Recent News
The House Ways and Means Committee will mark up Thursday H.R. 3301, The Taxpayer Certainty and Disaster Tax Relief Act of 2019, legislation that includes extensions through 2020 of numerous expired and expiring tax credits. The bill would extend the new markets tax credit through the end of 2020 with an increase in allocation authority from $3.5 billion to $5 billion for the final allocation round.
The California Legislature today approved a $214.8 billion budget that includes a $500 million increase for the state low-income housing tax credit (LIHTC). The budget is for the fiscal year that begins July 1 and Gov. Gavin Newsom has 12 days to sign or veto the legislation, although he can use a line-item veto on some budget items. Newsom is a proponent of the LIHTC increase, having included it in his budget request.
Nevada Gov. Steve Sisolak this week signed legislation into law that creates a state low-income housing tax credit (LIHTC). S.B. 448 creates a transferable state LIHTC with an annual statewide cap of $10 million that can be carried forward if unused. The state LIHTC has a sunset date of Jan. 1, 2030. Nevada becomes the 18th state with a state LIHTC incentive.
A Texas bill that would allow educational quality to be a part of the threshold criteria for eligibility for low-income housing tax credit (LIHTC) allocation, but not part of the scoring system in the qualified allocation plan passed both houses of the Legislature and was sent to Gov. Greg Abbott. H.B. 1215 would expire Sept. 1, 2021, and would require a study on the effects of the law.
The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Wednesday’s Federal Register announcing the monthly per-unit fee rates used to determine administrative fees for each public housing agency that administers certain HUD programs. The fees involve the Housing Choice Voucher and Moderate Rehabilitation programs for calendar year 2019 (CY 2019).
