SB 85 - This act places an aggregate cap on the amount of state low-income housing tax credits that may be authorized in a fiscal year. Such cap shall be 70% of the amount of federal low-income housing tax credits allocated to the state.

This act 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 such 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.

This act is substantially similar to SB 549 (2020), HB 2437 (2020), HB 2499 (2020), HCS/SS/SCS/SB 28 (2019), and HCS/HB 665 (2019), and is similar to SB 269 (2019), SCS/SB 591 (2018), and HB 1237 (2018), and to a provision contained in HB 1824 (2018) and SCS/SBs 285 & 17 (2017).

JOSH NORBERG

Statutes affected:
Introduced (0834S.01): 135.350, 135.352

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Senate Committee Minutes:
SENATE COMMITTEE MINUTES Bill No.: SB 85
Sponsor: Hegeman
Hearing Date: 2/2/2021


COMMITTEE: Economic Development

CHAIRMAN: Hoskins

DATE REFERRED: 1/21/2021 DATE HEARING REQUESTED: 1/21/2021



STAFF:
Rachel Bauer
Josh Norberg
Kelley Rogers
Chris Sutherland


WITNESSES GIVING INFORMATION:
Elias Tsapelas - Show-Me Institute


WITNESSES FOR:
Jim Erickson - Economic Development Corporation of Kansas City, MO
Salvatore Panettiere - CIty of Kansas City, Missouri
Arnie C. AC "Honest-Abe" DIENOFF - State Public Advocate, Abolish this program, reduce more, is double-dipping,
Creates Millionaires
Shannon Cooper - City of Kansas City
Shannon Cooper - Greater Kansas City Chamber of Commerce


WITNESSES AGAINST:
Sam Licklider - Missouri REALTORS
Sarah Hackman - Missouri Community Action Network