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SB 25-013

Senior Housing Income Tax Credit Extension

2025 Regular Session Introduced by Junie Joseph and 4 co-sponsors

Extends the senior housing income tax credit to spur private investment in affordable senior housing, boosting supply for older adults while affecting state revenues.

Senate Committee on Appropriations Lay Over Unamended - Amendment(s) Failed
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Bill Summary · SB 25-013

SB 25-013 — Senior Housing Income Tax Credit Extension

Status: Senate Committee on Appropriations — Lay Over Unamended (Amendment(s) Failed)
Introduced: January 8, 2025
Sponsors: Junie Joseph (primary), Bob Marshall (primary), Kyle Mullica (primary), M. Weissman (cosponsor), L. Liston (cosponsor)

Purpose / Intent

SB 25-013, titled the "Senior Housing Income Tax Credit Extension," is a state-level bill intended to extend an existing income tax credit program that supports the production or preservation of housing for older adults. The bill’s primary objective is to continue or broaden a fiscal incentive that encourages private investment in senior housing (new construction, rehabilitation, or preservation), with the goal of increasing the supply of affordable, accessible housing for seniors.

Legislative status and timeline

  • Introduced in the Senate and assigned to the Finance Committee on 2025-01-08.
  • Referred from Senate Finance to Appropriations (amended) on 2025-01-28.
  • On 2025-05-08 the Senate Appropriations Committee laid the bill over unamended; committee amendments failed.

"Lay over unamended" typically means the committee deferred final action; the bill remains under consideration for further committee or floor action.

Key provisions (expected / typical)

The bill text itself was not provided. Based on the title and common practice, an extension of a senior housing income tax credit would typically include some or all of the following elements:
- Extension period: additional years of eligibility for the tax credit (e.g., extend sunset date).
- Eligible activities: definitions for qualifying senior housing projects (new construction, substantial rehabilitation, adaptive reuse).
- Credit amount and structure: per-unit or percentage-based credits, any annual or per-project caps.
- Certification and allocation: process for applying for and receiving credits (often through a housing or taxation agency) and any project selection criteria (income targeting, accessibility, affordability requirements).
- Transferability / sale of credits: whether credits may be transferred or sold to third-party taxpayers/investors.
- Carryforward provisions: how unused credits can be carried forward to future tax years.
- Compliance and recapture: reporting, monitoring, and penalties if project requirements are not met.
- Fiscal impact provisions: directions for a fiscal note, caps on aggregate credits, or appropriation-related language.

Who would be affected

  • Developers and investors in senior housing who rely on tax credits to finance projects.
  • Low- and moderate-income older adults — the intended beneficiaries through increased housing availability.
  • State tax revenues and budget — extending credits reduces near-term tax receipts and may require offsetting appropriations or affect fiscal planning.
  • State agencies that administer tax credits and affordable housing programs (application review, compliance monitoring).

Potential impacts

  • Increased private investment in senior housing projects if the credit improves project feasibility.
  • Expansion or preservation of affordable senior housing stock over the extended period.
  • Short-term reduction in state tax revenue; the net budgetary effect depends on caps, usage, and any sunset language.
  • Administrative workload for agencies overseeing credit allocation and compliance.

Next steps / Where to read the full text

Because the full bill text was not supplied here, consult the official legislative website (search by bill number SB 25-013) to review exact statutory amendments, credit amounts, eligibility criteria, fiscal notes, and any committee reports or amendments. Monitoring upcoming committee calendars and the Senate floor schedule will show whether the bill is advanced, amended, or scheduled for a vote.

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

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