State auditors are warning lawmakers that a state tax credit created to encourage construction of low-income housing could have a substantial cost to the state in the long term.
They estimated that the state tax credit, approved by the Legislature in 2022, could cost as much as $250 million a year in lost revenue after about 10 years depending on the value of the tax credits that are awarded.
There is no cap on the state tax credits that can be awarded, leading auditors to caution lawmakers on Tuesday that the financial impact could be "substantial."
"I can't . . .
SSJ
This content is restricted to subscribers. Click here to subscribe. Already a subscriber? Click here to login.
