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SB 860 - 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 70% of the amount of federal low-income housing tax credits allocated to the state. 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. This act is identical to SB 85 (2021), is substantially similar to SB 549 (2020), HB 2437 (2020), HB 2499 (2020), HCS/SS/SCS/SB 28 (2019), and 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). JOSH NORBERG
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