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Legislative Year: 2022 Change
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Bill Detail: HB22-1083

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Title Colorado Homeless Contribution Income Tax Credit
Status Governor Signed (05/31/2022)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors K. Tipper (D)
J. Rich (R)
Senate Sponsors F. Winter (D)
C. Simpson (R)
House Committee Finance
Senate Committee Finance
Date Introduced 01/19/2022
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 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. The new
credit's availability is limited to 8 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enterprise zone tax credit that is being repealed, any credit in excess of a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.

Committee Reports
with Amendments
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Fiscal Notes Fiscal Notes (04/21/2022) (most recent)  
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