A bill was introduced in South Carolina to allow taxpayers that receive a federal low-income housing tax credit (LIHTC) to receive a matching state tax credit. Bill 3212 would go into effect this year and would require the state credit be taken in the same year that the federal credit is claimed. Unused credits could be carried forward five years after the federal credit was claimed. The legislation was introduced by state Rep.
A bill introduced in the Oklahoma Legislature would modify the state low-income housing tax credit, eliminating a requirement that qualifying developments be in counties with a population of less than 150,000 and shortening the credit period from 10 to five years for properties placed in service after the effective date of the bill. Oklahoma’s state LIHTC has a $4 million statewide cap. If enacted, the bill would be effective Nov. 1.
Legislation was introduced in Missouri to limit the state low-income housing tax credit (LIHTC) annual allocation to no more than 50 percent of the federal LIHTC amount allocated to the state. The state LIHTC currently has a maximum of the federal amount on 9 percent credits and a $6 million cap for 4 percent credits, although no state LIHTCs have been issued the past two years, due to a dispute over the program.
Sens. John Hoeven, R-N.D., and Ron Wyden, D-Ore., today introduced the Move America Act of 2019, legislation that would expand tax-exempt private activity bonds and create a federal infrastructure tax credit to fund infrastructure projects through public-private partnerships. The legislation would allow states to issue tax-exempt bonds in partnership with private entities, with each state receiving a bond allocation based on population size.
California Gov. Gavin Newsom last week published his proposed 2019-2020 budget summary, which includes expanding the state low-income housing tax credit (LIHTC) to $500 million beginning in 2019, with $300 million of authority allocated to the existing state LIHTC program and the remaining $200 million earmarked for a new program to house households earning between 60-80 percent of the area median income.
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