This 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 be available until July 1, 2025, has been removed, and instead, the bill specifies that the credit will no longer be awarded to such developments after November 15, 2025. However, the Kansas Housing Resources Corporation (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 allocation of credits, including the issuance of allocation certificates by the KHRC and the requirements for maintaining the qualified developments. It establishes that no new applications for the 4% low-income housing tax credit will be accepted after August 15, 2025, and no approvals will be granted after November 14, 2025. The bill also ensures that developments awarded credits before this cutoff will continue to receive their credits throughout the authorized period. The existing section of the law is repealed, and the act will take effect upon publication in the statute book.

Statutes affected:
As Introduced: 79-32
As Amended by House Committee on Commerce, Labor and Economic Development: 79-32
As Amended by Senate Committee on Commerce: 79-32
As introduced: 79-32
As Amended by Senate Committee: 79-32
As Amended by House Committee: 79-32