Bill > H4693

This bill creates a new alternative low-income housing tax credit for small public housing agencies located in rural areas, allowing them to claim a tax credit equal to ten percent of the federal low-income housing tax credit. The credit can only be used to preserve existing buildings, homes, and housing resources for low-income housing, and cannot be claimed simultaneously with another existing housing tax credit. The credit is limited to available funds from the federal 9 percent tax credit and will be administered through coordination between the state tax department and the South Carolina State Housing Finance and Development Authority. Specifically, to qualify, a public housing agency must be defined by the Department of Housing and Urban Development (HUD) and either be located in a rural area or have more than half of its public housing units and voucher units in rural areas. The tax credit will first apply to tax years beginning after 2025, providing a new financial incentive for rural housing preservation and development.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4693&session=126&summary=B