The Proposed Affordable Housing Tax Credit Act Would Largely Mirror the Federal Program
LB 951 (Harr) adopts the Affordable Housing Tax Credit Act (the “Act”). For qualified projects, the State may grant an owner of affordable housing a nonrefundable income tax credit equal to the amount of federal low-income tax credits available to the project. The Act substantially mirrors the federal program, and an owner cannot be eligible for the state tax-credit if the owner does not qualify under the federal program. Each project may be eligible for six years, and the credits may be carried forward to future tax years. The Legislature referred the bill to the Revenue Committee on January 14, 2016, and the bill does not currently have a priority designation.