AN ACT TO RESTORE FUNDING FOR LOW-INCOME HOUSING.
Reenacts Article 3E, Low-Income Housing Tax Credits, of GS Chapter 105, as it existed immediately before its repeal (effective January 1, 2015), and revises the Article as follows. Does not reenact GS 105-129.41, which provided credit for low-income housing awarded a federal credit allocation prior to January 1, 2003. Makes conforming changes. Amends GS 105-129.42, relating to low-income housing awarded a federal credit allocation on or after January 1, 2003, to require the taxpayer to receive a carryover allocation for an allocated credit in the form of a loan generated by the Housing Finance Agency, no longer providing for the taxpayer to elect between receiving the credit as a direct tax refund or a loan. Makes conforming changes to the statute's title, now titled as Funding mechanism (was, Credit) for low-income housing awarded a federal credit allocation on or after January 1, 2003. Makes conforming deletions relating to payment, recapture, and forfeiture of direct refunds. Effective for taxable years beginning on or after January 1, 2022.