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, limiting the total amount of credits awarded to $25 million, and ceasing all allocations after the qualified allocation plan year 2028. It allows the Kansas Housing Resources Corporation (KHRC) to continue awarding credits to developments receiving 9% federal tax credits through 2028. Additionally, the bill provides for the transferability of credits from the year they were originally issued, allowing for greater flexibility in how these credits can be utilized by investors and developers.

Furthermore, the bill modifies the Kansas housing investor tax credit by allowing qualified investors and project builders to claim credits for cash investments in approved housing projects. It establishes specific limits on the amount of tax credits that can be issued based on the population of the county where the project is located, with a total cap of $13 million per tax year. The bill also includes provisions for the transfer of credits, ensuring that they can be carried forward and claimed by transferees in subsequent years. The existing sections of K.S.A. 2024 Supp. 79-32,306 and 79-32,313 are repealed, and the act will take effect upon publication in the statute book.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