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Pennsylvania Governor Signs Bill that Creates State LIHTC

Wednesday, November 4, 2020 - 9:00AM

Pennsylvania Gov. Tom Wolf signed legislation Tuesday that establishes a state low-income housing tax credit (LIHTC). S.B. 30 creates a state credit that, once funded, will mirror the federal LIHTC. Pennsylvania’s LIHTC features a requirement that at least 10 percent of the credits for each award round be allocated for households with incomes at or below 30 percent of the area median income. No more than 50 percent of a taxpayer’s state tax liability can be offset by the credits in any year. Pennsylvania is the 21st state with a state-level LIHTC. Five states have bills in their Legislatures to create state-level LIHTCs.

State and local affordable housing tax incentives will be among the topics discussed at the Novogradac 2020 Tax Credit Housing Finance Virtual Conference, Dec. 3-4.

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