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 also 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.