HB24-1144
Income Tax Credit for Mortgage Rate Buy Downs
| Type | Bill |
|---|---|
| Session | 2024 Regular Session |
| Subjects |
Concerning the creation of an income tax credit for sellers of residential real property that buy down the mortgage interest rate of the buyer of the property.
Bill Summary:
The bill creates an income tax credit (tax credit) that is available for income tax years starting on or after January 1, 2024, but before January 1, 2026, for sellers of residential property in Colorado who buy down the interest rates on the mortgage of the buyer of the property. The amount of the tax credit is 50% of the cost of the mortgage interest rate buy down. The tax credit is refundable and transferrable to any other taxpayer.
(Note: This summary applies to this bill as introduced.)
Committees
House
Finance
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 01/29/2024 | Introduced |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.001 (Attachment A). | The motion passed without objection. | Vote summary |
| Refer House Bill 24-1144, as amended, to the Committee on Appropriations. | The motion failed on a vote of 2-8. | Vote summary |
| Postpone House Bill 24-1144 indefinitely using a reversal of the previous roll call. There was no objection to the use of the reverse roll call, therefore, the bill was postponed indefinitely. | The motion passed on a vote of 8-2. | Vote summary |
| Date | Amendment Number | Committee/ Floor Hearing | Status | Documents |
|---|---|---|---|---|
| 02/29/2024 | L.001 | HOU Finance | Passed [*] |
| Date | Location | Action |
|---|---|---|
| 02/29/2024 | House | House Committee on Finance Postpone Indefinitely |
| 01/29/2024 | House | Introduced In House - Assigned to Finance |