Amends TCA Section 67-4-2109.
Tennessee HB0691 amends TCA Section 67-4-2109 to increase the annual tax credit for financial institutions providing qualified low-rate loans to eligible housing entities from 3% to 5% of the unpaid principal balance. This change affects financial institutions and eligible housing entities involved in qualified activities. Additionally, the bill revises the calculation of the tax credit to be based on the month-end average unpaid principal balance for the financial institution's fiscal year, rather than the previous annual calculation.
Tennessee HB0691 amends TCA Section 67-4-2109 to increase the annual tax credit for financial institutions providing qualified low-rate loans to eligible housing entities from 3% to 5% of the unpaid principal balance. This change affects financial institutions and eligible housing entities involved in qualified activities. Additionally, the bill revises the calculation of the tax credit to be based on the month-end average unpaid principal balance for the financial institution's fiscal year, rather than the previous annual calculation.
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Baum, Charlie
114th General Assembly
February 3, 2025
May 27, 2025
Pub. Ch. 496