HB19-1075 Summary

• Creates a state income tax credit for tax years 2019-2022 equal to 20% of donations made to eligible sponsors for employer-assisted affordable housing projects in rural areas, capped at $400 per taxpayer per year.

• Defines eligible sponsors as the Colorado Housing and Finance Authority, county or municipal housing authorities, federally-designated community development corporations, or international nonprofits focused on affordable housing construction.

• Requires donations to support "employer-assisted eligible activities" that create/preserve affordable housing for moderate-income households (under 120% of area median income) near their workplaces in rural counties.

• Establishes that unused credits may be carried forward up to five succeeding tax years and requires taxpayers to electronically file certificates from sponsors and prohibits claiming this credit with other state tax credits or deductions.

• Requires sponsors receiving $10,000+ in certified donations annually to report to the General Assembly by March 1 each year through 2023 on economic activity and impact; the credit program terminates July 1, 2033.