The act repeals an existing income tax credit available to taxpayers who make contributions to enterprise zone administrators to promote temporary, emergency, or transitional housing programs for persons experiencing homelessness (repealed credit) and replaces the repealed credit with a credit that is available in the entire state (new credit). Instead of having enterprise zone administrators and the office of economic development administer the new credit, as was how the old credit was administered, the act places that responsibility on the division of housing in the department of local affairs. A taxpayer may claim the new credit when permissible contributions are made not only to an approved project, but also to an approved nonprofit organization providing certain qualifying activities. The amount of the new credit remains the same as the amount of the repealed credit for each contribution; except that, for contributions made in an underserved, rural county, the amount is 30% rather than 25% and is capped at $750,000 in contributions per income tax year for the nonprofit organization, and, if the nonprofit organization also administers one or more approved projects, is capped at an additional $750,000 per income tax year. The new credit's availability is limited to 4 years, and, as was the case for the repealed credit, any credit in excess of a taxpayer's liability for the income tax year for which the credit is claimed may be carried forward for up to 5 years. (Note: This summary applies to this bill as enacted.)