SB149: An Act To Amend Title 9 And Title 14 Of The Delaware Code Relating To Payments In Lieu Of Taxes For Low-income Housing Tax Credit Properties.

Legislative Summary

This Act creates a uniform framework under which a county or municipality may enact an ordinance that exempts Low-Income Housing Tax Credit (LIHTC) properties from property taxes and instead, require that a LIHTC property make an annual payment in lieu of taxes equal to 5% of the LIHTCs annual net income as reported to the Delaware State Housing Authority (DSHA). Under this Act, a LIHTC property that is exempt from property taxes is also exempt from taxation by school districts.