rural affordable housing; tax credits
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill creates tax credits to encourage the development of affordable housing in rural Arizona. It establishes a ‘Rural Development and Housing Premium Tax Credit’ and a ‘Rural Development and Housing Tax Credit’ that can be claimed by taxpayers investing in qualified projects approved by the Arizona Department of Housing. The bill also modifies existing tax code sections to facilitate the administration of these credits and outlines procedures for allocating funds and ensuring recapture of federal tax credits.
Key provisions
- Creates a ‘Rural Development and Housing Premium Tax Credit’ for Arizona premium tax liability.
- Creates a ‘Rural Development and Housing Tax Credit’ for income tax liability.
- Establishes a process for the Arizona Department of Housing to issue eligibility statements for qualified projects.
- Allows for the allocation of tax credits among partners, members, or shareholders of a qualified project.
- Provides a mechanism for carrying forward unused tax credits for up to five years.
- Addresses recapture of federal low-income housing tax credits if the project is subject to recapture.
- Requires the Department of Revenue to adopt rules and procedures for administering the tax credits.
- Modifies existing tax code sections to align with the new tax credit provisions.
Who is affected
- Taxpayers
- Developers of affordable housing projects
Bill text
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Sponsors
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1 on record
Primary sponsor
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