The Coalition would like to make you aware of new legislation. Although we were able to successfully defeat SB 1580 in House JCAB last week, SB 1608 is yet another attempt to alter the affordable housing tax credit. This bill will not place any retroactive caps on the credit, which is good news, but It will reduce the cap to $3 million beginning Jan. 1, 2017. Additionally, Section 6D of the bill is concerning as it will cut credits off mid-stream in 2021 rather than current 10-year period currently in statute.
Please contact the members of House and Senate JCAB and urge them to vote against this bill. This is yet another example of the members of the legislature going against their word to only by inserting additional limitations on this credit.