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Colorado Legislation Would Extend State HTC, Create Set-Aside for Affordable Housing

Wednesday, February 21, 2024 - 11:18AM

A bill introduced in the Colorado General Assembly would extend the sunset date for the state historic tax credit (HTC) and make substantial changes to the incentive’s provisions. H.B. 1314 would extend the expiration date of the credit from Dec. 31, 2029, to Dec. 31, 2032. The legislation would also create a separate pool of $5 million for properties that are at least 50% affordable housing rental homes. The bill would change the minimum age of a property to receive the credit from 30 years old to 50 years old, limit the credit to qualifying rehabilitation expenditures (QRE) incurred for 12 months before the application of the credit rather than 24 months, double the taxpayer cap for residential QREs to $100,000 and remove a 5% boost for properties in a disaster area.

The Novogradac Introduction to Historic Tax Credits booklet provides the basics of the HTC incentive, both at the state and federal level.

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