Expand Affordable Housing Tax Credit
The bill expands the affordable housing tax credit by increasing the credit amounts that the Colorado housing and finance authority (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.
(Note: This summary applies to this bill as introduced.)