House Bill 851 by Rep. Dale Rutledge, would repeal the state income tax credit on low-income housing on December 31, 2023. Currently, a state income tax credit is allowed for each qualified Georgia project placed into service after January 1, 2001. A qualified Georgia project is a housing project that reserves at least 40 percent of its units as “affordable” (below 30 percent of median income) to persons or families with incomes of 60 percent or less of the median income, or at least 20 percent of its units as “affordable” to persons or families with incomes of 50 percent or less of the median income. The total amount of LIHTC tax credit claimed cannot exceed the taxpayer’s income tax liability, but may be carried forward for the next three succeeding years. Currently, there is no current sunset date for this tax credit. The Council is evaluating this legislation and will formulate a position in consultation with our Government Affairs Task Force.