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Nevada Legislation Would Make Changes to Transferability of State LIHTC

Monday, March 29, 2021 - 12:15PM

Legislation introduced in the Nevada Legislature would lift the sunset date on the ability to transfer state low-income housing tax credits (LIHTCs), but would require the transfer to take place before a property is completed. S.B. 284 would require that the final application for transferable tax credits be submitted at least 45 days before the project is closed and would give the Housing Division of the Department of Business and Industry the right to determine whether the amount of credits should be lowered based on the cost. The legislation would eliminate a provision that forbids the application to transfer credits after July 1, 2023. The legislation also caps the amount of transferrable credits over the lifetime of the program at $40 million.

The Novogradac Introduction to Low-Income Housing Tax Credits provides a look at the background and structure of the LIHTC, including how state credits interact with the federal LIHTC.

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