SB 1175
Modifies provisions relating to a tax credit for neighborhood assistance programs
Sponsor:
LR Number:
3176S.01I
Last Action:
1/25/2024 - Second Read and Referred S Economic Development and Tax Policy Committee
Journal Page:
Title:
Effective Date:
August 28, 2024

Current Bill Summary

SB 1175 - Current law authorizes a tax credit for business firms which engage in providing affordable housing assistance activities or market rate housing in distressed communities (Housing Credit), with the total amount of such tax credits not to exceed $10 million in a fiscal year. Current law also authorizes a tax credit for business firms which makes a contribution to a neighborhood organization that provides affordable housing assistance activities or market rate housing in distressed communities (Contribution Credit), with the total amount of such tax credits not to exceed $1 million in a fiscal year. This act provides that any amount of the $10 million in Housing Credits not authorized in a fiscal year may be authorized for Contribution Credits during the same fiscal year, provided that the total combined amount of Housing and Contribution credits shall not exceed $11 million during the fiscal year.

This act is identical to HB 2090 (2024) and SB 661 (2023), and to a provision in SCS/HCS/HB 1775 (2024).

JOSH NORBERG

Amendments

No Amendments Found.