House maintains modified affordable housing credit
To help balance the $1.4 billion budget hole projected for Fiscal Year 2021, a number of areas of state spending were modified. In HB 2760, the State Affordable Housing Tax Credit was maintained by reducing the limit on new 10-year tax credits issued to qualified homebuilders from $4 million a year to $2 million a year, saving the state $110 million over the next decade.
“When you’re facing a 17% budget hole, difficult decisions get made that can be reevaluated when revenues return. This is one of those cases,” said House Appropriations and Budget Vice Chairman Kyle Hilbert, R-Bristow. “This program will be able to maintain operations under a reduced credit amount until it can be reevaluated when state revenues rebound.”
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from MuskogeePolitico.com
