State housing credit ceiling definition

State housing credit ceiling means the state housing credit ceiling as defined in Internal Revenue Code § 42(h)(3)(C).

State housing credit ceiling means the amount specified in Subsection 42(h)(3)(C) of the Internal Revenue Code for each calendar year.

State housing credit ceiling means the amount specified in Subsection

Examples of State housing credit ceiling in a sentence

• For purposes of clause (i), the unused State housing credit ceiling for any calendar year is the excess (if any) of the sum of the amounts described in clauses (ii) through (iv) over the aggregate housing credit dollar amount allocated for such year.

• Not more than 90 percent of the State housing credit ceiling for any State for any calendar year shall be allocated to projects other than qualified low-income housing projects described in subparagraph (B).

• If the aggregate housing credit dollar amounts allocated by a housing credit agency for any calendar year exceed the portion of the State housing credit ceiling allocated to such agency for such calendar year, the housing credit dollar amounts so allocated shall be reduced (to the extent of such excess) for buildings in the reverse of the order in which the allocations of such amounts were made.

• Except as provided in subparagraphs (D) and (E), the State housing credit ceiling for each calendar year shall be allocated to the housing credit agency of such State.

• The grantee shall ensure that the credit equivalent of all elected grant amounts through 2010, plus the credits allocated under Section 42(h)(1) of the Code during 2009, do not exceed the State housing credit ceiling for 2009.

• The aggregate housing credit dollar amount which a housing credit agency may allocate for any calendar year is the portion of the State housing credit ceiling allocated under this paragraph for such calendar year to such agency.

• Credits issued in connection with buildings financed with the proceeds of tax exempt bonds subject to the volume cap restrictions provided in Section 42(h)(4) of the Code are not limited by the State housing credit ceiling and, therefore, are not allocated on a competitive basis.

• In each calendar year, the total dollar value of the credits that can be allocated under these rules, except for the credits issued in connection with buildings financed with the proceeds of certain tax- exempt bonds, is limited by the State housing credit ceiling provided in Section 42 of the Code.

• If the aggregate housing credit dollar amounts allocated by a housing credit agen- cy for any calendar year exceed the portion of the State housing credit ceiling allocated to such agency for such calendar year, the housing credit dollar amounts so allocated shall be reduced (to the extent of such ex- cess) for buildings in the reverse of the order in which the allocations of such amounts were made.

• The State housing credit ceiling for a State for any calendar year after 2000 is comprised of four components.

More Definitions of State housing credit ceiling

State housing credit ceiling means the number

State housing credit ceiling means $25 million

State housing credit ceiling means the state ceiling for the tax credit used with those projects financed with the proceeds of taxable or non-tax-exempt means of financing, which, as currently provided by Federal Tax

State housing credit ceiling means the total amount of tax credits available for allocation by the State of Oklahoma pursuant to 26 U.S.C., Section 42(h)(3)(C) and initially under the control of the entity described in subsection A of Section 5 of this act; and

State housing credit ceiling means the maximum amount of Tax Credits a state is permitted to allocate in each year, which for 2009 equals the greater of $2.30 per resident of the state or

State housing credit ceiling means the limitation imposed by IRC Section 42(h) on the aggregate amount of housing credit allocations that may be made by the authority during any calendar year, as determined from time to time by the authority in accordance with IRC Section 42(h)(3).