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Committee approves rules substitute to Senate Bill 306 clarifying low-income housing tax-credit awards
Summary
The Rules Committee approved a rules substitute to Senate Bill 306 to change statutory wording from 'allowed' to 'initially awarded' for low-income housing tax credits, clarifying that DCA awards credit streams by taxable year over a 10-year period; members said caps are unchanged.
The Chair called for and put a motion to approve a rules substitute to Senate Bill 306, LC 443555 S, clarifying how low-income housing tax credits are articulated in state code. A lawmaker presenting the substitute said the change replaces the word 'allowed' with 'initially awarded' to make clear that the Department of Community Affairs (DCA) issues credits for each taxable year of a 10-year stream.
The change "makes it very clear in…
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