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DE SB149
Bill
Status
5/15/2025
Primary Sponsor
Russ Huxtable
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AI Summary
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Authorizes counties and municipalities to exempt Low-Income Housing Tax Credit (LIHTC) properties from property taxes through local ordinance
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Requires exempt LIHTC properties to make annual payments in lieu of taxes equal to 5% of the property's annual revenue as reported to the Delaware State Housing Authority
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LIHTC properties must maintain compliance with all federal affordability controls for rent and income limits under 26 U.S.C. § 42 to qualify for the exemption
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Payment collections are divided among political subdivisions (county, municipality, school district) proportionally based on their respective tax rates
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Exempts qualifying LIHTC properties from school district property taxes in addition to county and municipal taxes
Legislative Description
An Act To Amend Title 9 And Title 14 Of The Delaware Code Relating To Payments In Lieu Of Taxes For Low-income Housing Tax Credit Properties.
Last Action
Reported Out of Committee (Housing & Land Use) in Senate with 3 Favorable, 3 On Its Merits
5/21/2025