SB 860
Modifies provisions relating to the low-income housing tax credit
LR Number:
Last Action:
1/27/2022 - Second Read and Referred S Economic Development Committee
Journal Page:
Calendar Position:
Effective Date:
August 28, 2022

Current Bill Summary

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).



No Amendments Found.