Qualified Alabama Residents Could Receive Storm Shelter Tax Credit
It’s almost time for income tax season. Did you know that certain Alabamians could receive a storm shelter tax credit?
The Tuscaloosa County EMA announced that beginning in 2022, eligible taxpayers who incur costs for the construction, acquisition or installation of a qualified storm shelter at their primary residence in the state of Alabama will be eligible for an income tax credit for the storm shelter.
The tax credit is a pretty sizable amount. Alabama residents who qualify for the storm shelter income tax credit would receive three thousand dollars or fifty percent of the total cost of the construction, acquisition, and installation of the qualified storm shelter at the primary residence, whichever is less.
If you wish to receive the tax credit, act fast. There is a statewide cap of two million dollars. Once the collective amount for all taxpayers reaches two million dollars distributed, it will be cut off until the following year.
The tax credit certificates will be distributed on a first-come-first-served basis until the annual cap is met.
At this moment, the Alabama EMA is in the process of creating a website where you can submit documentation to receive the tax credit. If you have questions about documentation for the tax credit, you’re asked to contact the Alabama Emergency Management Agency at (205) 280-2200.
If you have questions about processing the storm shelter tax credit, you’re asked to contact the Alabama Department of Revenue Individual Income Tax at (334) 242-1170 Option #1.
To learn more about the storm shelter tax credit, click here.