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State Land Use Enacted Legislation
| Bill # | State | Year | Party | Topic |
|---|---|---|---|---|
HB 1046 |
TN | 2024 | R | Affordable housing incentives and financing, Workforce Housing |
Provided by Furman
Summary
- Creates “Tennessee rural and workforce housing credit” for rent-restricted housing projects.
- Requires qualified projects to be a “qualified low-income building” under the IRS code that also receives a LIHTC allocation.
- Requires that tax credit value may not exceed LIHTC allocated to the same building.
- Requires that credit must not exceed taxpayer’s liability, but unused credits can carry for 5 succeeding years of liability.
- Requires that total value of credits may not exceed $17 million per fiscal year plus any credits unallocated from prior years.
- Provides that the Tennessee Housing Development Agency administers tax credit and has discretion to allocate tax credits pursuant to uniform criteria that promotes the “highest value and greatest public benefit”, and at least 50% of tax credits must go to rural areas.
Provided by lawmakers
Bill Title
Tennessee Rural and Workforce Housing Act - Establishes "Tennessee Rural and Workforce Housing Tax Credit" for workforce housing development or development in rural areas
Related resources
Enacted Legislation Related Posts
Research and analysis from the Furman Center on this and related housing policy topics.
