‘The Alabama legislature can create jobs across the state as well help transform aging downtown markets by passing the Historic Tax Credit renewal’
{ Full Birmingham Business Journal Article Here }
Lawmakers in the Alabama House of Representatives today approved House Bill 62, which will extend the Alabama Historic Rehabilitation Tax Credit program – a tax credit that has sparked a number of huge projects in downtown Birmingham over the past three years.
As previously reported, HB62 will extend the tax credit program until 2022. Many experts have said this extension would allow the benefits of the program to spread to more areas of the state.
In the last three years, developers have used the tax credit in Birmingham for dramatic results like the Lyric Theatre and the Redmont Hotel.
The bill passed the House on a vote of 91-4. It will now go to the Senate, but passage may not be a sure bet as at least one prominent senator has voiced opposition.