Sign Up For Novogradac Industry Alert Emails

Utah Modifies State LIHTC, Allows Carry Forward, Reallocation of Credits

Monday, March 25, 2024 - 9:48AM

Utah Gov. Spencer Cox recently signed into law legislation that allows unallocated portions of the state low-income housing tax credit (LIHTC) to be carried forward to future years, along with other modifications. H.B. 465 permits the Utah Housing Corporation to allocate credits it returned or recaptured in the previous year. The bill also allows the allocation of up to 15% of holdover credits if all potential credits were not allocated in a previous year. The legislation takes effect May 1 and applies as of Jan. 1, 2024.

Experts in the tax credit community will discuss state LIHTCs at the Novogradac 2024 Affordable Housing Conference, May 2-3 at the Grand Hyatt in San Francisco.

Learn more about Novogradac's expertise and many services