(5) If an entity claiming a credit under this section is an S corporation or an entity treated as a partnership for federal income tax purposes, the credit may be claimed by the entity's shareholders or partners. If the entity is a single member limited liability company that is disregarded as an entity separate from its owner, the credit may be claimed by such limited liability company's owner, provided such owner is subject to the tax imposed under chapter 208 or 229.
(h) The Commissioner of Housing shall adopt regulations, in accordance with the provisions of chapter 54, to implement the provisions of this section, including, but not limited to, the conditions for certification of a developer applying for assistance under this section.
(P.A. 23-207, S. 28; P.A. 24-86, S. 2.)
History: P.A. 23-207 effective June 1, 2024; P.A. 24-86 amended Subsec. (e) to modify the required percentage of workforce housing units in a workforce housing opportunity development project from 40 to 50 per cent, effective June 1, 2024.
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