LOW-INCOME HOUSING TAX CREDITS.

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View NCGA Bill Details2021
Senate Bill 588 (Public) Filed Tuesday, April 6, 2021
AN ACT TO REENACT THE LOW-INCOME HOUSING TAX CREDITS.
Intro. by J. Jackson, deViere, Clark.

Status: Ref To Com On Rules and Operations of the Senate (Senate action) (Apr 7 2021)

Bill History:

S 588

Bill Summaries:

  • Summary date: Apr 6 2021 - View Summary

    Reenacts Article 3E, Low-Income Housing Tax Credits, of GS Chapter 105, as it existed immediately before its repeal (effective January 1, 2025), and revises the Article as follows. Does not reenact GS 105-129.41, which provided credit for low-income housing awarded federal credit allocation prior to January 1, 2003. Makes conforming changes. Retitles GS 105-129.42 Credit for low-income housing awarded a federal credit allocation (no longer specifying the award on or after January 1, 2003). Extends the sunset of the Article, now effective January 1, 2025, applicable to developments to which federal credits are allocated on or after January 1, 2025. Effective for taxable years beginning on or after January 1, 2021.