Senate Bill 26-001 Introduced

A Bill for an Act

• Page 1, Line 101Concerning housing, and, in connection therewith,

• Page 1, Line 102authorizing a board of county commissioners to

• Page 1, Line 103appropriate money to support specified types of housing

• Page 1, Line 104and making the middle-income housing tax credit

• Page 1, Line 105available to transferees who do not own an interest in

• Page 1, Line 106a qualified development.

Bill Summary

(Note: This summary applies to this bill as introduced and does not reflect any amendments that may be subsequently adopted. If this bill passes third reading in the house of introduction, a bill summary that applies to the reengrossed version of this bill will be available at http://leg.colorado.gov.)

Currently, a board of county commissioners (board) may not appropriate general fund money from ad valorem taxes for multijurisdictional housing authorities or other housing authorities established in statute (housing authorities). The bill allows a board to use revenue generated by ad valorem taxes that is in the county's general fund or in other specified county funds for housing authorities. In addition, the bill allows a board to use county general fund money from ad valorem taxes or money from other county funds for workforce housing.

Currently, a middle-income housing tax credit (credit) may be transferred from a governmental entity or quasi-governmental entity to a qualified taxpayer. A qualified taxpayer must own an interest in a qualified project to claim the credit. The bill entitles an individual, person, firm, corporation, or other entity subject to income tax and transferred a credit by a governmental entity or quasi-governmental entity to claim the credit without owning an interest in a qualified project.

• Page 2, Line 1Be it enacted by the General Assembly of the State of Colorado:

• Page 2, Line 2SECTION 1.  In Colorado Revised Statutes, 30-11-107, amend

• Page 2, Line 3(1)(s) as follows:

• Page 2, Line 430-11-107.  Powers of the board.

• Page 2, Line 5(1)  The board of county commissioners of each county has power

• Page 2, Line 6at any meeting:

• Page 2, Line 7(s)  To appropriate moneys from sources other than ad valorem

• Page 2, Line 8taxes to money for workforce housing, multijurisdictional housing

• Page 2, Line 9authorities, or housing authorities established under part 5 of article 4 of

• Page 2, Line 10title 29 C.R.S., from the county general fund or other specified funds

• Page 2, Line 11established by the board;

• Page 2, Line 12SECTION 2.  In Colorado Revised Statutes, 39-22-5404, amend

• Page 2, Line 13(1)(b) and (1)(c) as follows:

• Page 2, Line 1439-22-5404.  Qualified development owned by governmental

• Page 2, Line 15or quasi-governmental entity.

• Page 2, Line 16(1)  Notwithstanding any other provision of this part 54:

• Page 2, Line 17(b) (I)  A governmental or quasi-governmental entity may transfer

• Page 3, Line 1credits allocated to it by the authority to any qualified taxpayer an

• Page 3, Line 2individual, person, firm, corporation, or other entity subject to

• Page 3, Line 3the taxes imposed by this article 22.

• Page 3, Line 4(II)  Such a governmental or quasi-governmental entity shall invest

• Page 3, Line 5in the qualified development any compensation received in connection

• Page 3, Line 6with a transfer of credits to a qualified taxpayer transferee.

• Page 3, Line 7(III)  A qualified taxpayer transferee to which a credit is

• Page 3, Line 8transferred pursuant to this subsection (1)(b) is entitled to claim the credit

• Page 3, Line 9in the same manner and subject to the same conditions and allocation

• Page 3, Line 10rights as an owner of a qualified development to which the authority has

• Page 3, Line 11allocated a credit.

• Page 3, Line 12(c) (I)  A credit allocated to a governmental or quasi-governmental

• Page 3, Line 13entity or a transferee thereof is subject to recapture pursuant to section

• Page 3, Line 1439-22-5405.

• Page 3, Line 15(II)  If a credit transferred to a qualified taxpayer by a

• Page 3, Line 16governmental or quasi-governmental entity is recaptured pursuant to

• Page 3, Line 17section 39-22-5405, the governmental or quasi-governmental entity shall

• Page 3, Line 18notify the department of the identity of the qualified taxpayer to which it

• Page 3, Line 19transferred a credit the transferee must increase the transferee's

• Page 3, Line 20state income tax liability pursuant to section 39-22-5405 in the

• Page 3, Line 21same manner and to the same extent as a partner, shareholder,

• Page 3, Line 22member, or other qualified taxpayer of an owner allocated a

• Page 3, Line 23credit pursuant to section 39-22-5403 (6).

• Page 3, Line 24SECTION 3.  Act subject to petition - effective date. Section

• Page 3, Line 2539-22-5404, Colorado Revised Statutes, as amended in section 2 of this

• Page 3, Line 26act, takes effect January 1, 2027, and the remainder of this act takes effect

• Page 3, Line 27at 12:01 a.m. on the day following the expiration of the ninety-day period

• Page 4, Line 1after final adjournment of the general assembly; except that, if a

• Page 4, Line 2referendum petition is filed pursuant to section 1 (3) of article V of the

• Page 4, Line 3state constitution against this act or an item, section, or part of this act

• Page 4, Line 4within such period, then the act, item, section, or part will not take effect

• Page 4, Line 5unless approved by the people at the general election to be held in

• Page 4, Line 6November 2026 and, in such case, will take effect on the date of the

• Page 4, Line 7official declaration of the vote thereon by the governor; except that

• Page 4, Line 8section 39-22-5404, Colorado Revised Statutes, as amended in section 2

• Page 4, Line 9of this act, takes effect January 1, 2027, or on the date of the official

• Page 4, Line 10declaration of the vote thereon by the governor, whichever is later.