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

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

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

(1) The entire tax credit must be claimed by the taxpayer for the taxable year in which the Certified Rehabilitation is placed in service. 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 Section 50 of the Internal Revenue Code.

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

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.

Authors: Chloe Mercer; Lee Anne Wofford

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