Tennessee SB0784 amends tax credits for financial institutions by adjusting the percentage of tax credits for qualified loans.
Tennessee SB0784 modifies tax credits for financial institutions by changing the percentage of tax credits for qualified loans. It sets a three percent (3%) annual tax credit for the month-end average unpaid principal balance of a qualified loan made to an eligible housing entity, and a five percent (5%) annual tax credit for a qualified low-rate loan. These credits apply for the fiscal year life of the loan or fifteen years, whichever is earlier. The changes take effect July 1, 2025.
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