SB 257 Modifies provisions of the Low-Income Housing Tax Credit Program
Sponsor: Kraus
LR Number: 1365S.01I Fiscal Note: 1365-01N.ORG
Committee: Ways and Means and Fiscal Oversight
Last Action: 2/17/2011 - Second Read and Referred S Ways and Means and Fiscal Oversight Committee Journal Page: S285
Title: Calendar Position:
Effective Date: August 28, 2011

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Current Bill Summary

SB 257 - Under current law, low-income housing tax credits are allowed over a ten-year period. Beginning January 1, 2012, this act reduces the period of time in which low-income housing tax credits are allowed to a five-year period and limits the total amount of low-income tax credits issued annually to no more than sixteen million dollars. After January 1, 2012, priority will be given, in the issuance of low-income housing tax credits, to taxpayers that have not received such credits within five years. The issuance of four percent low-income housing tax credits will be prohibited after January 1, 2012. The act also prohibits stacking low-income housing tax credits with historic preservation tax credits.