Alabama Emergency Management Agency, in conjunction with the Alabama Department of Revenue, is tasked with administering the provisions of the Alabama Storm Shelter Tax Credit Act. What is the Tax Credit? The tax credit will equal up to three thousand dollars ($3,000) or 50 percent of the total cost of the construction, acquisition, and installation of the qualified storm shelter at the primary residence, whichever is less.
The total costs for qualification of the tax credit will exclude any costs reimbursed or expected to be reimbursed by any other reimbursements, grants, or other government subsidies or incentives. – The tax credit may not decrease a taxpayer’s tax liability to less than zero.
If the tax liability of the taxpayer is less than the tax credit issued, the taxpayer may only utilize the amount of the credit that reduces the taxpayer liability to zero. The statewide tax credit is limited to a collective amount for all taxpayers of two million dollars ($2,000,000) annually.
Our website will be updated to include more information: https://ema.alabama.gov/…/alabama-storm-shelter-tax…/ Read the legislation in full here: https://legiscan.com/…/Alabama-2021-HB227-Enrolled.pdf
