Texas Tax Code

§ 171.566 — PRIORITY ALLOCATION FOR CERTAIN QUALIFIED DEVELOPMENTS

TX § 171.566Title 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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(a)This section applies only to a qualified development:

(1)that received an allocation of federal tax credits under the qualified allocation plan issued by the department for 2021 or 2022;

(2)the owners or developers of which have owned the land necessary for the development since at least December 31, 2022;

(3)that is not financed through tax exempt bonds; and

(4)that the department determines requires an allocation of credit under this subchapter to secure the financial feasibility of the qualified development after considering any federal tax credit.

(b)Notwithstanding Sections 171.554(e) and (f) and subject to Subsection (e) of this section, for the first year the department issues allocation certificates or reserves credit amounts for the purpose of issuing allocation certificates, the department shall use $5 million of the state housing credit ceiling to award credits to qualified developments to which this section applies.

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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.