Pass-through limitation tax credit; report, penalty.

Under the bill, the Department of Taxation is required to develop guidelines for the administration of the credit, including an application process for the credit. The bill requires the Department to audit no less than five percent of the qualified rental properties for which a credit is claimed in a taxable year. If, in the process of such audit, the Department determines that the owner of a qualified rental property that claimed a credit falsely certified compliance with any of the credit eligibility requirements, the credit is subject to recapture. The bill provides that any owner of a qualified rental property that knowingly makes a false statement in an application for the credit is guilty of a Class 3 misdemeanor. The bill instructs the Department to report on the utilization of the credit by November 1 of each year to the House Committee on Appropriations, House Committee on Finance, and Senate Committee on Finance and Appropriations.