Colorado 2022 Regular Session

Colorado House Bill HB1392 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
	1	+	Second Regular Session
	2	+	Seventy-third General Assembly
	3	+	STATE OF COLORADO
	4	+	REREVISED
	5	+	This Version Includes All Amendments
	6	+	Adopted in the Second House
	7	+	LLS NO. 22-1033.01 Jessica Herrera x4218
1	8		HOUSE BILL 22-1392
2		-	BY REPRESENTATIVE(S) Bird and Lindsay, Bernett, Hooton, Jodeh,
3		-	Kipp, Lontine, McCluskie, McCormick, Mullica, Ricks, Roberts, Snyder,
4		-	Titone, Valdez D.;
5		-	also SENATOR(S) Moreno, Buckner, Fields, Hansen, Jaquez Lewis, Lee,
6		-	Priola, Zenzinger.
	9	+	House Committees Senate Committees
	10	+	Finance Finance
	11	+	Appropriations Appropriations
	12	+	A BILL FOR AN ACT
7	13		C
8		-	ONCERNING THE EXTENSION OF STATE TAX INCENTIVES AFFECTING THE USE
9		-	OF REAL PROPERTY TO PROMOTE COMMUNITY DEVELOPMENT
10		-	, AND,
11		-	IN CONNECTION THEREWITH, EXTENDING THE CONTAMINATED LAND
12		-	STATE INCOME TAX CREDIT AND PROPERTY TAX EXEMPTION FOR
13		-	AFFORDABLE HOUSING PROJECTS AND MAKING AN APPROPRIATION
14		-	.
15		-	Be it enacted by the General Assembly of the State of Colorado:
16		-	SECTION 1. In Colorado Revised Statutes, 39-3-112, amend
17		-	(3)(c)(II)(A) and (3)(c)(IV)(A) as follows:
18		-	39-3-112. Definitions - residential property - orphanage -
19		-	low-income elderly or individuals with disabilities - homeless or abused
20		-	- low-income households - charitable purposes - exemption -
21		-	limitations. (3) In order for property to be exempt from the levy and
22		-	collection of property tax pursuant to subsection (2) of this section, the
23		-	NOTE: This bill has been prepared for the signatures of the appropriate legislative
24		-	officers and the Governor. To determine whether the Governor has signed the bill
25		-	or taken other action on it, please consult the legislative status sheet, the legislative
26		-	history, or the Session Laws.
27		-	________
28		-	Capital letters or bold & italic numbers indicate new material added to existing law; dashes
29		-	through words or numbers indicate deletions from existing law and such material is not part of
30		-	the act. administrator must find, pursuant to section 39-2-117, that:
31		-	(c) The property is owned:
32		-	(II) (A) With respect to residential structures specified in
33		-	sub-subparagraphs (A), (C), and (D) of subparagraph (II) of paragraph (a)
34		-	of this subsection (3), SUBSECTIONS (3)(a)(II)(A), (3)(a)(II)(C), AND
35		-	(3)(a)(II)(D) OF THIS SECTION during any compliance period, as defined by
36		-	section 42 (i)(1) of the "Internal Revenue Code of 1986", as amended,
37		-	INCLUDING ANY EXTENDED USE PERIOD PROVIDED UNDER SECTION 42 OF THE
38		-	"INTERNAL REVENUE CODE OF 1986", AS AMENDED, by any domestic or
39		-	foreign limited partnership of which any nonprofit corporation that satisfies
40		-	the provisions of subparagraph (I) of this paragraph (c)
41		-	SUBSECTION
42		-	(3)(c)(I) OF THIS SECTION is a general partner and that was formed for the
43		-	purpose of obtaining, and has been allocated, low-income housing credits
44		-	pursuant to section 42 of the "Internal Revenue Code of 1986", as amended.
45		-	(IV) (A) With respect to elderly or disabled low-income residential
46		-	facilities or low-income household residential facilities, during any
47		-	compliance period, as defined by section 42 (i)(1) of the "Internal Revenue
48		-	Code of 1986", as amended,
49		-	INCLUDING ANY EXTENDED USE PERIOD
50		-	PROVIDED UNDER SECTION
51		-	42 OF THE "INTERNAL REVENUE CODE OF 1986",
52		-	AS AMENDED, by any domestic or foreign limited partnership so long as each
53		-	of the general partners of such limited partnership is a for-profit
54		-	corporation, seventy-five percent or more of the outstanding voting stock
55		-	of which is owned by, and seventy-five percent or more of the members of
56		-	the board of directors of which is elected by, one or more nonprofit
57		-	corporations that satisfy the provisions of subparagraph (I) of this paragraph
58		-	(c) SUBSECTION (3)(c)(I) OF THIS SECTION and so long as such limited
59		-	partnership was formed for the purpose of obtaining, and the structure that
60		-	is owned by such limited partnership has been allocated, low-income
61		-	housing credits pursuant to section 42 of the "Internal Revenue Code of
62		-	1986", as amended.
