What is RMP’s Innovation Lab?
RMP’s Innovation Lab is a dedicated space where partners and community members come together to explore innovative ideas that align to RMP’s goals. The Lab welcomes ideas across various areas, such as policies, funding opportunities, or project initiatives. And ideas introduced at the Lab could potentially be adopted as official RMP projects.
What was the policy idea explored at RMP’s innovation lab?
In October 2022, RMP Partner Daniel Ryley, who is also the Executive Director of the Arvada Economic Development Association, proposed an innovative policy idea to RMP’s Community Leaders Council. The proposal was to provide a tax credit for employers who assist their employees with housing down payment assistance.
Since then, Daniel has been actively involved in working with the current bill sponsors to draft the bill. Additionally, he has kept RMP informed about the progress of the bill at every stage of development.
What bill did this policy idea become?
HB23:1189: Employer Assistance for Home Purchase Tax Credit
What does this bill do?
This bill creates a tax credit for employers who contribute money to help their employees buy a primary residence, like a house. Employees could authorize their employer to take a certain amount of money out of their paychecks to go towards a fund that could be used to pay for things like a down payment or closing costs.
What’s next for this bill?
This bill passed its House Committee and is currently in appropriations.