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Legislative Year: 2024 Change

Bill Detail: HB24-1125

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Title Tax Credit Commercial Building Conversion
Status House Committee on Finance Refer Amended to Appropriations (02/29/2024)
Bill Subjects
  • Fiscal Policy & Taxes
  • Housing
House Sponsors A. Valdez (D)
M. Soper (R)
Senate Sponsors K. Priola (D)
J. Bridges (D)
House Committee Finance
Senate Committee
Date Introduced 01/29/2024

The bill creates a new refundable tax credit to be claimed in tax
years commencing on or after January 1, 2026, and before January 1,
2036. The credit may be claimed for certain costs related to the
conversion of a commercial structure to a residential structure.
In order to claim the credit, a person must submit an application,
a conversion plan, and an estimate of the qualified conversion
expenditures under the conversion plan (documents) to the governor's
office of economic development (office). Within 90 days of receiving
documents, the office shall review the documents, determine whether to
reserve a tax credit for the applicant, and provide written notice to an
applicant for whom the office determines to reserve a tax credit.
The office may not reserve a tax credit in excess of $3 million for
any one project and may not reserve more than $5 million of tax credits
during any calendar year. If the office reserves less than $5 million in a
calendar year, the office may reserve a total of $5 million plus the amount
less than $5 million that the office did not reserve in the previous calendar
An applicant for whom the office reserves a tax credit shall
commence a conversion plan and incur 20% or more of the estimated
qualified conversion expenditures (expenditures) within 18 months of
receiving notice from the office that it is reserving a tax credit for the
applicant. Such an applicant shall place in service the conversion set forth
in a conversion plan on or before December 31, 2035.
After an applicant has placed a conversion in service, the applicant
shall notify the office and provide the office with documentation of the
applicant's certification of the expenditures and a certified public
accountant's review of the expenditures. Within 90 days of receiving this
documentation, the office shall review this documentation and issue a tax
credit certificate to the applicant in an amount equal to 25% of the
If, as of the last day of any taxable year within 15 taxable years
from when the applicant placed a conversion in service, the structure that
is the subject of the conversion plan is not a qualified residential
structure, the qualified applicant shall add the full amount of the credit to
its return as a recaptured credit for that taxable year.
The bill requires the office, in consultation with the department of
revenue, to submit an annual report to the general assembly on the impact
of the tax credit and to promulgate any policies and procedures necessary
to implement the tax credit.

Committee Reports
with Amendments
Full Text
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Fiscal Notes Fiscal Notes (04/03/2024) (most recent)  
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