Texas Tax Code

§ 171.551 — DEFINITIONS

TX § 171.551Title 2. STATE TAXATION · Part F. FRANCHISE TAX; CREDITS · Ch. 171. FRANCHISE TAX · Art. K. TAX CREDIT FOR CERTAIN HOUSING DEVELOPMENTS

Statute text

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In this subchapter:

(1)"Allocation certificate" means a statement issued by the department certifying that a qualified development qualifies for credits under this subchapter and Chapter 233, Insurance Code, specifying the total amount of the credits awarded in connection with the qualified development for the credit period, and specifying the amount of credit that may be claimed each year for each building that is part of the qualified development.

(2)"Credit" means the low-income housing development tax credit authorized by this subchapter.

(3)"Credit period" means, with respect to a building that is part of a qualified development, the period of 10 tax years beginning with the tax year in which the building is placed in service.

(4)"Department" means the Texas Department of Housing and Community Affairs.

(5)"Development" has the meaning assigned by Section 2306.6702, Government Code.

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Legislative history

Added by Acts 2023, 88th Leg., R.S., Ch. 811 (H.B. 1058), Sec. 1, eff. January 1, 2024.