House Bill No. 452, introduced by Representative Bourriaque, establishes a nonrefundable tax credit for the development of qualified affordable housing projects in Louisiana. The bill enacts R.S. 47:6043, which allows credits against income tax, corporate franchise tax, and insurance premium tax for projects that qualify under the federal low-income housing tax credit program. The Louisiana Housing Corporation will oversee the application process, award credits, and enter into agreements with project owners. The total amount of credits granted is capped at $5 million per state fiscal year, and the credits can be carried forward for up to five years if they exceed the taxpayer's liability.

The bill also includes provisions for the transferability of credits, allowing taxpayers to sell or transfer unused credits to other individuals or entities. It mandates that the Louisiana Housing Corporation charge an application fee, with proceeds distributed among the corporation and relevant state departments. Importantly, the bill prohibits the granting of any tax credits after June 30, 2026, and stipulates that the credits are subject to legislative appropriation. The provisions of the bill will apply to taxable years beginning on or after January 1, 2024, and the act will become effective on July 1, 2023.