Alabama Legislation Would Create State LIHTC

Wednesday, May 3, 2023 - 11:45AM

Legislation introduced in the Alabama Legislature would create a state low-income housing tax credit (LIHTC) for taxable years starting Jan. 1, 2024, and later. H.B. 357 would create the Alabama Workforce Housing Tax Credit with a $15 million annual statewide cap and a $2 million maximum award for properties that are eligible for the federal LIHTC. Of the cap, 20% to 25% would go to rural developments and the remainder would go to 4% LIHTC properties with no geographic requirements.

The Novogradac Introduction to Low-Income Housing Tax Credits booklet provides an introduction to the basics of the LIHTC incentive.

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