Texas Senate Bill SB1567

Texas 2021 - 87th Regular

Caption

Relating to insurance premium tax credits for the construction or rehabilitation of a supportive housing property.

Impact

The bill intends to improve the accessibility and quality of housing for some of the most vulnerable populations in Texas. By incentivizing construction and rehabilitation through tax credits, it is expected to spur investment in affordable housing projects that integrate necessary support services. This may lead to an increase in the availability of supportive housing, ultimately fostering independence for residents. Importantly, the bill establishes limits on the total amount of credits that can be claimed each year and necessitates that eligible costs be verified and certified by the Texas State Affordable Housing Corporation.

Summary

Senate Bill 1567 aims to introduce a framework for providing insurance premium tax credits to entities involved in the construction or rehabilitation of supportive housing properties. This legislation focuses on promoting the development of inclusive residential spaces that offer access to essential health-related services for individuals with disabilities and elderly residents. Under this framework, eligible entities can apply for tax credits against their state premium tax liability based on the expenses incurred while constructing or rehabilitating supportive housing units.

Contention

Notable discussions surrounding SB 1567 could center on the sufficiency of the tax credits offered and whether they adequately encourage participation from the private sector while ensuring that supportive housing developments meet quality and access standards. Critics may raise concerns about the potential for misuse of tax credits, emphasizing the need for oversight in how funds are allocated and reported. The cap on the total credits available per fiscal year could also lead to debates over prioritizing specific projects and ensuring equitable access to funding across various regions of the state.