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Bill would let cities, counties offer local sales-tax remittance to spur affordable housing
Summary
The proposed substitute to HB 17-17 would let a city or county adopt a local sales-and-use tax remittance program that refunds 100% of local sales tax paid on construction of qualifying affordable housing after certificate of occupancy; qualifying projects must dedicate at least 50% of units to low- or moderate-income households for 40 years. Supporters say the tool would help nonprofit builders close funding gaps.
A bill before the House Finance Committee would give cities and counties a local tool to reduce construction costs for affordable housing.
The proposed substitute to House Bill 17-17 authorizes a city or county legislative authority to adopt a resolution creating a local sales-and-use tax remittance program that refunds 100% of local sales tax paid for materials, labor and services on qualifying affordable or mixed-use projects. Christina King, staff to the committee, told members the remittance is granted after a certificate of occupancy and applies only to taxes levied within the adopting jurisdiction.
Supporters said the program could be decisive for nonprofits and smaller…
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