This bill amends the Kansas housing investor tax credit by allowing for the transferability of tax credits from the year they were originally issued. Specifically, it modifies K.S.A. 2024 Supp. 79-32,313 to enable qualified investors, project builders, or developers to transfer their tax credits to other individuals, who can then claim the credits against their Kansas tax liability. The bill also stipulates that the transferred credits can be carried forward in the same manner as the original credits, with no limit on the number of times a credit can be transferred. Additionally, it establishes that documentation of any transferred credits must be provided to the director and the secretary of revenue.

The bill sets specific limits on the amount of tax credits that can be issued based on the population of the counties where the qualified housing projects are located, with a total cap of $13 million in tax credits per year. It also includes provisions for the allocation of these credits among different population categories. The changes made by this bill are retroactive to tax year 2022 and all subsequent years, and it repeals the existing section of K.S.A. 2024 Supp. 79-32,313. The secretary of revenue is authorized to adopt necessary rules and regulations to implement the provisions of this act.

Statutes affected:
As introduced: 79-32