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HI HB488

Bill

Official Source

Status

Engrossed

3/7/2017

Primary Sponsor

Tom Brower

Click for details

Origin

House of Representatives

2018 Regular Session

AI Summary

  • Removes at-risk rules application (Section 42(k) of the Internal Revenue Code) from state low-income housing tax credit claims
  • Exempts passive activity loss limitations (Sections 465 and 469 of the Internal Revenue Code) from applying to investments in qualified low-income housing buildings and projects claiming the state tax credit
  • Clarifies that determinations of qualified basis, eligible basis, qualified low-income housing projects, and credit recapture shall be made under specific sections of the Internal Revenue Code
  • Allows unused low-income housing tax credits to carry forward to subsequent taxable years until exhausted
  • Effective July 1, 2050, for qualified low-income buildings awarded credits beginning after December 31, 2050

Legislative Description

Relating To Housing.

Low-income Housing Tax Credit

Last Action

Received notice of discharge of conferees (Hse. Com. No. 385).

3/15/2018

Committee Referrals

Ways and Means3/24/2017
Housing3/9/2017
Finance2/14/2017
Housing1/23/2017

Full Bill Text

No bill text available