Relating to capital gains treatment of affordable housing property; prescribing an effective date.
Catchline/Summary:
Allows a subtraction from federal taxable income of the gain from the sale of opportunity zone property, defined as property in a low-income census tract developed for affordable housing and held for a stated period of time. Digest: The Act exempts gain on the sale of certain property in a low-income census tract from tax. (Flesch Readability Score: 70.1).
Allows a subtraction from federal taxable income of the gain from the sale of opportunity zone property, defined as property in a low-income census tract developed for affordable housing and held for a stated period of time.
Applies to tax years beginning on or after January 1, 2025, and before January 1, 2031.
Takes effect on the 91st day following adjournment sine die.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
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HB 2863 House Committee On Housing and Homelessness
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