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

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

Examples of State housing credit ceiling in a sentence

• 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).

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

• Credit is treated as allocated from the various components of the State housing credit ceiling in the following order.

• The first credit allocated for any calendar year is treated as credit from the unused carryforward component of the State housing credit ceiling for the calendar year.

• 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 unused carryforward component of the State housing credit ceiling for any calendar year is the unused State housing credit ceiling, if any, of the State for the preceding calendar year.

• For purposes of this subparagraph, the term ‘‘qualified State’’ means, with re- spect to a calendar year, any State—(I) which allocated its entire State housing credit ceiling for the preceding calendar year, and(II) for which a request is made (not later than May 1 of the calendar year) to receive an allocation under clause (iii).

• In such a State, except as provided in paragraph (c)(4) of this section, the remainder of the State housing credit ceiling is apportioned to the State housing credit agency under paragraph (c)(2) of this section.

• Unlike a carryover allocation made before July 1, if a taxpayer does not meet the 10 percent basis requirement by the close of the required date, the carryover allocation is treated as a valid allocation for the calendar year of allocation, but is included in the “returned credit component” for purposes of determining the State housing credit ceiling under section 42(h)(3)(C) for the calendar year following the calendar year of the allocation.

• 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.

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 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).

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 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 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