Bill Text: TX HB4550 | 2023-2024 | 88th Legislature | Comm Sub

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Comm_Sub.html

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By: Cunningham (Senate Sponsor - Alvarado) H.B. No. 4550
(In the Senate - Received from the House May 3, 2023;
May 4, 2023, read first time and referred to Committee on Local
Government; May 22, 2023, reported favorably by the following
vote: Yeas 9, Nays 0; May 22, 2023, sent to printer.)
Click here to see the committee vote

A BILL TO BE ENTITLED
AN ACT
relating to the qualified allocation plan and manual adopted for
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)
The [At least biennially, the] board biennially 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 not adopt a
[the] plan and manual more frequently than once during each
biennium [annually, as considered appropriate by the board].
(b) The board biennially 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. The change in law made 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 3. This Act takes effect September 1, 2023.
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