SPONSOR: Smith
This bill places an aggregate cap on the amount of state low-income housing tax credits that may be authorized in a fiscal year. The cap will be the lesser of 72.5% of the amount of federal low-income housing tax credits allocated to the state or $123 million, adjusted annually for inflation.
This bill also reduces the limit on tax credits authorized for projects financed through tax-exempt bonds from $6 million to $4 million. To the extent that this limit is not reached in a fiscal year, the amount not authorized may, for such fiscal year only, be added to the amount of tax credits that may be authorized for projects not financed through tax-exempt bond issuance.
The Missouri Housing Development Commission will establish an evaluation rubric and score applicants for low-income housing tax credits against the rubric. The Commission will publish the rubric before it accepts applications and must publish the scored rubric for each application.
Beginning August 28, 2021, the Commission will establish a pilot program under which low-income housing tax credits may be transferred, sold, or assigned to a third party if so authorized by the commission and elected by the taxpayer, as described in the bill. The amount of tax credits authorized to be transferred must not exceed 15%fifteen percent of the aggregate cap. The pilot program expires on August 28, 2024.
This bill is the same as SB 549 (2020).
Statutes affected: