Texas Tax Code
§ 171.554 — AMOUNT OF CREDITS; METHOD OF AWARD
TX § 171.554Title 2. STATE TAXATION · Part F. FRANCHISE TAX; CREDITS · Ch. 171. FRANCHISE TAX · Art. K. TAX CREDIT FOR CERTAIN HOUSING DEVELOPMENTS
Statute text
View on source(a)The department shall in the manner provided by this section determine the total amount of credits under this subchapter and Chapter 233, Insurance Code, awarded for the credit period in connection with a qualified development and indicate the amount of credits awarded on the allocation certificate.
(b)The amount of credits awarded in connection with a qualified development over the credit period must be the minimum amount necessary for the financial feasibility of the qualified development, subject to the limitations of this section.
(c)The amount of credits awarded in connection with a qualified development over the credit period may not exceed the total federal tax credit awarded to the owner or owners of the qualified development over the 10-year federal tax credit period.
(d)The manner in which the department awards the amount of credits must be consistent with criteria established by the department.
(e)The total amount of credits awarded for a year in connection with all qualified developments financed through tax exempt bonds may not exceed the sum of:
(1)50 percent of the state housing credit ceiling for the year;
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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.