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.
More from the Council for Quality Growth:
January 20, 2021
Virtual Advisory Meeting Materials
Meeting Agenda City of Hampton Resources Community Development Public Works Planning and Zoning Upcoming Meetings: January 20: Henry County Advisory Meeting with Alex Cohilas, City…
January 18, 2021
Under the Gold Dome Week 1
On Friday…
January 18, 2021
City of Atlanta Development Impact Fee Advisory Committee Holds Vote on Final Recommendations January 20th
On Wednesday, January 20, 2021 at 2pm, the Development Impact…
January 8, 2021
MARTA Announces Regional Partnership to Protect Affordable Housing
MARTA recently announced…
January 7, 2021
Atlanta City Council Approves Bonds to Pay for New Affordable Housing
Mayor Keisha Lance Bottoms issued the following statement upon the…