CO SB007

Renames the "low-income housing tax credit" to the "Colorado affordable housing tax credit" throughout Colorado Revised Statutes sections 39-22-2101, 39-22-2102, and 39-22-2108.

Extends the allocation period for affordable housing tax credits from December 31, 2019 to December 31, 2024, allowing the Colorado Housing and Finance Authority to allocate credits during each calendar year of the extended five-year period.

Clarifies that pass-through entities (partnerships, limited liability companies, S corporations) may allocate credits to partners, shareholders, members, or other qualified taxpayers regardless of whether they are deemed partners for federal income tax purposes, and requires such persons to be admitted as qualified taxpayers prior to claiming the credit.

Adds a provision allowing corrections to restrictive covenants within the timeframe provided by Section 42(h)(6)(J) of the Internal Revenue Code, maintaining the 15-year affordability requirement or longer as agreed between the authority and owner.

Includes a safety clause declaring the act is necessary for the immediate preservation of the public peace, health, and safety.