This bill modifies the deadline for taxpayers to notify municipalities of their election to be assessed under the low-income housing tax credit program. Specifically, it changes the notice submission date from October 1 to April 15 of the year preceding the tax year for which the election is sought. This adjustment aims to streamline the assessment process for properties subject to housing covenants under the program.

Additionally, the bill stipulates that properties under construction as of April 1 of the tax year will not be eligible for assessment under this section. The act is set to take effect on July 1, 2026, allowing for a transition period for taxpayers and municipalities to adapt to the new deadline.

Statutes affected:
Introduced: 75:1-a
HB1021 text: 75:1-a