Plain English Breakdown
The plain English breakdown is still being put together. The official documents below are already here.
SB500 • 2025
Allows a new income or corporate excise tax credit for a portion of the eligible costs of a newly constructed single-family dwelling that sells for a price that is affordable to a household with an annual income at or below 120 percent of the area median income.
Allows a new income or corporate excise tax credit for a portion of the eligible costs of a newly constructed single-family dwelling that sells for a price that is affordable to a household with an annual income at or below 120 percent of the area median income.
Taxes
Passed Legislature
This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.
Bill History
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2025-06-27
Senate
In committee upon adjournment.
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2025-05-12
Senate
Public Hearing held.
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2025-02-05
Senate
Public Hearing held.
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2025-01-17
Senate
Referred to Finance and Revenue.
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2025-01-13
Senate
Introduction and first reading. Referred to President's desk.
Official Summary Text
Digest: The Act makes a new tax credit for building affordable houses. (Flesch Readability Score: 64.9). Allows a new income or corporate excise tax credit for a portion of the eligible costs of a newly constructed single-family dwelling that sells for a price that is affordable to a household with an annual income at or below 120 percent of the area median income. Takes effect on the 91st day following adjournment sine die. Relating to: Relating to tax incentives for affordable housing; prescribing an effective date. Current location: In Senate Committee