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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 seventy percent of the amount of federal low-income housing tax credits allocated to the state. In addition to such amount, tax credits may be authorized in an amount not to exceed five percent of the amount of federal low-income housing tax credits for projects that are not financed through tax-exempt bond issuance and that are located in an eligible workforce housing development, as defined in the act. 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. JOSHUA NORBERG
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