Bill
LC 2591
Overview: Bill Number: LC 2591, Title: Provide abatements for affordable housing, Status: (LC) Draft Died in Process, Introduced: December 09, 2024Purpose and Intent: The purpose o
Overview: Bill Number: LC 2591, Title: Provide abatements for affordable housing, Status: (LC) Draft Died in Process, Introduced: December 09, 2024
Purpose and Intent: The purpose of this bill is to establish a new property tax abatement program to incentivize the development and preservation of affordable housing units within the state. The intent is to address the ongoing shortage of affordable housing by providing tax relief to eligible property owners and developers.
Key Provisions:
- Create a property tax abatement program for qualifying affordable housing projects
- Specify eligibility criteria, such as income limits for tenants and affordability requirements for the housing units
- Establish the application process and approval procedures for property owners to receive the tax abatements
- Determine the duration and percentage of the property tax abatements, based on the level of affordability provided
- Authorize local governments to opt into the statewide abatement program and set additional local requirements
Affected Parties and Impacts:
- Property owners and developers of affordable housing projects would benefit from the tax abatements, reducing their operating costs
- Low- and moderate-income households would have increased access to affordable housing options in the state
- Local governments would forgo a portion of property tax revenue but potentially see broader economic and social benefits from the affordable housing development
Procedural and Timeline Considerations: This bill was introduced in December 2024 but did not progress further in the legislative process, ultimately dying in committee.
Compiled from official sources — confirm details with the bill’s official record.
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