Bill Summary

by Aloupis, Jr. Co Sponsors: Raschein

State Workforce Housing Tax Credit Program: Provides credit against corporate income tax for certain taxpayers owning interests in eligible workforce housing developments; requires FHFC to make agency awards of credit; specifies requirements for claiming & awarding awards; limits amount of awards; provides for allocation of annual credit amounts; requires certification of such amounts; authorizes recipients of credit to carry forward portion of credit; requires corporation to establish procedures to monitor compliance; provides for credit recapture; creates Workforce Housing Tax Credit Program; requires FHFC to administer program & determine which workforce housing developments are eligible for certain tax credits; specifies requirements for administration of program; requires DOR to apply credits to tax liability; requires state workforce housing tax credits to be allowed against insurance premium tax & retaliatory tax after applying certain deductions & credits. Effective Date: July 1, 2019

» H Local, Federal & Veterans Affairs Subcommittee
   H Ways & Means Committee
   H State Affairs Committee