News & Analysis as of

New Legislation State Taxes Affordable Housing

Partridge Snow & Hahn LLP

Rhode Island Approves 63% Increase in Real Estate Conveyance Tax in 2026 Budget

On June 17, 2025, the Rhode Island House of Representatives approved the state’s $13.9 billion budget for FY 2026, which includes a substantial 63% increase in the real estate transfer (conveyance) tax. Effective July 1,...more

Pierce Atwood LLP

Maine Revamps New Markets Tax Credits and Historic Tax Credits

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Recently, Maine Governor Janet Mills signed legislation renewing and expanding Maine’s New Markets Capital Investment Program and Historic Tax Credit Program. These changes should be welcomed by businesses, nonprofits, and...more

BakerHostetler

Analysis of Texas House Bill 21 - Property Tax Exemptions for Housing Finance Corporations Owning Affordable Housing

BakerHostetler on

In its 89th Regular Session, the Texas Legislature enacted House Bill 21 (HB 21), introducing significant reforms to the way housing finance corporations (HFCs) own and operate multifamily affordable housing developments....more

Bricker Graydon LLP

Economic Development Changes Abound in Ohio’s Operating Budget Bill

Bricker Graydon LLP on

For those considering state government jobs after college or graduate school, certain opportunities often come with the informal – but widely known – warning: this can be a hard job during the state’s biennial budget drafting...more

Alston & Bird

New York State Restricts Institutional Investor Purchases of Residential Real Estate

Alston & Bird on

In an effort to increase housing affordability, New York State has implemented new regulations limiting institutional investor purchases of single- and two-family residences. Our Investment Funds Team breaks down who is...more

Stinson LLP

Minnesota Legislature 2025 Recap

Stinson LLP on

After decisive victories by Republicans at both the state and federal level in the 2024 general election, political prognosticators and pundits alike in Minnesota declared universally that the 2025 Minnesota legislature would...more

Cozen O'Connor

New York Note: NYS Legislative Session Concludes 2025

Cozen O'Connor on

The 2025 New York State legislative session has concluded. For the 2025-2026 session, all bills not passed this year will remain live, and session is scheduled to begin again in January. We anticipate that the Governor will...more

BakerHostetler

Texas Legislative Update: HB 21 Changes Property Tax Exemption For Housing Finance Corporations

BakerHostetler on

On May 28, Gov. Greg Abbott signed House Bill 21 (HB 21), which becomes effective immediately. A brief summary of HB 21 can be found below. This summary reflects our current interpretation of HB 21. A more detailed analysis...more

Cozen O'Connor

New York Note: NYS FY26 Budget and Client Spotlight

Cozen O'Connor on

New York State legislators passed the $254B Fiscal Year 2026 state budget, reflecting an increase of $17B from FY25. The FY26 budget included inflation refund checks (up to $200 for individuals and $400 for families), an...more

Cozen O'Connor

Virginia Viewpoint: From Surplus to Safety Net

Cozen O'Connor on

On May 2, the Governor signed the state budget that will fund the remainder of the biennium through June 30, 2026. This marks the first time in eight years the legislature completed its work without requiring a special...more

Cozen O'Connor

Policy Alert: New York State Passes FY26 Budget

Cozen O'Connor on

Yesterday, state lawmakers passed the $254B FY26 state budget, reflecting an increase of $17B from FY25. The budget was passed over five weeks after the deadline of April 1, and will be retroactively in effect from April 1,...more

Winthrop & Weinstine, P.A.

Legislative Top 5 - February 2025 #3

Busy Week at the Capitol - After a turbulent January and early February, activities at the Legislature returned to normal this past week. The halls of the Capitol were filled with people from all over Minnesota as numerous...more

Greenbaum, Rowe, Smith & Davis LLP

A Review of the New Jersey Legislature’s Latest Amendments to the New Jersey Aspire Program

On December 19, 2024, the New Jersey legislature passed legislation amending multiple sections of statute governing the New Jersey Aspire Program, most importantly as it relates to the state purchase of unused tax credits....more

Polsinelli

Alabama To Offer State Tax Credit for Federal 4% LIHTC Projects

Polsinelli on

As affordable housing has continued to be a topic of concern across the United States, states are evaluating ways to spur and support affordable housing development. In response to affordable housing needs, Alabama became the...more

Perkins Coie

Real Estate Excise Tax Exemption Encourages Affordable Housing

Perkins Coie on

Transfers of real property to certain qualifying entities will no longer be subject to real estate excise tax in Washington State, effective on January 1, 2023. The Washington State Legislature passed Engrossed House Bill...more

Burr & Forman

South Carolina State Low Income Housing Tax Credit Will Provide Major Boost to Affordable Housing Projects

Burr & Forman on

The South Carolina General Assembly passed the Workforce and Senior Affordable Housing Act on May 12, 2020, and the Act was signed into law by the Governor on May 14, 2020. The Act is effective for qualified projects placed...more

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