Preheat oven to 325 degrees and spray a 10-inch (12 cup) Bundt pan with non-stick spray.
In a medium bowl, whisk together the flour, baking powder, baking soda, salt, cinnamon, and allspice. Set aside.
In the bowl of a stand mixer, cream together the butter and cream cheese until smooth. Add in the both sugars and beat until light and fluffy.
Add in the apple butter and vanilla; then the eggs, one at a time beating until each each is incorporated. Scrape the sides and bottom of the bowl as needed.
Add the dry ingredients to the batter and mix until just combined. Do not over mix. Once again, scrape the sides and bottom of the bowl to get any batter that didn't get mixed.
Pour the batter into the prepared Bundt pan and bake for 75 minutes, or until a toothpick inserted comes out clean. Remove from oven and allow to cool in pan for 10-15 minutes before turning out to a wire rack to cool completely.
Dust with powdered sugar, cut and serve.