HB 1295 - NYU Furman Center

State Land Use Enacted Legislation

Bill #	State	Year	Party	Topic
HB 1295	CO	2024	D	Affordable housing incentives and financing, Funding, Workforce Housing

Provided by Furman

Summary

Creates a new community revitalization income tax credit (credit), for income tax years commencing on or after January 1, 2026, but before January 1, 2033, in an amount equal to 25% of the amount of eligible expenditures made by a qualified applicant in completing an eligible project.
“Eligible project” means a capital improvement project undertaken in the state within a creative district, a historic district, or a neighborhood commercial center or on a main street that involves the construction, rehabilitation, conversion, remodeling, or other improvement of one or more buildings, structures, or facilities for uses that support creative industries and creative industry workers, including affordable housing and live-work spaces for such workers and other mixed-use, creative-use, performance, and exhibition spaces for such workers and for the general public and that is approved by the office in accordance with the policies, procedures, and guidelines for the implementation and administration of the tax credit allowed adopted by the office. The maximum amount of the credit for a single project is $3 million. In addition, the maximum amount of credits that may be reserved during any calendar year is $10 million.

Provided by lawmakers