SB 28
Modifies provisions relating to the Low-Income Housing Tax Credit
Sponsor:
LR Number:
0200H.12C
Last Action:
5/17/2019 - Requests to Recede or Grant Conference Calendar--SS for SCS for SB 28-Hegeman, with HCS, as amended (Senate requests House recede or grant conference)
Journal Page:
Title:
HCS SS SCS SB 28
Calendar Position:
1
Effective Date:
August 28, 2019
House Handler:

Current Bill Summary

HCS/SS/SCS/SB 28 - This act places an aggregate cap on the amount of state low-income housing tax credits that may be authorized in a fiscal year. Such cap shall be the lesser of 72.5% of the amount of federal low-income housing tax credits allocated to the state or $123 million.

This act also reduces the limit on tax credits authorized for projects financed through tax-exempt bonds from $6 million to $4 million. To the extent that such limit is not reached in a fiscal year, the amount not authorized may, for such fiscal year only, be added to the amount of tax credits that may be authorized for projects not financed through tax-exempt bond issuance.

The Missouri Housing Development Commission shall establish an evaluation rubric and score applicants for low-income housing tax credits against the rubric. The Commission may authorize a preference for minority groups or women as part of a point system or rubric. The Commission shall publish such rubric before it accepts applications and shall publish the scored rubric for each application.

This act is substantially similar to HCS/HB 665 (2019), and is similar to SB 269 (2019), SCS/SB 591 (2018), and HB 1237 (2018), and to a provision contained in HB 1824 (2018) and SCS/SBs 285 & 17 (2017).

JOSHUA NORBERG

HA 1 - THIS AMENDMENT MODIFIES PROVISIONS OF THE ACT RELATING TO THE SALE OR TRANSFER OF LOW-INCOME HOUSING TAX CREDITS.