Delaware SB149 amends tax laws to adjust payments in lieu of taxes for low-income housing tax credit properties.
Delaware SB149 amends the Delaware Code to modify the tax treatment of low-income housing tax credit (LIHTC) properties. LIHTC properties must comply with all applicable requirements and apply for tax exemptions in the same manner as other properties. Exempt LIHTC properties must make an annual payment to the county equal to 5% of their annual revenue. The bill also defines terms such as "annual revenue" and "LIHTC property" and outlines the collection process and penalties for unpaid balances.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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