Committee reopens hearings on three property‑tax exemption sunset extensions; work session likely for vertical housing credit
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Summary
The Senate Committee on Finance and Revenue reopened public hearings on House Bills 2,074, 2,077 and 2,078, each of which would extend existing property‑tax exemptions for different housing programs; committee members noted these bills were previously heard on Feb. 5 and signaled a work session would be scheduled for the vertical housing measure.
On May 5 the Senate Committee on Finance and Revenue convened public hearings on three related bills that would extend property‑tax exemptions for housing projects.
House Bill 2,074 would remove the sunset on the vertical housing development property tax exemption, moving the program’s sunset to Feb. 19, 2031. Committee members noted HB 2,074 had been heard previously on Feb. 5 in the form of Senate Bill 117 and indicated they expect to schedule a work session soon.
House Bill 2,077 would extend the nonprofit low‑income housing exemption by moving the sunset six years from 2027 to Feb. 19, 2033; the committee recalled that this measure had been heard previously as Senate Bill 104 and that no witnesses were signed up on May 5.
House Bill 2,078 would extend the property tax exemption for rehabilitated multiunit rental housing by moving the sunset from 2027 to Feb. 19, 2033; the committee noted this bill had been heard in the form of Senate Bill 118 on Feb. 5.
Chair Meek closed the public hearings after brief discussion; no votes were taken on May 5. Committee members described the programs as generally favorable and indicated continued consideration in upcoming committee work sessions.
Why it matters: The three bills maintain existing tax incentives intended to support vertical housing development, nonprofit affordable housing, and renovation of multiunit rental housing; extending sunsets preserves those incentives while the Legislature considers longer‑term housing policy.