The bill amends the Kansas Affordable Housing Tax Credit Act by discontinuing the tax credit for qualified developments that receive a 4% federal tax credit. The previous provision that allowed the credit to continue until July 1, 2025, has been removed, and the new language specifies that no allocations of the credit will be awarded by the Kansas Housing Resources Corporation (KHRC) for developments receiving a 4% federal tax credit after November 15, 2025. However, the KHRC will continue to award credits to qualified developments receiving 9% federal tax credits in accordance with the act's provisions.

Additionally, the bill outlines the process for the KHRC to issue allocation certificates for qualified developments and details the requirements for maintaining the credit, including the necessity of a recorded restrictive covenant. It also establishes that any unused credit can be carried forward to subsequent tax years, but not refunded. The act will take effect upon publication in the statute book, and the existing section of K.S.A. 2024 Supp. 79-32,306 is repealed.

Statutes affected:
As introduced: 79-32
As Amended by House Committee: 79-32
As Amended by Senate Committee: 79-32