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Senator Brock Smith outlines pilot tax credit to support construction of single-family homes for workforce buyers (SB 500)
Summary
Senate Bill 500, presented by sponsor Sen. David Brock Smith, would create a state income tax credit equal to up to 50% of eligible construction costs to incentivize building single‑family homes sold to buyers at or below 120% AMI, subject to limits including a $5 million annual statewide cap.
Senate Bill 500, presented by sponsor Senator David Brock Smith (District 1), would create a state individual and corporate income tax credit to incentivize construction of single‑family dwellings sold at prices affordable to households with incomes at or below 120% of area median income (AMI).
Senator Brock Smith described SB 500 as a pilot tax credit intended to help workforce households—including teachers, first responders and hospitality workers—buy homes. The bill would allow a credit equal to 50% of eligible costs incurred in constructing a qualified property, limited to the taxpayer’s tax liability in the year the credit is claimed; unused credit amounts could be carried forward up to three years. The sponsor…
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