Alabama’s storm shelter tax credit
We rang in the new year under the threat of severe weather and tornados! With tornado season kicking off early this year, Alabama residents can consider taking advantage of the new Storm Shelter Tax Credit! Starting January 1 of this year and stretching through 2025, taxpayers can claim 50% of the total cost (up to $3000) of putting a qualified storm shelter in their residence as a nonrefundable tax credit on their AL40 tax return.
After the devastation caused by an EF-5 tornado in 2019, state Rep. Joe Lovvorn launched a new program in honor of the victims of Lee County. Just make sure that your new shelter is FEMA approved and capable of withstanding an EF-5 tornado so that it qualifies!
Check out some Frequently Asked Questions and kick off the new year with more peace of mind!