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IN HB1234
Bill
Status
1/10/2019
Primary Sponsor
Jim Pressel
Click for details
AI Summary
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Creates a new Indiana state tax credit for affordable and workforce housing projects that receive federal low-income housing tax credits (30% present value credits for tax-exempt bond financed projects)
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State tax credit amount ranges from 40% to 100% of the federal tax credit, as determined by the Indiana Housing and Community Development Authority, claimed over a 5-year period
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Annual cap of $30 million in new state tax credit awards for fiscal years 2020-2022, with unused credits rolling forward; no new allocations after June 30, 2022 except for carryover amounts
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Credits are transferable, sellable, and assignable; pass-through entities may allocate credits among shareholders, members, or partners regardless of federal allocation rules
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Effective July 1, 2019, with credits applicable to taxable years beginning after December 31, 2019
Legislative Description
Housing tax credits. Provides an affordable and workforce housing state tax credit against state tax liability to a taxpayer for each taxable year in the state tax credit period of a qualified project in an aggregate amount that does not exceed the product of a percentage between 40% and 100% and the amount of the taxpayer's aggregate federal tax credit for the qualified project. Provides that an eligible applicant must apply to the Indiana housing and community development authority for an award of affordable and workforce housing state tax credits. Provides that a holder of an affordable and workforce housing state tax credit may transfer, sell, or assign all or part of the holder's right to claim the state tax credit for a taxable year.
Last Action
Representative Macer added as coauthor
1/28/2019