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By: Collier, Alvarado, Bernal |
H.B. No. 3535 |
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(Senate Sponsor - Menéndez) |
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(In the Senate - Received from the House May 6, 2015; |
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May 13, 2015, read first time and referred to Committee on |
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Intergovernmental Relations; May 21, 2015, reported adversely, |
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with favorable Committee Substitute by the following vote: Yeas 6, |
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Nays 1; May 21, 2015, sent to printer.) |
| Click here to see the committee vote |
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COMMITTEE SUBSTITUTE FOR H.B. No. 3535 |
By: Menéndez |
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A BILL TO BE ENTITLED
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AN ACT
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relating to low income housing tax credits awarded for certain |
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developments. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2306.6711, Government Code, is amended |
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by adding Subsection (g) to read as follows: |
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(g) Except as necessary to comply with the nonprofit |
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set-aside required by Section 42(h)(5), Internal Revenue Code of |
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1986 (26 U.S.C. Section 42(h)(5)), in an urban subregion of a |
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uniform state service region that contains a county with a |
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population of more than 1,700,000, the board shall allocate housing |
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tax credits to: |
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(1) the highest scoring development, if any, that is |
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part of a concerted plan of revitalization and is located in that |
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urban subregion in a municipality with a population of 500,000 or |
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more; and |
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(2) the highest scoring development, if any, that is |
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located in the census tract with the lowest percentage of poverty in |
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that urban subregion, as determined by the department. |
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SECTION 2. The change in law made by this Act applies only |
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to the allocation of low income housing tax credits for an |
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application cycle that begins on or after January 1, 2017. The |
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allocation of low income housing tax credits for an application |
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cycle that begins before January 1, 2017, is governed by the law in |
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effect on the date the application cycle began, and the former law |
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is continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2015. |
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* * * * * |