SB 922 Modifies the caps on Low-Income Housing and Historic Preservation tax credits
Sponsor: Schaaf
LR Number: 6214S.01I Fiscal Note available
Committee: Jobs, Economic Development and Local Government
Last Action: 3/13/2014 - Second Read and Referred S Jobs, Economic Development and Local Government Committee Journal Page: S567
Title: Calendar Position:
Effective Date: August 28, 2014

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Current Bill Summary


SB 922 - This act modifies provisions relating to tax credits.

LOW-INCOME HOUSING TAX CREDITS

Sections 135.350 & 135.352

This act modifies provisions relating to low-income housing tax credits. A one hundred million dollar fiscal year cap for authorizations of 9% low-income housing tax credits is established, beginning FY 2015. Authorizations of 4% low-income housing tax credits are capped at ten million dollars each fiscal beginning FY 2015. The stacking of state 9% low-income housing tax credits with state historic preservation tax credits for the same project is prohibited.

These provisions are similar to SCS/SB 120 (2013), SB 531 (2012), SCS/SB 548 (2012), and provisions of SB 8 (2011 1st Ex. Session).

HISTORIC PRESERVATION

Sections 253.550, 253.557 & 253.559

This act modifies provisions of law relating to historic preservation tax credits. Under current law, the Department of Economic Development is prohibited from issuing more than one hundred forty million dollars in historic preservation tax credits in any fiscal year for projects which will receive more than two hundred and seventy-five thousand dollars in tax credits. Beginning fiscal year 2015, and each fiscal year thereafter, this act would prohibit the Department of Economic Development from approving a total amount of more than eighty million dollars in historic preservation tax credits for projects receiving at least $275,000 in tax credits. Projects which would receive less than $275,000 in tax credits will be subject to a ten million dollar fiscal year cap.

Applicants for projects that, as of the effective date of the act, have received approval from the Department of Economic Development, incurred certain levels of expenses, or received certification from the state historical preservation officer will not be subject to the new limitations on tax credit issuance, but will be subject to the current law limitations on tax credit issuance.

The stacking of state historic preservation tax credits with state 9% low-income housing tax credits is prohibited.

These provisions are similar to SCS/SB 120 (2013), HCS/HB 1476 (2012) and to provision in the perfected version of SB 8 (1st Ext. Session 2011).

This act is identical to SB 740 (2014) and SB 923 (2014).

MIKE HAMMANN