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 claim a tax credit for cash investments in approved housing projects. The bill stipulates that if the credit exceeds the taxpayer's liability in a given year, the remaining credit can be carried forward for up to four years. Additionally, it allows for the transfer of any carried-forward credits to other taxpayers, who can then claim them against their own tax liabilities.

The bill also establishes specific limits on the amount of tax credits that can be issued based on the population of the county where the housing project is located, with a total cap of $13 million in credits per tax year. It mandates that a minimum of $2.5 million in credits be allocated for projects in smaller counties, while larger counties can receive up to $8 million. Furthermore, the bill repeals the existing section of K.S.A. 2024 Supp. 79-32,313, indicating a comprehensive update to the law governing these tax credits. The provisions regarding the transferability of credits are retroactive to tax year 2022 and will apply to all subsequent years.

Statutes affected:
As introduced: 79-32