NC H208

Reenacts Article 3E of Chapter 105 of the General Statutes governing low-income housing tax credits for developments awarded federal credit allocations on or after January 1, 2003.

Allows taxpayers a state tax credit equal to a percentage of a qualified North Carolina low-income housing development's qualified basis, with percentages ranging from 10% to 30% depending on affordability levels and county income designation (Low, Moderate, or High Income).

Permits taxpayers to elect receipt of credits either as a direct tax refund or as a loan transferred to the North Carolina Housing Finance Agency, with refunds held in escrow until 50% of development activities are completed or the development is placed in service.

Requires taxpayers to forfeit corresponding state credits if required to recapture federal credits under section 42 of the Internal Revenue Code, with exceptions for recapture events occurring in the sixth or later years after federal credit allocation.

Extends the sunset date for the tax credit program from January 1, 2015 to January 1, 2027, applicable to developments with federal credit allocations on or after the new sunset date.