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Bill > HB1434

CO HB1434

CO HB1434
Expand Affordable Housing Tax Credit

summary

Introduced
04/01/2024
In Committee
05/04/2024
Crossed Over
05/29/2024
Passed
05/29/2024
Dead
Signed/Enacted/Adopted
05/30/2024

Introduced Session

2024 Regular Session

Bill Summary

CONCERNING AN EXPANSION TO THE AFFORDABLE HOUSING TAX CREDIT.

AI Summary

This bill expands the Affordable Housing Tax Credit in Colorado. Key provisions: - It increases the annual cap on the total credits that can be allocated from 2024-2031, ranging from $12 million to $20 million per year. - It requires the credit to be accelerated, with 70% claimed in the first year and the remaining 30% claimed over the next 5 years. - It creates a new Colorado Affordable Housing in Transit-Oriented Communities Income Tax Credit, allowing credits to be claimed against insurance premium taxes as well as income taxes. - The new credit is capped at $30 million total from 2025-2029. - The bill also makes changes to the distribution of sales tax revenue to the Housing Development Grant Fund. The purpose of the tax credits is to support the development of affordable housing within transit-oriented communities in Colorado.

Committee Categories

Budget and Finance

Sponsors (52)

Shannon Bird (D)*,  Cleave Simpson (R)*,  Ron Weinberg (R)*,  Rachel Zenzinger (D)*,  Judy Amabile (D),  Jennifer Bacon (D),  Andrew Boesenecker (D),  Jeff Bridges (D),  Kyle Brown (D),  Janet Buckner (D),  Lisa Cutter (D),  Lindsey Daugherty (D),  Monica Duran (D),  Regina English (D),  Tony Exum (D),  Steve Fenberg (D),  Meg Froelich (D),  Eliza Hamrick (D),  Chris Hansen (D),  Leslie Herod (D),  Sonya Jaquez Lewis (D),  Junie Joseph (D),  Chris Kennedy (D),  Cathy Kipp (D),  Sheila Lieder (D),  Mandy Lindsay (D),  William Lindstedt (D),  Meghan Lukens (D),  Javier Mabrey (D),  Julia Marvin (D),  Tisha Mauro (D),  Julie McCluskie (D),  Karen McCormick (D),  Barbara McLachlan (D),  Dafna Michaelson Jenet (D),  Kyle Mullica (D),  David Ortiz (D),  Jennifer Parenti (D),  Kevin Priola (D),  Naquetta Ricks (D),  Dylan Roberts (D),  Manny Rutinel (D),  Emily Sirota (D),  Marc Snyder (D),  Brianna Titone (D),  Alex Valdez (D),  Stephanie Vigil (D),  Michael Weissman (D),  Perry Will (R),  Faith Winter (D),  Steven Woodrow (D),  Mary Young (D), 

Last Action

Governor Signed (on 05/30/2024)

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Document Type Source Location
State Bill Page https://leg.colorado.gov/bills/hb24-1434
Fiscal Note FN4 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_hb1434_f1.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1434_enr.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1434_rer.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1434_rev.pdf
Fiscal Note FN3 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_hb1434_r2.pdf
Senate Appropriations Amendment L.006 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/DAA7AAA60ABAE6BB87258B1300747430/HB1434_L.006.pdf
Senate Appropriations Amendment L.005 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/D50FE82E013297AB87258B1300731433/HB1434_L.005.pdf
Fiscal Note FN2 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_hb1434_r1.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1434_ren.pdf
Fiscal Note/Analysis - Budget Staff Analysis SA1 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_hb1434_hse.pdf
Third Reading Amendment L.002 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/EC5F20202382C1CD87258B10006F1803/HB1434_L.002.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1434_eng.pdf
House Appropriations Amendment L.001 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/1B08A6703A677A5587258B0E006517AB/HB1434_L.001.pdf
Fiscal Note/Analysis - Budget Staff Analysis SA1 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_hb1434_hs2.pdf
Fiscal Note FN1 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_hb1434_00.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1434_01.pdf
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