State offers storm shelter tax credit
The Franklin County Emergency Management Agency is making sure all FC citizens are aware of a new state program to recoup some of the costs of building a personal storm shelter.
Eligible taxpayers who incur costs for the construction, acquisition or installation of a qualified storm shelter at their primary residence will qualify for an income tax credit for the storm shelter.
“This is a great opportunity for the citizens of Franklin County to try to get some assistance in putting in a storm shelter,” said Franklin County EMA Director Mary Glass. “It’s a limited amount of money, so those interested should apply as soon as they can.”
The Alabama Emergency Management Agency will issue a tax credit certificate to the qualifying taxpayer seeking the credit. The statewide tax credit is limited to a collective amount for all taxpayers of $2 million annually.
Tax credit certificates will be first-come, first-served until the annual cap is met.
The tax credit will equal $3,000 or 50 percent of the total cost of the construction, acquisition and installation of the qualified storm shelter at the primary residence, whichever is less.
The total costs for the qualification of the tax credit will exclude any costs reimbursed or expected to be reimbursed by any other reimbursements, grants or other government subsidies or incentives.
The taxpayer will file information as required by the Alabama EMA.
For more information contact the Alabama Emergency Management Agency, 205-280-2200, or the Alabama Department of Revenue, 334-242-1170, Option No. 1.
