Ala. Admin. Code r. 460-X-25-.18

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

Section 460-X-25-.18 - [Effective 12/15/2024] Commission Reporting

(1) In the year in which the Certified Rehabilitation is placed into service for any Certified Historic Structure for which a tax credit has been issued, 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 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. The information in the reports shall be consistent with the information required by the Legislature pursuant to, and shall be provided by the Commission to the Legislature in accordance with, Section 40-1-50, Code of Ala. 1975, and rules adopted thereunder. Information provided pursuant to this section is exempt from the confidentiality provisions of Section 40-2A-10, Code of Ala. 1975.

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 XLI, Issue No. 09, June 30, 2023, eff. 8/14/2023.

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.