Low-Income Housing Tax Credit:
State LIHTCs
2008 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. The following chart is intended for summary-purposes only. As state LIHTC programs vary widely, we recommend that you gather complete details from the appropriate state agency. Some of the information listed below is based on estimates.
Please e-mail cpas@novoco.com with any questions or with additional information about programs in your state.
| State | Estimated Tax Credits Available in 2008 |
Bifurcated from Federal LIHTC? | Credit Period | Type of Credit |
| Arkansas | $250,000 | No | Up to 15 years | Other | California | $83,966,419 | No | 4 years | Other |
| Connecticut | $10,000,000 | TBD | TBD | TBD | Georgia | $21,205,516 | Yes | 10 years | Both |
| Hawaii | $1,411,727 | Yes | 10 years | Both | Illinois | $13,153,039 | Yes | 10 years | Other |
| Massachusetts | $10,000,000 | Yes | 5 years | Other | Missouri | TBD | TBD | TBD | TBD |
| New Mexico | $3,644,343 | Yes | 5 years* | Other |
| New York | $4,000,000 | No | 10 years | Both |
| North Carolina | Contact NCHFA for more information | N/A | N/A | Other |
| Puerto Rico | TBD | TBD | TBD | TBD |
| Oregon | $4,860,000 | N/A** | Up to 20 years | Other | Utah | $330,666 | No | 10 years*** | Other |
| Vermont | $400,000 | Yes | 5 years | Other |
| Virginia | $500,000 | Yes | 5 years | Other |
TBD indicates that estimates are still to be determined. Novogradac & Company LLP is currently updating this information with the appropriate state agency.
* 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.
***May be carried back 3 years and forward 5 years where credit exceeds tax.