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GENERAL ASSEMBLY OF NORTH CAROLINA H.B.
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2025 H 1 HOUSE BILL 467 Short Title:
467 Mar 20, 2025 SESSION 2025 HOUSE PRINCIPAL CLERK H D HOUSE BILL DRH10231-MCf-171 Short Title:
Representative Greenfield.
Representatives Greenfield, A.
Jones, T.
Brown, and Crawford (Primary Sponsors).
For a complete list of sponsors, refer to the North Carolina General Assembly web site.
A BILL TO BE ENTITLED AN ACT TO REENACT THE LOW-INCOME HOUSING TAX CREDITS.
Rules, Calendar, and Operations of the House March 24, 2025 A BILL TO BE ENTITLED AN ACT TO REENACT THE LOW-INCOME HOUSING TAX CREDITS.
105-129.41, is reenactedas it existedimmediately beforeits repeal andreads as rewritten:
105-129.41, is reenactedas it existed immediatelybeforeits repeal and reads as rewritten:
105-129.41 applies to buildings that are awarded a federal credit allocation beforeJanuary 1, 2003.
105-129.41 applies to buildings that are awarded a federal credit allocation beforeJanuary1, 2003.
105-129.42applies to buildings that areawardeda federal credit allocation on or after January 1, 2003.
105-129.42applies to buildings thatareawarded a federal credit allocation on or after January 1, 2003.
For the purpose of this section, qualified basis is calculated based on the information contained in the carryover allocation and is not recalculated to reflect subsequent increases or decreases.
For the purpose of this section, qualified basis is calculated based on the information contained in the carryover allocation and *H467-v-1* General Assembly Of North Carolina Session 2025 is not recalculated to reflect subsequent increases or decreases.
*DRH10231-MCf-171* General Assembly Of North Carolina Session 2025 (c) Developments and Amounts.
(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.
Under the loan method, a taxpayer elects to transfer the credit allowed by this section to the Housing Finance Agency and receive a loan from that Agency for the amount of the credit.
Page 2 House Bill 467-First Edition General Assembly Of North Carolina Session 2025 Under the loan method, a taxpayer elects to transfer the credit allowed by this section to the Housing Finance Agency and receive a loan from that Agency for the amount of the credit.
The Page 2 DRH10231-MCf-171 General Assembly Of North Carolina Session 2025 terms of the loan are specified by the Housing Finance Agency in accordance with the Qualified Allocation Plan.
The 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:
A taxpayer that fails to pay the taxes, refund, and interest by the due date is subject to the penalties provided in G.S.
A taxpayer that House Bill 467-First Edition Page 3 General Assembly Of North Carolina Session 2025 fails to pay the taxes, refund, and interest by the due date is subject to the penalties provided in G.S.
DRH10231-MCf-171 Page 3 General Assembly Of North Carolina Session 2025 "§ 105-129.43.
"§ 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 DRH10231-MCf-171
Page 4 House Bill 467-First Edition
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