Legislation introduced last week in the Wisconsin Legislature would increase the annual state cap for the state low-income housing tax credit (LIHTC) from $42 million to $70 million and increase the claiming period from six to 10 years. A.B. 890 require that the Wisconsin Housing and Economic Development Authority ensure, if possible, that 35% of the state LIHTCs it allocates each year are for rural areas.
Maryland Gov. Larry Hogan’s fiscal year 2023 budget proposal includes $12 million in funding for the state historic tax credit (HTC) incentive, an increase from $9 million in recent years. Hogan’s budget includes that amount for the state HTC, due to the passage last year of S.B. 885, which required at least $12 million in annual HTC funding.
Legislation introduced this week in the Colorado General Assembly would extend the state low-income housing tax credit (LIHTC) through 2034 and increase the annual allocation cap from $10 million to $15 million beginning in 2023. HB22-1051 would extend the incentive, which is set to sunset at the end of 2024. The Colorado credit pairs with federal LIHTCs and has developed or preserved more than 8,000 units since its enactment in 2015, according to the Colorado Housing Finance Agency.
The Georgia Department of Revenue adopted amendments to regulations concerning the state historic tax credit (HTC) for taxpayers who were previously denied or granted prorated credits for a structure that earned more than $300,000 due to the overall state cap being met for any of the past five years. The updated regulations allow those taxpayers who met the standards for the HTCs to submit electronic Form IT-RHC-AP for the additional credit amounts this year.
Legislation to create a state low-income housing tax credit (LIHTC) was introduced this week in the Illinois House of Representatives. H.B. 4596 would create the Build Illinois Home Tax Credit, which would have a statewide annual cap of $35 million, of which 75.5% would be allocated by the Illinois Housing Development Authority, with the remainder allocated by the City of Chicago Department of Housing. The credit could be taken over 10 years and carried forward five years. Any federal recapture would result in state recapture. The credit would be for taxable years after Jan. 1, 2023. Illinois currently has an affordable housing tax credit for 50% of a donation of money, securities, real estate or personal property to a nonprofit affordable housing sponsor for an affordable housing project.
A bill introduced this week in the Washington Senate would require the state housing finance commission to amend internal policies and project scoring criteria to encourage more private developer involvement in the state’s allocation of 9% low-income housing tax credits (LIHTCs). S.B. 5759 cites a state report that indicates private developers could build units at 87% the cost of nonprofit developers and 78% of the cost of governmental agencies and the need for a more diverse mix of developers for affordable housing.
Legislation introduced in the Indiana Senate would create a state low-income housing tax credit (LIHTC) worth 40% to 100% of the federal 4% LIHTC awarded to an affordable housing property. S.B. 262 would create Indiana affordable and workforce housing tax credits for affordable housing financed with private activity bonds (PABs) and 4% LIHTCs. The credits would be for five years and could be carried forward up to nine years. There would be a statewide cap of $30 million for fiscal years beginning after June 30, 2023, and before July 1, 2028.
A bill introduced this week in the Virginia House of Representatives would double the state’s annual taxpayer cap on its historic tax credit (HTC) incentive to $10 million. H.B. 1219 would increase the amount from $5 million per taxpayer, a cap that has been in effect since Jan. 1, 2017. Virginia’s HTC is for 25% of qualified rehabilitation expenditures.
Legislation passed in Washington, D.C., and awaiting congressional approval would clarify that capital gains deductions related to the opportunity zones (OZ) incentive are available to individuals, estates and trusts in the same manner as to corporations. D.C. Council Bill 240513 would take effect following its 30-day period of congressional review.
The California Debt Limit Allocation Committee (CDLAC) will consider a proposal at a committee meeting Wednesday to hold just two allocation rounds for the state’s private activity bond (PAB) allocations for multifamily affordable housing. CDLAC has generally held three allocation rounds, but the proposal–recommended for approval by staff–calls for application deadlines of March 16 and July 7 only, with committee meetings to make the awards June 15 and Oct. 19.
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