Bill Text: TX HB4550 | 2023-2024 | 88th Legislature | Enrolled
Bill Title: Relating to the allocation of low income housing tax credits.
Spectrum: Bipartisan Bill
Status: (Passed) 2023-06-13 - Effective on 9/1/23 [HB4550 Detail]
Download: Texas-2023-HB4550-Enrolled.html
| H.B. No. 4550 | ||
|
|
||
| relating to the allocation of low income housing tax credits. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 2306.67022, Government Code, is amended | ||
| to read as follows: | ||
| Sec. 2306.67022. QUALIFIED ALLOCATION PLAN; MANUAL. (a) | ||
| At least biennially, the board shall adopt a qualified allocation | ||
| plan and a corresponding manual to provide information regarding | ||
| the administration of and eligibility for the low income housing | ||
| tax credit program. The board may adopt the plan and manual | ||
| annually, as considered appropriate by the board. | ||
| (b) The board shall adjust to reflect inflation any amount | ||
| specified in the qualified allocation plan relating to the | ||
| acceptable cost of a development by square foot. The board shall use | ||
| 2021 as the base year for the adjustment. | ||
| (c) In making the computation under Subsection (b), the | ||
| board shall consider the Consumer Price Index for All Urban | ||
| Consumers, or its successor in function, published by the United | ||
| States Bureau of Labor Statistics. | ||
| SECTION 2. Section 2306.6711(b), Government Code, is | ||
| amended to read as follows: | ||
| (b) Not later than the deadline specified in the qualified | ||
| allocation plan, the board shall issue commitments for available | ||
| housing tax credits based on the application evaluation process | ||
| provided by Section 2306.6710. The board may not allocate to an | ||
| applicant housing tax credits in any unnecessary amount, as | ||
| determined by the department's underwriting policy and by federal | ||
| law, and in any event may not allocate to the applicant housing tax | ||
| credits in an amount greater than $6 [ |
||
| application round or to an individual development more than $2 | ||
| million in a single application round. | ||
| SECTION 3. Section 2306.6724, Government Code, is amended | ||
| by adding Subsection (g) to read as follows: | ||
| (g) Notwithstanding any other law, the department shall | ||
| issue a final commitment for an allocation of housing tax credits | ||
| not later than the 120th day following the date on which the | ||
| department receives from an applicant a complete cost certification | ||
| package, as prescribed by department rule, and the applicant has | ||
| fulfilled any requests for information for the issuance of Internal | ||
| Revenue Service Form 8609, or that form's successor. | ||
| SECTION 4. Section 2306.1112, Government Code, is repealed. | ||
| SECTION 5. Section 2306.67022, Government Code, as amended | ||
| by this Act, applies to the adoption of a qualified allocation plan | ||
| and corresponding manual for the state fiscal biennium beginning | ||
| September 1, 2023. | ||
| SECTION 6. Sections 2306.111, 2306.6711, and 2306.6724, | ||
| Government Code, as amended by this Act, apply only to an | ||
| application for low income housing tax credits that is submitted to | ||
| the Texas Department of Housing and Community Affairs during an | ||
| application cycle that is based on the 2024 qualified allocation | ||
| plan or a subsequent plan adopted by the governing board of the | ||
| department. An application that is submitted during an application | ||
| cycle that is based on an earlier qualified allocation plan is | ||
| governed by the law in effect on the date the application cycle | ||
| began, and the former law is continued in effect for that purpose. | ||
| SECTION 7. This Act takes effect September 1, 2023. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I certify that H.B. No. 4550 was passed by the House on May 2, | ||
| 2023, by the following vote: Yeas 130, Nays 14, 3 present, not | ||
| voting; and that the House concurred in Senate amendments to H.B. | ||
| No. 4550 on May 25, 2023, by the following vote: Yeas 126, Nays 17, | ||
| 2 present, not voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| I certify that H.B. No. 4550 was passed by the Senate, with | ||
| amendments, on May 23, 2023, by the following vote: Yeas 28, Nays | ||
| 3. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| APPROVED: __________________ | ||
| Date | ||
| __________________ | ||
| Governor | ||
