Bill Text: TX SB1990 | 2017-2018 | 85th Legislature | Comm Sub
Bill Title: Relating to low income housing tax credits awarded for certain developments.
Sponsorship: Partisan Bill (Democrat 2)
Status: (Introduced - Dead) 2017-05-08 - Not again placed on intent calendar [SB1990 Detail]
Download: Texas-2017-SB1990-Comm_Sub.html
| By: Watson | S.B. No. 1990 | |
| (In the Senate - Filed March 10, 2017; March 27, 2017, read | ||
| first time and referred to Committee on Intergovernmental | ||
| Relations; May 2, 2017, reported favorably by the following vote: | ||
| Yeas 4, Nays 3; May 2, 2017, sent to printer.) | ||
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| relating to low income housing tax credits awarded for certain | ||
| developments. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 2306.6711, Government Code, is amended | ||
| by adding Subsection (j) to read as follows: | ||
| (j) Except as necessary to comply with the nonprofit | ||
| set-aside required by Section 42(h)(5), Internal Revenue Code of | ||
| 1986 (26 U.S.C. Section 42(h)(5)), and except as otherwise provided | ||
| by this subsection, in each urban subregion of a uniform state | ||
| service region that contains a municipality with a population of | ||
| 285,000 or more, the board shall allocate housing tax credits to the | ||
| highest scoring development, if any, that qualifies as a supportive | ||
| housing project and is located in that urban subregion in a | ||
| municipality with a population of 285,000 or more. The department | ||
| by rule shall establish requirements for a supportive housing | ||
| project to qualify for housing tax credits under this subsection. | ||
| The department is not required to award housing tax credits to more | ||
| than the five highest scoring supportive housing projects under | ||
| this subsection in an application cycle. | ||
| SECTION 2. The change in law made by this Act applies only | ||
| to the allocation of low income housing tax credits for an | ||
| application cycle that begins on or after January 1, 2019. The | ||
| allocation of low income housing tax credits for an application | ||
| cycle that begins before January 1, 2019, 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 3. This Act takes effect September 1, 2017. | ||
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