Tex. Tax Code Section 171.551
Definitions

In this subchapter:

(1)

“Allocation certificate” means a statement issued by the department certifying that a qualified development qualifies for credits under this subchapter and Chapter 233 (Credit Against Certain Taxes for Certain Housing Developments), Insurance Code, specifying the total amount of the credits awarded in connection with the qualified development for the credit period, and specifying the amount of credit that may be claimed each year for each building that is part of the qualified development.

(2)

“Credit” means the low-income housing development tax credit authorized by this subchapter.

(3)

“Credit period” means, with respect to a building that is part of a qualified development, the period of 10 tax years beginning with the tax year in which the building is placed in service.

(4)

“Department” means the Texas Department of Housing and Community Affairs.

(5)

“Development” has the meaning assigned by Section 2306.6702 (Definitions), Government Code.

(6)

“Federal tax credit” means the federal low-income housing credit created by Section 42, Internal Revenue Code.

(7)

“Qualified basis” means the qualified basis of a qualified development, as determined under Section 42, Internal Revenue Code.

(8)

“Qualified development” means a development in this state:

(A)

for which the department awards or allocates a federal tax credit through the issuance of a carryover allocation agreement or determination notice;

(B)

that has not had an allocation of federal tax credits terminated by or at the direction of the department;

(C)

that is the subject of a recorded restrictive covenant requiring the development to be maintained and operated as a qualified development that has not been terminated and is not subject to termination through any process other than the natural expiration of the covenant’s extended use period;

(D)

that meets all applicable requirements of the qualified allocation plan, as defined by Section 2306.6702 (Definitions), Government Code; and

(E)

for the duration of the extended use period established in the land use restriction agreement, as defined by Section 2306.6702 (Definitions)(a)(9), Government Code, is in compliance with:
(i)
all accessibility and adaptability requirements for a federal tax credit; and
(ii)
Title VIII of the Civil Rights Act of 1968 (42 U.S.C. Section 3601 et seq.).

(9)

“State housing credit ceiling” means $25 million of credits each award year.
Added by Acts 2023, 88th Leg., R.S., Ch. 811 (H.B. 1058), Sec. 1, eff. January 1, 2024.

Source: Section 171.551 — Definitions, https://statutes.­capitol.­texas.­gov/Docs/TX/htm/TX.­171.­htm#171.­551 (accessed Jun. 5, 2024).

