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Advance Alabama strives to revitalize main streets across the state. We are a grassroots campaign focused on restoring the Alabama Historic Tax Credit. These important credits serve to reduce blight, create jobs, improve neighborhoods, preserve our culture, as well as serving as a catalyst for other developments. Economically, these credits are proven to be among the best stimulators for new jobs, increased tax revenue, and heritage tourism.
Advance Alabama is a collective of economic development and community oriented organizations come together to restore the Alabama Historic Tax Credit.
Studies and Reports
Quick facts:
- 52 total preservation and rehabilitation projects, many of which would not have happened without this tax credit:
- 39 projects are complete or currently underway using Alabama Historic Tax Credits.
- 13 projects are on the Alabama Historic Commission’s “wait list.”
- $60 million in Alabama tax credits was authorized for the three-year program in 2013.
- Nearly $55 million in federal tax credits are coming to Alabama, due to the investment of these projects.
- 10 cities across the state have projects underway: Anniston, Birmingham, Decatur, Demopolis, Dothan, Huntsville, Montgomery, Mobile, Tuscaloosa and Tuscumbia.
- 5 projects were completed by end of 2015 (two in Mobile, one in Tuscaloosa, one in Decatur and one in Birmingham); others are underway.
- This proposed legislation will extend the program seven years.
- The Alabama Historic Tax Credit will expire on May 15, 2016 if legislative action is not taken.
- The tax credit is responsible for 2,133 direct construction jobs and 1,373 operational-phase jobs. The operation jobs are expected to grow over time.
- While just over $630,000 of tax credits were claimed in 2014, the program is responsible for over $384 million in investment in the state.
- Return on investment: For every one dollar of tax credit allocation the state invests in the program, $3.90 is returned to state/local tax collections over a 20-year period.
- The modeled tax impacts demonstrate that by 2019, the State of Alabama will break even on its current investment of $60 million in tax credit allocation.