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Committee reconsiders and amends low-income housing tax credit bill to apply only to new credits issued after July 1, 2026
Summary
The Committee on Housing reconsidered HB 19-20 HD1 and voted to pass it with amendments that limit the bill’s application to low-income housing tax credits issued after July 1, 2026, addressing an earlier drafting error that would have applied the change retroactively.
The Senate Committee on Housing reconsidered HB 19-20 HD1 at its March 24 session and adopted amendments to ensure the bill’s changes apply only to low-income housing tax credits issued after July 1, 2026.
Chair Chang explained that language adopted during a prior amendment did not accomplish the committee’s intent to prevent windfall profits to holders of existing tax credits, so the committee moved to reconsider. The chair recommended specifying that the amendments apply only to credits issued after 07/01/2026; the committee voted to recommit and pass the bill with that clarifying change.
The committee also commented that financing housing with a state tax credit that trades for less than face value can be inefficient, and that direct appropriations might be fiscally preferable in some cases; however, no specific fiscal alternative was adopted during the hearing.
The recommitment and amended language were adopted and recorded in the committee report. The committee’s action clarifies the bill’s retroactivity and returns it to the legislative process with the new effective timeline.
