Ala. Admin. Code r. 460-X-25-.16

Current through Register Vol. 43, No. 1, October 31, 2024

Section 460-X-25-.16 - [Effective 12/15/2024] Taking The Tax Credit

(1) The entire tax credit may be claimed by the taxpayer for the taxable year in which the Certified Rehabilitation is placed in service or in the year in which the Commission reserves an allocation for the project. Where the taxes owed by the taxpayer are less than the tax credit, the taxpayer shall be entitled to claim a refund for the difference.

(2) Recapture of any of the credit shall apply against the taxpayer who utilizes the credit, and any required adjustments to basis due to recapture shall be governed by Title 26 Section 50 of the Internal Revenue Code.

(3) See the Department Administrative Code for additional tax-related aspects of Act 2017-380, Act 2021-431, and Act 2023-522.

Ala. Admin. Code r. 460-X-25-.16

Adopted by Alabama Administrative Monthly Volume XXXV, Issue No. 11, August 31, 2017, eff. 9/24/2017.

Amended by Alabama Administrative Monthly Volume XL, Issue No. 03, December 30, 2021, eff. 2/13/2022.

Amended by Alabama Administrative Monthly Volume XLIII, Issue No. 01, October 31, 2024, eff. 12/15/2024.

Author: Chloe Mercer; Lee Anne Hewett

Statutory Authority: Act 2017-380; Act 2021-431; Act 2023-522.