Low-Income Housing Tax Credit:
State LIHTCs
2007 State Tax Credit Information
* Please note these figures refer to state low-income housing tax credit programs - not the federal LIHTC program. Amounts of federal LIHTCs available for each state can be found here.
To further track the growth and success of state LIHTC programs, Novogradac & Company LLP is continuing to gather information for the LIHTC Monthly Report and the Affordable Housing Resource Center. Please e-mail cpas@novoco.com with any questions or with additional information about programs in your state.
Novogradac & Company LLP is currently gathering data for 2008 application and allocation rounds.
| State | Estimated Tax Credits Available in 2007 |
Bifurcated from Federal LIHTC? | Credit Period |
| Arkansas | $250,000 | Yes | 10 Years |
| California | $79,600,000 | No | 4 Years |
| Connecticut | $10,000,000 | Yes | 10 Years |
| Georgia | $17,500,000 | Yes | 10 Years |
| Hawaii | $1,243,314 | Yes | Matches Federal Period |
| Illinois | $12,526,704 | Yes | 10 Years |
| Massachusetts | $4,000,000 | Yes | 5 Years |
| Missouri | $10,900,000 | Yes | 10 Years |
| New Mexico | $500,000 | Yes | One Time Credit* |
| New York | $2,000,000 | Unknown | 10 Years |
| North Carolina | $Up to 10,500,000 | Yes | 5 Years |
| Puerto Rico | $15,000,000 | Yes | 10 Years |
| Oregon | $20,000,000 | NA** | 20 Years |
| Utah | $310,000 | Yes | 10 Years |
| Virginia | $500,000 | Yes | 5 Years |
| Vermont | $300,000*** | Yes | 5 Years |
* Indicates that this one time credit can be claimed anytime during a five year period.
** Indicates that Oregon state-LIHTCs are not sold at all; banks with a state tax liability get the credits in exchange for a 4 percent interest rate reduction on the permanent loan.
***Indicates that tax credits are allocated during fiscal years (FYs) as opposed to calendar years—the figure represented is that of FY 2007. In FY 2008, Vermont will allocate $400,000 in state LIHTCs.