Historic building tax credits

Ten Alabama historic building renovations will get the $20 million in initial tax credits as part of the inaugural Alabama Historic Rehabilitation Tax Credit program.  Altogether, private investors plan to spend $87.4 million to return 14 historic buildings to productive new uses. The projects are expected to generate more than 2,300 new jobs and add $70 million in new salaries over the next three years..  The projects are among those to apply for the new tax credits – which allow owners to claim tax credits for 25 percent of eligible costs – under a program passed by the Legislature last spring that mirrors a federal program aimed at preserving and revitalizing historic buildings.  Since October, the Alabama Historical Commission has used a lottery system and other factors to cull and prioritize the 21 applicants for the initial $20 million in tax credits. Investors requested $37 million in Alabama income tax credit reservations. The 21 applicants resulted in 12 deemed complete and eligible for the credit.

Among The projects qualifying for this year’s credits is the    Fort McClellan Headquarters and Barracks at 179, 180 & 223 Headquarters Rd., 615 Powers Ave., and 436 Buckner Dr. in Anniston which is to be developed into an independent living facility.