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Legislative Year: 2024 Change
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Bill Detail: HB24-1316

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Title Middle-Income Housing Tax Credit
Status Sent to the Governor (05/23/2024)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors M. Lindsay (D)
W. Lindstedt (D)
Senate Sponsors J. Bridges (D)
House Committee Finance
Senate Committee Finance
Date Introduced 02/20/2024
Summary

The bill 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 are those individuals and families with 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 area median income of the
households of the same size in the county in which the housing
development is located.
During the calendar years commencing on January 1, 2025, and
ending on December 31, 2027, 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 cannot exceed $10 million. 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.
The bill also requires CHFA to annually report on the
middle-income tax credit pilot program to the general assembly and to
make the report publicly available.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (05/05/2024) (most recent)  
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