Legislation pre-filed in the Oklahoma House of Representatives would increase the annual allocation amount of the state low-income housing tax credit (LIHTC) to $10 million. H.B. 2040 would change the annual statewide allocation cap from the current $4 million, effective Jan. 1, 2024.
Legislation in Texas would give priority in the allocation of private activity bonds (PABs) for residential rental housing to properties that previously received an allocation but need additional PAB issuance to maintain compliance with the 50% financed-by test.
Legislators in Arizona introduced a bill Monday to extend the state’s low-income housing tax credit (LIHTC) expiration from Dec. 31, 2025, to Dec. 31, 2031. H.B. 2318 would raise the annual state cap from $4 million to $12 million beginning in 2024. The credit is worth at least 50% of the federal credit for each year during the federal credit period and can be carried forward five years.
Two bills introduced in the Hawaii Senate would encourage the allocation of low-income housing tax credits (LIHTCs) to state-owned properties that would then use surplus finances for more affordable housing. S.B. 858 would require that the state qualified allocation plan (QAP) add that up to 20% of the criteria for allocation be for properties that offer to convey ownership of the finished property to the state or another organization that is obliged to use all financial surpluses to build more housing and to prioritize applications based on the timing and loan amount repaid early to the state rental housing revolving fund. S.B. 936 would require the QAP to prioritize developments owned by the state.
The Indiana new markets tax credit (NMTC) would be created by a bill introduced in the state Legislature. H.B. 1455 would create a state NMTC worth 42% of the qualified equity investment (QEI), taken in seven annual installments at 6% by Indiana community development entities (CDEs) that receive federal NMTC allocation authority and are awarded allocation authority in the state. The legislation includes a statewide cap of $50 million in QEI authority and an additional $50 million in QEI authority in rural counties. The bill excludes businesses that derive at least 15% of their annual revenue from the rental or sale of real estate. The credit would be available for taxable years starting after Dec. 31, 2022.
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