The bill amends the Kansas affordable housing tax credit act by discontinuing the tax credit effective July 1, 2025. It specifies that the provisions of the act will continue to apply through the credit period and any applicable carry forward period for allocations awarded before this date. Notably, the Kansas Housing Resources Corporation (KHRC) will not accept applications for the 4% low-income housing tax credit after August 15, 2025, and will not approve any applications for this credit after November 14, 2025. Additionally, applications for the 9% low-income housing tax credit will cease after May 23, 2025, with approvals ending on August 8, 2025.

The bill also includes several amendments to the existing law, such as the repeal of K.S.A. 2024 Supp. 79-32,306 and the introduction of new provisions regarding the allocation of credits. It clarifies that no allocations will be made after June 30, 2025, pursuant to a qualified allocation plan subsequent to the 2025 plan. The KHRC is tasked with determining eligibility for credits and ensuring that any combination of federal and state credits is the least amount necessary for the financial feasibility of qualified developments.

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