Digest: The Act makes changes to the tax credit for banks that lend to build housing. (Flesch Readability Score: 90.9).
Expands purposes, for corporate excise tax credit allowed for affordable housing lending, for which a qualified borrower may use savings from a reduced interest rate to include provision of resident services or supportive services.
Applies to tax years beginning on or after January 1, 2025.
Takes effect on the 91st day following adjournment sine die.