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Colorado Homeless Contribution Income Tax Credit

Concerning the creation of the Colorado homeless contribution income tax credit, and, in connection therewith, making an appropriation.
2022 Regular Session
Fiscal Policy & Taxes
Bill Summary

The bill repeals an existing income tax credit available to taxpayers who make contributions to enterprise zone administrators to promote temporary, emergency, or transitional housing programs for people experiencing homelessness and replaces that income tax credit with one that is available in the entire state. Instead of having the enterprise zone administrators and the office of economic development manage the credit, the bill places that responsibility on the division of housing in the department of local affairs.

The bill also expands the scope so that a taxpayer may claim the tax credit when permissible contributions are made not only to an approved project, but also to approved nonprofit organizations providing certain qualifying activities.

The amount of the income tax credit remains the same for each contribution; except that, for contributions made in an underserved, rural county, the amount is 30% rather than 25%, and the new credit is capped at $750,000 in contributions per income tax year for the nonprofit organization, and if the nonprofit organization also administers one or more approved projects, the new credit is capped at an additional $750,000 per project income tax year. The new credit's availability is limited to 8 6 years, and, in the same manner as the enterprise zone tax credit that is being repealed, any credit in excess of a taxpayer's liability for the income tax year for which the credit is claimed may be carried forward for up to 5 years.

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)


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Bill Text