171.001
Tax Imposed 171.0001
General Definitions 171.0002
Definition of Taxable Entity 171.002
Rates 171.003
Increase in Rate Requires Voter Approval 171.0003
Definition of Passive Entity 171.0004
Definition of Conducting Active Trade or Business 171.0005
Definition of New Veteran-owned Business 171.006
Adjustment of Eligibility for No Tax Due, Discounts, and Compensation Deduction 171.0011
Additional Tax 171.051
Application for Exemption 171.052
Certain Corporations 171.053
Exemption--railway Terminal Corporation 171.055
Exemption--open-end Investment Company 171.056
Exemption--corporation with Business Interest in Solar Energy Devices 171.057
Exemption--nonprofit Corporation Organized to Promote County, City, or Another Area 171.058
Exemption--nonprofit Corporation Organized for Religious Purposes 171.059
Exemption--nonprofit Corporation Organized to Provide Burial Places 171.060
Exemption--nonprofit Corporation Organized for Agricultural Purposes 171.061
Exemption--nonprofit Corporation Organized for Educational Purposes 171.062
Exemption--nonprofit Corporation Organized for Public Charity 171.063
Exemption-nonprofit Corporation Exempt from Federal Income Tax 171.064
Exemption--nonprofit Corporation Organized for Conservation Purposes 171.065
Exemption--nonprofit Corporation Organized to Provide Water Supply or Sewer Services 171.066
Exemption--nonprofit Corporation Involved with City Natural Gas Facility 171.067
Exemption--nonprofit Corporation Organized to Provide Convalescent Homes for Elderly 171.068
Exemption--nonprofit Corporation Organized to Provide Cooperative Housing 171.069
Exemption--marketing Associations 171.070
Exemption--lodges 171.071
Exemption--farmers’ Cooperative Society 171.072
Exemption--housing Finance Corporation 171.073
Exemption--hospital Laundry Cooperative Association 171.074
Exemption--development Corporation 171.075
Exemption--cooperative Association 171.076
Exemption--cooperative Credit Association 171.077
Exemption--credit Union 171.079
Exemption--electric Cooperative Corporation 171.080
Exemption--telephone Cooperative Corporations 171.081
Exemption--corporation Exempt by Another Law 171.082
Exemption--certain Homeowners’ Associations 171.083
Exemption--emergency Medical Service Corporation 171.084
Exemption--certain Trade Show Participants 171.085
Exemption 171.086
Exemption: Political Subdivision Corporation 171.087
Exemption--nonprofit Corporation Organized for Student Loan Funds or Student Scholarship Purposes 171.088
Exemption--noncorporate Entity Eligible for Certain Exemptions 171.101
Determination of Taxable Margin 171.103
Determination of Gross Receipts from Business Done in This State for Margin 171.105
Determination of Gross Receipts from Entire Business for Margin 171.106
Apportionment of Margin to This State 171.107
Deduction of Cost of Solar Energy Device from Margin Apportioned to This State 171.108
Deduction of Cost of Clean Coal Project from Margin Apportioned to This State 171.109
Deduction of Relocation Costs by Certain Taxable Entities from Margin Apportioned to This State 171.111
Temporary Credit on Taxable Margin 171.151
Privilege Period Covered by Tax 171.152
Date on Which Payment Is Due 171.154
Payment to Comptroller 171.158
Payment by Foreign Taxable Entity Before Withdrawal from State 171.201
Initial Report 171.202
Annual Report 171.203
Public Information Report 171.204
Information Report 171.205
Additional Information Required by Comptroller 171.206
Confidential Information 171.207
Information Not Confidential 171.208
Prohibition of Disclosure of Information 171.209
Right of Owner to Examine or Receive Reports 171.210
Permitted Use of Confidential Information 171.211
Examination of Records 171.212
Report of Changes to Federal Income Tax Return 171.251
Forfeiture of Corporate Privileges 171.252
Effects of Forfeiture 171.253
Suit on Cause of Action Arising Before Forfeiture 171.254
Exception to Forfeiture 171.255
Liability of Director and Officers 171.256
Notice of Forfeiture 171.257
Judicial Proceeding Not Required for Forfeiture 171.258
Revival of Corporate Privileges 171.259
Banking Corporations and Savings and Loan Associations 171.260
Savings and Loan Association 171.301
Grounds for Forfeiture of Charter or Certificate of Authority 171.302
Certification by Comptroller 171.303
Suit for Judicial Forfeiture 171.304
Record of Judicial Forfeiture 171.305
Revival of Charter or Certificate of Authority After Judicial Forfeiture 171.306
Suit to Set Aside Judicial Forfeiture 171.307
Record of Suit to Set Aside Judicial Forfeiture 171.308
Corporate Privileges After Judicial Forfeiture Is Set Aside 171.309
Forfeiture by Secretary of State 171.310
Judicial Proceeding Not Required for Forfeiture by Secretary of State 171.311
Record of Forfeiture by Secretary of State 171.312
Revival of Charter or Certificate of Authority After Forfeiture by Secretary of State 171.313
Proceeding to Set Aside Forfeiture by Secretary of State 171.314
Corporate Privileges After Forfeiture by Secretary of State Is Set Aside 171.315
Use of Corporate Name After Revival of Charter or Certificate of Authority 171.316
Banking Corporations 171.317
Savings and Loan Associations 171.351
Venue of Suit to Enforce Chapter 171.352
Authority to Restrain or Enjoin 171.353
Appointment of Receiver 171.354
Agent for Service of Process 171.355
Service of Process on Secretary of State 171.361
Penalty for Disclosure of Information on Report 171.362
Penalty for Failure to Pay Tax or File Report 171.363
Wilful and Fraudulent Acts 171.401
Revenue Deposited in General Revenue Fund 171.501
Refund for Job Creation in Enterprise Zone 171.0525
Exemption--certain Insurance Companies 171.551
Definitions 171.552
Entitlement to Credit 171.553
Application for and Issuance of Allocation Certificate 171.554
Amount of Credits 171.555
Apportionment of Credit 171.556
Length of Credit 171.557
Carry Forward or Backward 171.558
Recapture 171.559
Allocation of Credit 171.560
Filing Requirements After Allocation 171.561
Application for Credit 171.562
Rules 171.563
Compliance Monitoring 171.564
Inclusion of Information in Low Income Housing Plan 171.565
Expiration of Authority to Allocate Credits 171.566
Priority Allocation for Certain Qualified Developments 171.601
Definition 171.602
Tax Credit for Clean Energy Project 171.651
Definitions 171.652
Eligibility for Credit 171.653
Ineligibility for Credit for Certain Periods 171.654
Amount of Credit 171.655
Attribution of Expenses Following Transfer of Controlling Interest 171.656
Combined Reporting 171.657
Burden of Establishing Credit 171.658
Limitations 171.659
Carryforward 171.660
Assignment Prohibited 171.661
Application for Credit 171.662
Rules 171.663
Reporting of Estimates and Collection of Information 171.664
Deposit of Certain Revenue 171.665
Expiration 171.1011
Determination of Total Revenue from Entire Business 171.1012
Determination of Cost of Goods Sold 171.1013
Determination of Compensation 171.1014
Combined Reporting 171.1015
Reporting for Certain Partnerships in Tiered Partnership Arrangement 171.1016
E-z Computation and Rate 171.1055
Exclusion of Certain Receipts for Margin Apportionment 171.1121
Gross Receipts for Margin 171.1532
Business on Which Tax on Net Taxable Margin Is Based 171.2022
Exemption from Reporting Requirements 171.2125
Calculating Cost of Goods or Compensation in Professional Employer Services Arrangements 171.2515
Forfeiture of Right of Taxable Entity to Transact Business in This State 171.3015
Forfeiture of Certificate or Registration of Taxable Entity 171.3125
Revival of Certificate or Registration of Taxable Entity After Forfeiture by Secretary of State 171.4011
Allocation of Certain Revenue to Property Tax Relief Fund 171.10132
Provisions Related to Certain Grants Received for Broadband Deployment in Texas
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 171.551’s source at texas​.gov