HB 140 would provide a tax credit against the tax liability of the taxpayer-owner for the rehabilitation, preservation, and development of historic structures. The credit for the taxable year in which the certified rehabilitation is placed in service would be equal to 25 percent of the qualified rehabilitation expenditures for certified historic structures, and shall be 10 percent of the qualified rehabilitation expenditures for qualified pre-1936 non-historic structures. The credit would apply to business privilege taxes, financial institution excise taxes, income taxes, insurance premium taxes, and utility taxes. This bill has passed out of the House and has been assigned to the Senate Ways and Means-Education Fund Committee. It is being championed by a coalition of chambers of commerce and downtown redevelopment groups around the state, including the Birmingham Business Alliance.