HB 24-1295 Summary

• Creates an income tax credit for capital improvement projects in creative districts, historic districts, and neighborhood commercial centers that support creative industries and affordable housing for creative workers, available for tax years 2026-2032.

• Credits equal 25% of eligible expenditures up to $3 million per project, with a $10 million annual cap on reservations; requires Office of Economic Development to issue reservations by January 1, 2030 and certificates after projects are placed in service.

• Extends the Community Revitalization Grant Program by changing the grants deadline from December 31, 2022 to when all funds are expended, and adds eligibility for projects funded under the Space to Create Colorado program.

• Establishes the Community Revitalization Tax Credit Program Cash Fund to support program administration, funded by application fees (up to $500) and issuance fees (up to 3% of credit amount).

• Requires annual reporting through 2033 on eligible projects placed in service, affordable housing units created, occupancy rates, and geographic distribution; appropriates $102,498 to the Office of Economic Development for 0.8 FTE.