HB 24-1434 CO

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Became Law

The act increases the amounts of the affordable housing tax credit that the Colorado housing and finance authority may allocate to qualified taxpayers by: $20,000,000 for credits allocated in 2024; $16,000,000 for credits allocated in 2025; $12,000,000 for credits allocated in 2026; $12,000,000 for credits allocated in 2027; $16,000,000 for credits allocated in 2028; $20,000,000 for credits allocated in 2029; $20,000,000 for credits allocated in 2030; and $20,000,000 for credits allocated in 2031. The act accelerates the credit by requiring that a qualified taxpayer claim 70% of the total amount of the credit in the first year of the credit period and claim 6% of the total amount of the credit in each of the second through sixth years of the credit period. The act also creates the Colorado affordable housing in transit-oriented communities income tax credit (tax credit). The tax credit is refundable and administered in the same manner as the Colorado affordable housing tax credit; except that the tax credit: Is awarded in connection with qualified low-income housing projects in certified transit-oriented communities; Must be claimed over a 5-year credit period; and Must be claimed in an accelerated manner such that 70% of the total amount of the tax credit is claimed in the first year of the credit period, 8% in both the second and third years, and 7% in both the fourth and final years. The act allows the following tax credit amounts to be awarded: $2,000,000 for the 2025 calendar year; $2,000,000 for the 2026 calendar year; $2,000,000 for the 2027 calendar year; $11,000,000 for the 2028 calendar year; and $13,000,000 for the 2029 calendar year. The act reduces the amount of money transferred to the housing development grant fund by $35 million for state fiscal year 2024-25 through 2031-32. APPROVED by Governor May 30, 2024 EFFECTIVE May 30, 2024(Note: This summary applies to this bill as enacted.)

• Shannon Bird · primary
• Ron Weinberg Republican · primary
• Rachel Zenzinger · primary
• Cleave Simpson Republican · primary

1. May 30, 2024 Governor Signed · executive
2. May 29, 2024 Sent to the Governor · executive
3. May 29, 2024 Signed by the President of the Senate · upper
4. May 29, 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 - No Amendments · 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 with Amendments - Floor · lower
12. Apr 30, 2024 House Second Reading Special Order - Passed with Amendments - Committee · lower
13. Apr 30, 2024 House Committee on Appropriations Refer Amended to House Committee of the Whole · lower
14. Apr 11, 2024 House Committee on Finance Refer Unamended to Appropriations · lower
15. Apr 1, 2024 Introduced In House - Assigned to Finance · lower