutory Authority: Act 2013-241

The amendment to this section by Alabama Administrative Monthly Volume XXXII, Issue No. 12, September 30, 2014, file. 9/3/2014 is not yet available.