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Expand Affordable Housing Tax Credit

April 8, 2024

HB24-1434

Summary

The bill expands the affordable housing tax credit by increasing the credit amounts that the Colorado housing and finance authority may allocate to qualified taxpayers by the following amounts:

  • $20,000,000 for credits allocated in 2024;
  • $20,000,000 for credits allocated in 2025;
  • $20,000,000 for credits allocated in 2026;
  • $16,000,000 for credits allocated in 2027;
  • $16,000,000 for credits allocated in 2028;
  • $16,000,000 for credits allocated in 2029;
  • $10,000,000 for credits allocated in 2030; and
  • $10,000,000 for credits allocated in 2031.

The bill accelerates the credit by requiring that a qualified taxpayer claim 70% of the total amount of the credit awarded by the authority in the first year of the credit period and claim 6% of the total amount of the credit awarded by the authority in each of the second through sixth years of the credit period.

The bill also creates the Colorado affordable housing in transit-oriented communities income tax credit, which is 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 tax credit is claimed in the first year of the credit period, 8% in both the second and third years of the credit period, and 7% in both the fourth and final years of the credit period.

The bill allows for the following tax credit amounts to be awarded:

  • $8,600,000 for the 2025 calendar year;
  • $7,200,000 for the 2026 calendar year;
  • $5,600,000 for the 2027 calendar year;
  • $5,000,000 for the 2028 calendar year; and
  • $3,600,000 for the 2029 calendar year.

Legislative Updates

  • 2024-05-08 / Enrolled
    House Considered Senate Amendments - Result was to Concur - Repass
  • 2024-05-07
    Senate Third Reading Passed - No Amendments
  • 2024-05-06
    Senate Second Reading Special Order - Passed - No Amendments
  • 2024-05-04
    Senate Committee on Appropriations Refer Amended to Senate Committee of the Whole
  • 2024-05-03
    Senate Committee on Finance Refer Unamended to Appropriations
  • 2024-05-01
    Introduced In Senate - Assigned to Finance
    House Third Reading Passed with Amendments - Floor
  • 2024-04-30
    House Second Reading Special Order - Passed with Amendments - Committee
  • 2024-05-01
    Introduced In Senate - Assigned to Finance
  • 2024-05-01
    House Third Reading Passed with Amendments - Floor
  • 2024-04-30
    House Second Reading Special Order - Passed with Amendments – Committee
  • 2024-04-11
    House Committee on Finance Refer Unamended to Appropriations
  • 2024-04-01
    Introduced in House - Assigned to Finance

This content is updated every Thursday, but is not a comprehensive list of updates. If you have questions regarding a specific piece of legislation, please contact DGS partner, Sarah Kellner.

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