Utah Governor Signs LIHTC Bill

Utah Gov. Gary Herbert last week signed H.B. 75 to require low-income housing tax credit (LIHTC) property owners to annually provide certain information to county assessors. Under the new law, owners must provide rent rolls and a financial operating statement for the prior year, a signed statement that the property continues to meet LIHTC requirements, and financing terms and agreements for the property. Owners who fail to provide this information before April 30 of each year will be subject to a penalty equal to the greater of $250 or 5 percent of the tax due on the property for that year. The law will take effect on January 1, 2013.