HB 24-1316 CO

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Became Law

The act creates a pilot program for an income tax credit for owners of qualified housing developments focused on rental housing for middle-income individuals and families. Middle-income individuals and families have an annual household income between 80% and 120% of the area median income of the households of the same size in the county in which the housing development is located; except that, for rural resort counties, the annual income is between 80% and 140% of the respective area median income. During the calendar years commencing on January 1, 2025, and ending on December 31, 2029, the owner of a qualified housing development may be allocated a credit by the Colorado housing and finance authority (CHFA). The amount of the credit is determined by CHFA. The allocation of credits must follow CHFA's published allocation plan and the aggregate amount of credits allocated in one calendar year, not including any unallocated credits from preceding years that may be allocated, cannot exceed: $5 million for calendar year 2025; $5 million for calendar year 2026; $10 million for calendar year 2027; $10 million for calendar year 2028; and $10 million for calendar year 2029. The aggregate amount of any unallocated credits remaining as of December 31, 2029, is added to the amount of credits that CHFA may allocate for the state affordable housing tax credit. The allocated credit amount may be used to offset a qualified taxpayer's income taxes each year for a period of 5 years, beginning in the year that the qualified housing development is placed in service. Although the credit may only be claimed for a 5-year period, the owner is required to provide middle-income housing in the qualified housing development for 15 years. A portion of the credit may be recaptured under certain conditions, for instance when the owner reduces the number of units serving middle-income individuals and families. In addition, the credit is allowed against insurance premium taxes for eligible taxpayers that are not subject to income taxes. A governmental or quasi-governmental entity, including the middle-income housing authority, may be allocated a credit if it owns a qualified housing development. A credit allocated to a governmental or quasi-governmental entity is subject to the same conditions, allocation rights, and recapture as a credit allocated to a qualified owner; except that a governmental or quasi-governmental entity may also transfer credits to any qualified taxpayer. The act also requires CHFA to annually report on the middle-income housing tax credit pilot program to the general assembly, to make the report publicly available, and, as part of CFHA's final annual report, to provide certain information summarizing the overall success of the pilot program. The middle-income housing tax credit is repealed on January 1, 2055. APPROVED by Governor May 30, 2024 EFFECTIVE May 30, 2024(Note: This summary applies to this bill as enacted.)

• William Lindstedt Democratic · primary
• Mandy Lindsay Democratic · primary
• Jeff Bridges Democratic · primary

1. May 30, 2024 Governor Signed · executive
2. May 23, 2024 Sent to the Governor · executive
3. May 23, 2024 Signed by the President of the Senate · upper
4. May 23, 2024 Signed by the Speaker of the House · lower
5. May 8, 2024 House Considered Senate Amendments - Result was to Concur - Repass · lower
6. May 7, 2024 Senate Third Reading Passed - No Amendments · upper
7. May 6, 2024 Senate Second Reading Special Order - Passed with Amendments - Committee, Floor · upper
8. May 4, 2024 Senate Committee on Appropriations Refer Amended to Senate Committee of the Whole · upper
9. May 3, 2024 Senate Committee on Finance Refer Unamended to Appropriations · upper
10. May 1, 2024 Introduced In Senate - Assigned to Finance · upper
11. May 1, 2024 House Third Reading Passed - No Amendments · lower
12. Apr 30, 2024 House Second Reading Special Order - Passed with Amendments - Committee, Floor · lower
13. Apr 30, 2024 House Committee on Appropriations Refer Unamended to House Committee of the Whole · lower
14. Mar 11, 2024 House Committee on Finance Refer Amended to Appropriations · lower
15. Feb 20, 2024 Introduced In House - Assigned to Finance · lower