This bill amends the existing law regarding the timeline for taxpayers to notify municipalities of their election to be assessed under the low-income housing tax credit program. Specifically, it changes the deadline for providing written notice from "by October 1 preceding the tax year for which the election is sought" to "on or before April 15." This adjustment aims to streamline the process for taxpayers seeking appraisal of properties subject to housing covenants under the program.

Additionally, the bill clarifies that properties under construction as of April 1 of the tax year are not eligible for assessment under this section. The act is set to take effect on January 1, 2027, following its approval on July 2, 2026.

Statutes affected:
Introduced: 75:1-a
As Amended by the Senate: 75:1-a
Version adopted by both bodies: 75:1-a
CHAPTERED FINAL VERSION: 75:1-a
HB1021 text: 75:1-a