NEIGHBORHOOD ASSISTANCE PROGRAM TAX CREDIT

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. (Section 32.115)

This provision is substantially similar to SB 399 (2025), SB 1175 (2024), HB 2090 (2024), and SB 661 (2023), and to a provision in SCS/HCS/HB 1775 (2024).

BEGINNING FARMER INCOME TAX DEDUCTION

Current law authorizes an income tax deduction for certain income received for the sale or lease of farmland to beginning farmers. This act adds a definition of "taxpayer" to such deduction. (Section 143.121)

This provision is identical to SB 682 (2025) and HB 1042 (2025).

TIME FOR FILING RETURNS

Current law provides that the date for filing income tax returns shall be the fifteenth day of the fourth month following the close of the taxpayer's taxable year. This act provides that such date shall be the date prescribed for the filing of federal tax returns. The act provides that if such date is changed for any reason, the date for filing state income tax returns shall also be changed to such date. (Section 143.511)

DEFICIENCIES DUE TO DENIED TAX CREDITS

This act provides that a taxpayer shall not be liable for penalties or interest on an income tax balance due if such taxpayer is denied part or all of a tax credit to which the taxpayer has qualified pursuant to any provision of law due to lack of available funds, and such denial causes a balance-due notice to be generated by the Department of Revenue or any other redeeming agency. Such taxpayer shall pay the balance due within sixty days or be subject to penalties and interest pursuant to current law. (Section 143.512)

JOSH NORBERG