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HB 2096

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2025 Regular Session Introduced by Larry Kump

HB 2096 lets transferees claim Kansas Housing Investor Tax Credits in the year the original cash investment was made, retroactive to 2022, boosting liquidity without changing caps.

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Bill Summary · HB 2096

Summary — HB 2096 (Kansas)

Title: Providing for transferability of Kansas housing investor tax credits from the year that the credit was originally issued
Introduced: January 24, 2025
Primary sponsor: Rep. Seth Blattman (requested by Reily Goyne on behalf of Friends of Historic Preservation)
Companion: SB 680
Hearing: Tuesday, March 11, 2025 — 9:30 AM, Room 548‑S

Purpose

HB 2096 changes when transferees of Kansas Housing Investor Tax Credits may begin claiming those credits. The bill allows transferees to claim the credit beginning in the same taxable year that the qualified investor made the cash investment (i.e., the year the credit was originally issued), rather than the year the credit was transferred. The change is retroactive to tax year 2022 and applies to all subsequent tax years.

Key provisions

  • Amends K.S.A. 2024 Supp. 79‑32,313 to permit transferees to claim housing investor tax credits in the year the qualifying cash investment was made (the year the credit was issued).
  • Retroactive application to credits issued for tax year 2022 and thereafter.
  • Maintains existing substantive features of the credit program:
    • Credits may be claimed against Kansas income tax, certain bank privilege taxes, and insurance premium tax liabilities.
    • Credit amounts per residential unit: up to $35,000 (counties ≤ 8,000 pop.), $32,000 (pop. >8,000–≤25,000), or $30,000 (other counties).
    • Limit of 40 residential units per qualified housing project per year.
    • Annual statewide aggregate cap of $13,000,000 in credits (unused allowance from one year can be carried forward to the immediately succeeding tax year).
    • Of annual aggregate, allocations of at least $2,500,000 each for counties ≤8,000 and >8,000–≤25,000, and up to $8,000,000 for counties >25,000–≤75,000.
  • Carryforward rules unchanged: unused credit may be carried forward up to four taxable years after issuance; unused amounts after that are forfeited.
  • Transfer mechanics retained: credits are transferable multiple times, transferees succeed to transferor’s remaining rights/restrictions, transferees must provide documentation to the director and Secretary of Revenue, and Secretary may adopt implementing rules.

Who is affected

  • Qualified investors who make cash investments in approved qualified housing projects.
  • Project builders/developers who receive credits.
  • Transferees (buyers) of tax credits, including financial institutions, insurers and other taxpayers who can use the credit against covered Kansas tax liabilities.
  • Department of Revenue (administration/reporting responsibilities) and the director administering the housing credit program.

Fiscal and program impact

  • Division of the Budget fiscal note: enactment would have no fiscal effect on State operations. The Department of Revenue states the change would not alter the $13.0 million statutory annual cap on credits, so the State’s tax credit exposure is unchanged.
  • Policy impact: by allowing transferees to claim credits in the original issuance year, the bill is intended to restore one lost year of usable credit value when credits are transferred, increasing the credits’ marketability/liquidity for investors and transferees.

Procedural status (selected)

  • Introduced: 2025‑01‑24
  • House Committee on Taxation: Committee recommended “do pass” (report filed 2025‑02‑18).
  • Hearing (committee): 2025‑03‑11, 9:30 AM, Room 548‑S
  • Additional legislative actions and readings recorded in bill history.

Notes / Context

  • Proponents (Friends of Historic Preservation, Frontier Development Group, Kansas Bankers Association, others) testified that current timing of transferability effectively eliminates one year of potential credit use, reducing credit value.
  • The bill preserves the program’s credit caps and eligibility rules while adjusting the timing of when transferees can utilize acquired credits.

Compiled from official sources — confirm details with the bill’s official record.

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