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North Carolina Legislation Would Bring Back State LIHTC

Tuesday, April 13, 2021 - 12:15PM

A bill introduced in the North Carolina Senate would reinstate the state low-income housing tax credit (LIHTC) that expired in 2015. S.B. 588 would allow credits worth varying percentages, depending on the makeup and location of the development, to properties that receive a federal LIHTC allocation. Taxpayers who receive a federal LIHTC would be able to receive the credit as a direct tax refund or as a loan generated by transferring the credit to the state housing agency. The state LIHTC would be effective for taxable years beginning on or after Jan. 1, 2021, and would be repealed for properties that receive federal credits after Jan. 1, 2025.

State and federal legislation related to the LIHTC will be a topic at the Novogradac 2021 Affordable Housing Virtual Conference, April 29-30.

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