Maine State Housing Authority Adopts Regulation Repealing, Replacing Low Income Housing Tax Credit Rule

The Maine State Housing Authority July 10 adopted a regulation repealing and replacing the low-income housing tax credit rule for corporate income and individual income tax purposes. The new rule provides the qualified allocation plan for administering the state credit ceiling for the calendar year 2020 as required pursuant to I.R.C. Section 42. It also makes several changes including: 1) reformatting the rule to make it easier, more concise, and clearer; 2) deleting the TDC scoring and penalty for past rounds, and the certified business-friendly community point; 3) increasing smart growth points and service center needs points; 4) eliminating the ...