(a) 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.
(b) In the taxable year the certified rehabilitation is placed in service for any structure for which a tax credit has been issued, the commission shall provide notice of the certified rehabilitation and a copy of the appraisal provided by the owner to the taxing authority responsible for the assessment of ad valorem taxes. Upon notification, the taxing authority responsible for the assessment of ad valorem taxes shall complete a new assessment for the structure to be used in the assessment of ad valorem taxes for the tax year in which the certified rehabilitation was placed in service.
Structure Code of Alabama
Title 40 - Revenue and Taxation.
Chapter 9F - Rehabilitation of Historic Structures.
Section 40-9F-1 - Applicability.
Section 40-9F-2 - Definitions.
Section 40-9F-5 - Recapture of Credits; Assessment.
Section 40-9F-7 - Limitations.
Section 40-9F-8 - Rules and Regulations; Timing of Applications and Credits.