No. SB 1672
Filed under Taxes & Budget.
Tax Credits for Contributions to Assist Homebuyers; Authorizing certain taxpayers to receive a tax credit for contributions made to certain employees for specified expenses related to buying a home; providing a maximum credit authorized in certain circumstances; authorizing a taxpayer to receive a tax credit for contributions made to certain programs; authorizing the taxpayer to submit an application for the tax credit; authorizing the tax credit to be used against certain taxes; requiring the Department of Revenue to approve applications on a first-come, first-served basis, etc.
Plain English Summary
AI-GENERATEDEmployers can deduct 100% of up to $5,000 given to employees for home down payments or closing costs.
Employers can also deduct 100% of contributions to state down payment assistance programs, like the Hometown Hero program.
The Department of Revenue approves applications on a first-come, first-served basis, capped at $5 million annually for three years.
Unused credits can be carried forward for three years but cannot be sold or transferred to other entities.
AIGrants a 100% tax credit to employers for up to $5,000 per employee toward down payments or closing costs.
AIGrants a 100% tax credit for contributions to state down payment assistance programs, including Hometown Hero.
AILimits total annual tax credits to $5 million per fiscal year for 2026-2029, allocated on a first-come, first-served basis.
AIProhibits taxpayers from selling, transferring, or assigning approved tax credits or carryforwards to other entities.
AIAllows unused tax credits to be carried forward for up to three taxable years if the taxpayer's liability is insufficient.
AIAutomatically repeals the tax credit section on January 1, 2030, unless the Legislature reenacts it.