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, effective after November 15, 2025. It limits the total amount of Kansas affordable housing tax credits awarded by the Kansas Housing Resources Corporation (KHRC) to $25 million, with a cap of $8.8 million for the years 2026 to 2028. Additionally, the bill stipulates that no new applications for credits will be accepted after the 2028 qualified allocation plan, effectively ending the program after that year. However, developments that received allocations before this cutoff will continue to receive credits throughout their authorized periods.

Furthermore, the bill modifies the Kansas housing investor tax credit by allowing for the transferability of credits from the year they were originally issued. It establishes specific amounts for tax credits based on the population of the counties where qualified housing projects are located, with a total cap of $13 million in tax credits issued each year. The bill also includes provisions for the allocation of credits and the requirements for documentation and reporting by qualified investors and project builders. The existing sections of K.S.A. 2024 Supp. 79-32,306 and 79-32,313 are repealed, and the act will take effect upon publication in the statute book.

Statutes affected:
As introduced: 8-132, 8-147, 8-134
As Amended by Senate Committee: 8-132, 8-147, 8-134
Enrolled: 79-32