Colorado Homeless Project Contribution Tax Credit
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 the homeless and replaces that income tax credit with one that is available in the entire state that is modeled after the enterprise zone credit that is being repealed. 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 amount of the income tax credit remains the same for each contribution, except the new credit is capped at $750,000 in contributions to each project that the division approves and the new credit's availability is limited to 5 years.
(Note: This summary applies to this bill as introduced.)