North Carolina HB 467: Agriculture and Forestry Nuisance Remedies.

Bill Text

GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2025
H 1
HOUSE BILL 467

Short Title: Reenact Low-Income Housing Tax Credits. (Public)
Sponsors: Representatives Greenfield, A. Jones, T. Brown, and Crawford (Primary
Sponsors).
For a complete list of sponsors, refer to the North Carolina General Assembly web site.
Referred to: Rules, Calendar, and Operations of the House
March 24, 2025
*H467-v-1*
A BILL TO BE ENTITLED 1
AN ACT TO REENACT THE LOW-INCOME HOUSING TAX CREDITS. 2
The General Assembly of North Carolina enacts: 3
SECTION 1. Article 3E of Chapter 105 of the General Statutes, with the exception 4
of G.S. 105-129.41, is reenacted as it existed immediately before its repeal and reads as rewritten: 5
"Article 3E. 6
"Low-Income Housing Tax Credits. 7
"§ 105-129.40. Scope and definitions.Definitions. 8
(a) Scope. – G.S. 105-129.41 applies to buildings that are awarded a federal credit 9
allocation before January 1, 2003. G.S. 105-129.42 applies to buildings that are awarded a federal 10
credit allocation on or after January 1, 2003. 11
(b) Definitions. – The definitions in section 42 of the Code and the following definitions 12
apply in this Article: 13
(1) Housing Finance Agency. – The North Carolina Housing Finance Agency 14
established in G.S. 122A-4. 15
(2) Pass-through entity. – Defined in G.S. 105-228.90. 16
"§ 105-129.42. Credit for low-income housing awarded a federal credit allocation on or 17
after January 1, 2003.allocation. 18
(a) Definitions. – The following definitions apply in this section: 19
(1) Qualified Allocation Plan. – The plan governing the allocation of federal 20
low-income housing tax credits for a particular year, as approved by the 21
Governor after a public hearing and publication in the North Carolina 22
Register. 23
(2) Qualified North Carolina low-income housing development. – A qualified 24
low-income project or building that is allocated a federal tax credit under 25
section 42(h)(1) of the Code and is described in subsection (c) of this section. 26
(3) Qualified residential unit. – A housing unit that meets the requirements of 27
section 42 of the Code. 28
(b) Credit. – A taxpayer who is allocated a federal low-income housing tax credit under 29
section 42 of the Code to construct or substantially rehabilitate a qualified North Carolina 30
low-income housing development is allowed a credit equal to a percentage of the development's 31
qualified basis, as determined pursuant to section 42 of the Code. For the purpose of this section, 32
qualified basis is calculated based on the information contained in the carryover allocation and 33

General Assembly Of North Carolina Session 2025
Page 2 House Bill 467-First Edition
is not recalculated to reflect subsequent increases or decreases. No credit is allowed for a 1
development that uses tax-exempt bond financing. 2
(c) Developments and Amounts. – The following table sets out the housing developments 3
that are qualified North Carolina low-income housing developments and are allowed a credit 4
under this section. The table also sets out the percentage of the development's qualified basis for 5
which a credit is allowed. The designation of a county or city as Low Income, Moderate Income, 6
or High Income and determinations of affordability are made by the Housing Finance Agency in 7
accordance with the Qualified Allocation Plan in effect as of the time the federal credit is 8
allocated. A change in the income designation of a county or city after a federal credit is allocated 9
does not affect the percentage of the developer's qualified basis for which a credit is allowed. The 10
affordability requirements set out in the chart apply for the duration of the federal tax credit 11
compliance period. If in any year a taxpayer fails to meet these affordability requirements, the 12
credit is forfeited under subsection (h) of this section. 13
Percentage of 14
Basis for 15
Type of Development Which Credit 16
is Allowed 17
Forty percent (40%) of the qualified residential units 18
are affordable to households whose income is fifty Thirty percent 19
percent (50%) or less of area median income and the (30%) 20
units are in a Low-Income county or city. 21
22
Fifty percent (50%) of the qualified residential units 23
are affordable to households whose income is fifty Twenty percent 24
percent (50%) or less of the area median income and (20%) 25
the units are in a Moderate-Income county or city. 26
27
Fifty percent (50%) of the qualified residential units 28
are affordable to households whose income is forty Ten percent 29
percent (40%) or less of the area median income and (10%) 30
the units are in a High-Income county or city. 31
32
Twenty-five percent (25%) of the qualified residential 33
units are affordable to households whose income is Ten percent 34
thirty percent (30%) or less of the area median income (10%) 35
and the units are in a High-Income county or city. 36
37
(d) Election. – When a taxpayer to whom a federal low-income housing credit