Bill
HB 5555
HB 5555 boosts Neighborhood Assistance tax credits, letting eligible programs claim larger credits, driving more private funding to community projects and nonprofits.
HB 5555 — Summary
Overview
- Title: AN ACT INCREASING THE AMOUNTS OF TAX CREDITS ALLOWED AND CLAIMED UNDER THE NEIGHBORHOOD ASSISTANCE ACT.
- Purpose (as stated by title): To increase the amounts of tax credits that are allowed and claimed under the Neighborhood Assistance Act.
- Status and legislative path:
- Introduced: March 14, 2025
- Filed and referred early in the session: March 14, 2025
- Initial committee actions: Ref. to Land & Resource Management on April 7, 2025; later referred to Joint Committee on Finance, Revenue and Bonding (date shown in actions)
- Public process: May 1, 2025 — considered in a public hearing, with testimony taken/registrations recorded; bill left pending in committee
- Classification/subject: Tax credits; Neighborhood assistance programs
What the bill would change (key provisions)
- Core change: The bill would increase the amounts of tax credits available under the Neighborhood Assistance Act and the amount that can be claimed.
- Details not specified in the provided material: The exact mechanisms (e.g., new or higher annual caps, expansion of eligible activities or projects, changes to claiming windows, carryforward rules, or administrative procedures) are not included in the information provided. The full text would determine:
- The new credit limits (per year and/or total program)
- Any changes to eligibility criteria for programs or projects
- How credits are allocated among applicants or recipients
- Reporting, verification, or sunset provisions
- Interaction with other tax provisions or programs
Who would be affected
- Primary beneficiaries: Neighborhood assistance programs and the community-based organizations that implement eligible projects under the Neighborhood Assistance Act.
- Taxpayers: Individuals or entities eligible to claim the Neighborhood Assistance tax credits would potentially be able to claim larger credits.
- Government and program administrators: Agencies administering the Neighborhood Assistance Act would implement any new credit rules, reporting requirements, and oversight provisions.
- Local communities: Potentially greater private sector or nonprofit participation in neighborhood improvement initiatives funded through increased credits.
Procedural and timeline considerations
- Current status: Referred to Joint Committee on Finance, Revenue and Bonding after earlier referral to Land & Resource Management; left pending in committee as of the May 1, 2025 hearing.
- Timeline to watch: If the committee reports the bill, it would move to the full legislature for consideration. Any amendments could alter the final scope of the credit increases.
- Next steps for stakeholders: Monitor committee action for any amendments that specify credit amounts, eligibility, and administration; review the fiscal note for potential revenue impact.
Key questions to track (once the full text is available)
- What are the new credit caps (dollar amounts or percentage-based limits) and how do they compare to current law?
- Are there expanded categories of projects or new eligibility criteria?
- How are credits claimed and verified, and are there new reporting requirements?
- Is there a sunset provision or a phase-in schedule for the increases?
- What is the estimated fiscal impact on state revenue and on program administration?
Compiled from official sources — confirm details with the bill’s official record.
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