HB0691 amends Tennessee tax credits for financial institutions by adjusting the credit rate for qualified low-rate loans.
HB0691 modifies Tennessee Code Annotated, Section 67-4-2109, to change the tax credit rate for financial institutions. Specifically, it adjusts the credit from three percent to five percent annually of the month-end average unpaid principal balance of a qualified loan made to an eligible housing entity. This change applies to the life of the loan or fifteen years, whichever is earlier. The amendment takes effect July 1, 2025.
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