The 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 parties, 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.

Furthermore, 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 an aggregate cap of $13 million in tax credits per year. It also includes provisions for the allocation of these credits among different population categories and allows for the carry-forward of any unused credits to the following tax year. The bill repeals the existing section of K.S.A. 2024 Supp. 79-32,313, effectively replacing it with the new provisions outlined in the act.

Statutes affected:
As introduced: 79-32