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, the bill includes provisions for the allocation of tax credits based on the population of the counties where the housing projects are located.

Furthermore, the bill repeals the existing section of K.S.A. 2024 Supp. 79-32,313, thereby consolidating the new provisions into a single, updated framework. The changes are designed to enhance the flexibility and utility of the housing investor tax credit, encouraging investment in qualified housing projects across various counties in Kansas. The secretary of revenue is also granted the authority to adopt necessary rules and regulations for the implementation of these provisions, which will apply retroactively to credits issued for tax year 2022 and all subsequent years.

Statutes affected:
As introduced: 79-32