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SC H4475
Bill
Status
Introduced
5/1/2025
Primary Sponsor
Brandon Guffey
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AI Summary
- Modifies the property tax exemption for nonprofit housing corporations that provide below-cost housing to low or very low income residents
- Limits the exemption to be proportionate to the nonprofit's percentage of direct or indirect ownership in the qualifying property
- Allows 100% exemption if the nonprofit owns more than 50% of the property, or if all units serve low-income residents (with special income limits for metropolitan areas with populations of 500,000+ using Small Area Fair Market Rents)
- Requires nonprofit housing corporations to apply to the Department of Revenue with certification of ownership percentage and rent roll documentation, with annual recertification by October 1st each year
- Takes effect upon Governor's approval and applies to properties first applying for exemption for tax years beginning after 2026; does not affect projects that applied for or received exemption before the act's approval
Legislative Description
Nonprofit housing corporations
Last Action
Referred to Committee on Ways and Means
5/1/2025
Committee Referrals
Ways and Means5/1/2025
Full Bill Text
No bill text available