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Committee debates House offer to cap low‑income housing tax credits amid concerns about program scope and impact
Summary
Senate Commerce members discussed a House offer to limit the state’s low‑income housing tax credit for the current year to $20 million and to redirect some savings to moderate‑income homeownership programs.
Senate Commerce members discussed a House offer to limit the state’s low‑income housing tax credit allocation for the current year to $20 million, a figure one committee member said would equate to $200 million over a 10‑year period. The proposal is part of a counteroffer intended to shrink a widely used tax credit program and redirect some funding to moderate‑income homeownership programs.
A member of the committee who presented the House offer said the state has spent “to the tune of at least $750,000,000 on that one program” over the past three years. The member proposed capping the current year’s allocation at $20,000,000 and then…
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