Arizona Governor Signs Bill Creating State LIHTC Worth Portion of Federal Credit
Arizona Gov. Doug Ducey signed legislation that creates a state low-income housing tax credit (LIHTC) worth at least 50% of the federal credit. S.B. 1124 sets an annual state LIHTC cap of $4 million. The state LIHTC can be allocated among the partners, members or shareholders and can be carried forward up to five years. Properties placed in service on or after June 30, 2022, are eligible for the credit and the state LIHTC sunsets Dec. 31, 2025.
The newly updated Novogradac Low-Income Housing Tax Credit Handbook is an essential resource for affordable rental housing owners, developers managers and investors.