Bill > SB221

This bill establishes the Affordable Housing Tax Credit Program in Louisiana. The program provides a 50% income tax credit for donations made to non-profit organizations that develop, construct, or rehabilitate affordable housing projects in the state. The total amount of credits allocated each year is capped at $10 million, with up to $1 million reserved for general operating support and technical assistance. The bill outlines the application and approval process for the tax credits, as well as provisions for certification, recapture, and implementation by the Louisiana Housing Corporation. The program aims to encourage investment in affordable housing in order to address housing insecurity and promote access to economic opportunity.