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 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, and there is 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, effectively replacing it with the new language that incorporates these changes. The amendments are retroactive to tax year 2022 and apply to all subsequent tax years. The Secretary of Revenue is granted the authority to adopt necessary rules and regulations to implement the provisions of this act. Overall, the bill aims to enhance the flexibility and utility of the housing investor tax credit, potentially encouraging more investment in qualified housing projects across Kansas.

Statutes affected:
As introduced: 79-32