A bill introduced in the Oklahoma Senate would clarify that state low-income housing tax credit (LIHTC) total allocated to a property shall not exceed the federal credit amount. The state LIHTC currently states that the property shall receive an amount equal to the federal allocation, but S.B. 1685 would allow the allocation of a lesser amount.
Legislation introduced in the Kansas Senate would create a state low-income housing tax credit (LIHTC) for taxable years beginning after Dec. 31, 2022. S.B. 369 would create a state affordable housing credit equal to the federal LIHTC for each property. The credit could be carried forward up to 11 years. The four states that border Kansas–Nebraska, Colorado, Oklahoma and Missouri–all have state LIHTCs.
Legislation pre-filed in Mississippi would create a state low-income housing tax credit (LIHTC) equal to the federal LIHTC. S.B. 2485 would create a state LIHTC that mirrors the federal credit, including provisions related to recapture. The tax credit would go into effect July 1 and would be for properties placed in service after Jan. 1, 2022, and before Dec. 31, 2031.
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.
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.
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