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Senate revenues subcommittee gives positive recommendation to resolution authorizing state housing tax credits
Summary
The revenues subcommittee voted 5-0 to give SJR 27 a positive recommendation, authorizing a staggered state tax-credit allocation for rural and workforce housing that the sponsor said could total $300 million over roughly 12 years and align with federal credits; the measure advances to the full finance committee.
The Revenues Subcommittee voted 5-0 to give Senate Joint Resolution 27 a positive recommendation, authorizing the state to allocate tax credits for rural and workforce housing that the sponsor said could total $300 million if the program runs to its full conclusion.
Leader Johnson, sponsor of SJR 27, told the subcommittee the General Assembly enacted the program’s statutory framework in 2024 but did not fund it last year. "This resolution authorizes dollars $10,000,000 per year beginning in 2026 for a 10 year period of time," Johnson said, adding that the resolution would add an additional $10,000,000 per year in 2027 and again in 2028, creating a staggered increase he estimated would amount to about $300,000,000 over roughly 12 years.
The sponsor said the state intends to align the new state credits with an existing federal program so developers can use federal and state credits together to build affordable housing. "We do have a housing shortage in the state of Tennessee," Johnson said.
Chairman Hensley called for the roll and the motion for a positive recommendation was moved by Senator Hale and seconded by Senator Powers. The clerk recorded five ayes: Senators Hale, Powers, Wally, Yarbrough and Chairman Hensley. The committee’s positive recommendation sends SJR 27 to the full Senate Finance Committee where further discussion and any funding decisions will occur.
The subcommittee record notes that the resolution establishes an authorization schedule but does not itself appropriate cash; further budgetary action will be required in later stages of the legislative process.
