North Carolina 2021-2022 Session Status: In Committee Bipartisan · 2 D · 1 R cosponsors

SB 588 — Low-Income Housing Tax Credits.

Last action — Passed 1st Reading

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2021-2022 Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

19 added · 20 removed

Plain-language change summary

In the updated version of Senate Bill 588, some wording was clarified regarding the allocation process for federal tax credits related to low-income housing in North Carolina. The changes include specifying the necessity for a request to the Housing Finance Agency and outlining the requirements for releasing credits. These revisions aim to ensure a more straightforward process for developers seeking economic incentives, ultimately helping to encourage the construction of affordable housing in the state.

→
Previous
Latest
FILED SENATE GENERAL ASSEMBLY OF NORTH CAROLINA Apr 6, 2021 S.B.
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2021 S 1 SENATE BILL 588 Short Title:
588 SESSION 2021 PRINCIPAL CLERK S D SENATE BILL DRS35246-MCf-150 Short Title:
A BILL TO BE ENTITLED AN ACT TO REENACT THE LOW-INCOME HOUSING TAX CREDITS.
Rules and Operations of the Senate April 7, 2021 A BILL TO BE ENTITLED AN ACT TO REENACT THE LOW-INCOME HOUSING TAX CREDITS.
105-129.42appliestobuildingsthatareawardedafederal credit allocation on or after January 1, 2003.
105-129.42appliestobuildings thatareawardedafederal credit allocation on or after January 1, 2003.
*DRS35246-MCf-150* General Assembly Of North Carolina Session 2021 (c) Developments and Amounts.
*S588-v-1* General Assembly Of North Carolina Session 2021 (c) Developments and Amounts.
A change in the income designation of a county or city after a federal credit is allocated does not affect the percentage of the developer's qualified basis for which a credit is allowed.
A change in the income designation of a countyor cityafter a federal credit is allocated does not affect the percentage of the developer's qualified basis for which a credit is allowed.
– When ataxpayerto whomafederal low-incomehousingcredit is allocated submits to the Housing Finance Agency a request to receive a carryover allocation for that credit, the taxpayer must elect a method for receiving the tax credit allowed by this section.
– When ataxpayerto whomafederal low-incomehousingcredit is allocated submits to the Housing Finance Agencya request to receive a carryover allocation for that credit, the taxpayer must elect a method for receiving the tax credit allowed by this section.
The Page 2 DRS35246-MCf-150 General Assembly Of North Carolina Session 2021 terms of the loan are specified by the Housing Finance Agency in accordance with the Qualified Allocation Plan.
The Page 2 Senate Bill 588-First Edition General Assembly Of North Carolina Session 2021 terms of the loan are specified by the Housing Finance Agency in accordance with the Qualified Allocation Plan.
The Housing Finance Agency is not required to make a loan to a qualified North Carolinalow-incomehousingdevelopmentuntil theSecretary transfersthe credit amount to the Agency.
The Housing Finance Agency is not required to make a loan to a qualified North Carolinalow-incomehousingdevelopment until theSecretarytransfersthe credit amount to the Agency.
The Agency holds the refund due the taxpayer in escrow, with nointerestaccruingtothetaxpayerduringtheescrowperiod.TheAgencymustreleasetherefund to the taxpayer upon the occurrence of the earlier of the following:
The Agency holds the refund due the taxpayer in escrow, with nointerestaccruingtothetaxpayerduringtheescrowperiod.TheAgencymust releasetherefund to the taxpayer upon the occurrence of the earlier of the following:
(1) The Agency determines that the taxpayer has complied with the Qualified Allocation Plan and has completed at least fifty percent (50%) of the activities included in the development's qualified basis.
(1) The Agency determines that the taxpayer has complied with the Qualified Allocation Plan and has completed at least fiftypercent (50%) of the activities included in the development's qualified basis.
If the taxpayer or any of its owners are required under section 42(j) of the Code to recapture all or part of a federal credit with respect to a qualified North Carolina low-income development, the taxpayer forfeits the corresponding partof the credit allowedunder this section.
If the taxpayer or any of its owners are required under section 42(j) of the Code to recapture all or part of a federal credit with respect to a qualified North Carolina low-income development, the taxpayer forfeits the correspondingpartof the credit allowed under this section.This requirement does not apply in the following circumstances:
This requirement does not apply in the following circumstances:
DRS35246-MCf-150 Page 3 General Assembly Of North Carolina Session 2021 "§ 105-129.43.
Senate Bill 588-First Edition Page 3 General Assembly Of North Carolina Session 2021 "§ 105-129.43.
The Department must include in the economic incentives report required by G.S.
The Department must include in the economic incentives report required byG.S.
(2) Thelocation of eachqualifiedNorth Carolina low-incomebuilding orhousing development for which a credit was taken.
(2) Thelocation of eachqualifiedNorth Carolina low-incomebuildingor housing development for which a credit was taken.
Page 4 DRS35246-MCf-150
Page 4 Senate Bill 588-First Edition
⬇ Download PDF
View plain text versions (2)

Action History

  1. Passed 1st Reading

  2. Ref To Com On Rules and Operations of the Senate

  3. Filed

Sponsors

Sponsorship breakdown

Export CSV (upgrade) →

2 sponsors · 6 co-sponsors · 171 not signed on

Sponsors (2)

Co-sponsors (6)

Not signed on (171)

171 members have not signed on to this bill.

Show all 171 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors SB 588?
SB 588 is sponsored by deViere, Clark, Crawford, Marcus, Mujtaba A. Mohammed (Democratic), Natalie S. Murdock (Democratic), Nickel, and Brent Jackson (Republican).
What is the current status of SB 588?
This bill died with 2021-2022 Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 588?
Track SB 588 free on One Click Politics — get push/email alerts when it moves.

Make your voice heard on SB 588

Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.

Find my representatives → Run a campaign

Stay ahead of SB 588

Last checked for changes 3 months ago · updated continuously

One Click Politics tracks every bill in Congress and all 50 states.

Track this bill →