H.B. No. 4550         AN ACT   relating to the allocation of low income housing tax credits.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 2306.67022, Government Code, is amended   to read as follows:          Sec. 2306.67022.  QUALIFIED ALLOCATION PLAN; MANUAL.  (a)     At least biennially, the board shall adopt a qualified allocation   plan and a corresponding manual to provide information regarding   the administration of and eligibility for the low income housing   tax credit program.  The board may adopt the plan and manual   annually, as considered appropriate by the board.          (b)  The board shall adjust to reflect inflation any amount   specified in the qualified allocation plan relating to the   acceptable cost of a development by square foot. The board shall use   2021 as the base year for the adjustment.          (c)  In making the computation under Subsection (b), the   board shall consider the Consumer Price Index for All Urban   Consumers, or its successor in function, published by the United   States Bureau of Labor Statistics.          SECTION 2.  Section 2306.6711(b), Government Code, is   amended to read as follows:          (b)  Not later than the deadline specified in the qualified   allocation plan, the board shall issue commitments for available   housing tax credits based on the application evaluation process   provided by Section 2306.6710. The board may not allocate to an   applicant housing tax credits in any unnecessary amount, as   determined by the department's underwriting policy and by federal   law, and in any event may not allocate to the applicant housing tax   credits in an amount greater than $6 [$3] million in a single   application round or to an individual development more than $2   million in a single application round.          SECTION 3.  Section 2306.6724, Government Code, is amended   by adding Subsection (g) to read as follows:          (g)  Notwithstanding any other law, the department shall   issue a final commitment for an allocation of housing tax credits   not later than the 120th day following the date on which the   department receives from an applicant a complete cost certification   package, as prescribed by department rule, and the applicant has   fulfilled any requests for information for the issuance of Internal   Revenue Service Form 8609, or that form's successor.          SECTION 4.  Section 2306.1112, Government Code, is repealed.          SECTION 5.  Section 2306.67022, Government Code, as amended   by this Act, applies to the adoption of a qualified allocation plan   and corresponding manual for the state fiscal biennium beginning   September 1, 2023.          SECTION 6.  Sections 2306.111, 2306.6711, and 2306.6724,   Government Code, as amended by this Act, apply only to an   application for low income housing tax credits that is submitted to   the Texas Department of Housing and Community Affairs during an   application cycle that is based on the 2024 qualified allocation   plan or a subsequent plan adopted by the governing board of the   department. An application that is submitted during an application   cycle that is based on an earlier qualified allocation plan is   governed by the law in effect on the date the application cycle   began, and the former law is continued in effect for that purpose.          SECTION 7.  This Act takes effect September 1, 2023.       ______________________________ ______________________________      President of the Senate Speaker of the House                   I certify that H.B. No. 4550 was passed by the House on May 2,   2023, by the following vote:  Yeas 130, Nays 14, 3 present, not   voting; and that the House concurred in Senate amendments to H.B.   No. 4550 on May 25, 2023, by the following vote:  Yeas 126, Nays 17,   2 present, not voting.     ______________________________   Chief Clerk of the House               I certify that H.B. No. 4550 was passed by the Senate, with   amendments, on May 23, 2023, by the following vote:  Yeas 28, Nays   3.     ______________________________   Secretary of the Senate      APPROVED: __________________                   Date                       __________________                 Governor