HB1203 - Landlords, participating; increases tax credit that may be issued.

1 Co-Sponsor

Tax credit for participating landlords. Increases from $250,000 to $500,000 the maximum amount of tax credits that may be issued to participating landlords, as defined in relevant law, each fiscal year beginning with fiscal year 2025 and provides that, in the event that the amount of the qualified requests for tax credits for such participating landlords in the fiscal year exceeds $500,000, the Department of Housing and Community Development will prorate the tax credits among the qualified applicants. The bill also creates a pilot program that earmarks $100,000 for tax credits provided to a participating landlord renting a qualified housing unit in an eligible non-metropolitan census tract, as those terms are defined in the bill. Tax credit for participating landlords. Increases from $250,000 to $500,000 the maximum amount of tax credits that may be issued to participating landlords, as defined in relevant law, each fiscal year beginning with fiscal year 2025 and provides that, in the event that the amount of the qualified requests for tax credits for such participating landlords in the fiscal year exceeds $500,000, the Department of Housing and Community Development will prorate the tax credits among the qualified applicants. The bill also creates a pilot program that earmarks $100,000 for tax credits provided to a participating landlord renting a qualified housing unit in an eligible non-metropolitan census tract, as those terms are defined in the bill.