63		-	SECTION 2. In Colorado Revised Statutes, 39-22-526, amend
64		-	(1)(a) introductory portion, (1)(b), (1)(c), (1)(d) introductory portion,
65		-	(1)(d)(III), (1)(d)(VII), (1)(d)(VIII), (2)(a) introductory portion, (2)(b),
66		-	(2)(c) introductory portion, (2)(c)(II), (2)(c)(VI), (2)(c)(VII), (2)(d), (3), and
67		-	(4); repeal (1)(d)(V), (1)(d)(IX), (1)(d)(X), (2)(c)(IV), and (2)(c)(VIII); and
68		-	add (3.5) as follows:
69		-	PAGE 2-HOUSE BILL 22-1392 39-22-526. Credit for environmental remediation of
70		-	contaminated land - legislative declaration - definitions - repeal.
71		-	(1) (a) For income tax years commencing on or after January 1, 2014, but
72		-	prior to January 1, 2023 JANUARY 1, 2025, there is allowed a credit against
73		-	the income taxes imposed by this article ARTICLE 22 for any approved
74		-	environmental remediation of contaminated property to any taxpayer who
75		-	meets the following requirements:
76		-	(b) (I) The tax credit allowed in this section must not exceed forty
77		-	percent of the first seven hundred fifty thousand dollars expended for the
78		-	approved remediation, and must not exceed thirty percent of the next seven
79		-	hundred fifty thousand dollars expended for the approved remediation. F
	14	+	ONCERNING THE EXTENSION OF STATE TAX INCENTIVES AFFECTING101
	15	+	THE USE OF REAL PROPERTY TO PROMOTE COMMUNITY102
	16	+	DEVELOPMENT, AND, IN CONNECTION THEREWITH , EXTENDING103
	17	+	THE CONTAMINATED LAND STATE INCOME TAX CREDIT AND104
	18	+	PROPERTY TAX EXEMPTION FOR AFFORDABLE HOUSING105
	19	+	PROJECTS AND MAKING AN APPROPRIATION .106
	20	+	Bill Summary
	21	+	(Note: This summary applies to this bill as introduced and does
	22	+	not reflect any amendments that may be subsequently adopted. If this bill
	23	+	passes third reading in the house of introduction, a bill summary that
	24	+	applies to the reengrossed version of this bill will be available at
	25	+	http://leg.colorado.gov
	26	+	.)
	27	+	Under current law, an affordable housing developer in Colorado
	28	+	SENATE
	29	+	3rd Reading Unamended
	30	+	May 9, 2022
	31	+	SENATE
	32	+	Amended 2nd Reading
	33	+	May 6, 2022
	34	+	HOUSE
	35	+	3rd Reading Unamended
	36	+	May 2, 2022
	37	+	HOUSE
	38	+	Amended 2nd Reading
	39	+	April 29, 2022
	40	+	HOUSE SPONSORSHIP
	41	+	Bird and Lindsay, Bernett, Hooton, Jodeh, Kipp, Lontine, McCluskie, McCormick,
	42	+	Mullica, Ricks, Roberts, Snyder, Titone, Valdez D.
	43	+	SENATE SPONSORSHIP
	44	+	Moreno, Buckner, Fields, Hansen, Jaquez Lewis, Lee, Priola, Zenzinger
	45	+	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
	46	+	Capital letters or bold & italic numbers indicate new material to be added to existing statute.
	47	+	Dashes through the words indicate deletions from existing statute. can qualify for state property tax exemptions for 15 years and federal
	48	+	income tax credits for 30 years. The bill allows affordable housing
	49	+	projects to receive the Colorado state property tax exemptions for an
	50	+	extended period of 15 years to match the period available under federal
	51	+	law.
	52	+	Under current law, the tax credit for environmental remediation of
	53	+	contaminated land (commonly referred to as the Brownfield credit) allows
	54	+	taxpayers to claim income tax credits for voluntary cleanup of
	55	+	contaminated land, known as brownfield, located in Colorado. Taxpayers
	56	+	can claim a transferable credit equivalent to 40% of the first $750,000
	57	+	spent on remediation and 30% of the next $750,000 spent, for a maximum
	58	+	credit of $525,000 on remediation costs of $1.5 million or more. In
	59	+	addition, a "qualified entity", which is a county, municipality, or private
	60	+	nonprofit entity, is allowed an essentially identical transferable expense
	61	+	amount for expenses incurred in performing approved environmental
	62	+	remediation that can be transferred to a taxpayer as an income tax credit.
	63	+	The Colorado department of public health and environment (CDPHE) is
	64	+	authorized to certify a total of $3 million in both tax credits for each
	65	+	income tax year. The bill:
	66	+	! Extends the tax credit, which is set to expire on January 1,
	67	+	2023, to January 1, 2033, for an additional 10 years;
	68	+	! Increases the annual total cap on tax credits from $3
	69	+	million to $7 million for calendar year 2022 and after;
	70	+	! Expands the definition of "qualified entity" to include
	71	+	school districts, charter schools, special districts,
	72	+	institutions of higher education, and other
	73	+	quasi-governmental entities;
	74	+	! Allows a taxpayer whose credit is tied to remediation of a
	75	+	site in a rural community to claim a credit equivalent to
	76	+	50% of the first $750,000 spent on remediation and 40% of
	77	+	the next $750,000 spent;
	78	+	! Eliminates some restrictions that taxpayers have on the
	79	+	transferability of credits, including a restriction that
	80	+	requires any transfer to occur within the first 2 years of
	81	+	receiving the tax credit and the requirement that the
	82	+	transferee certify that the taxpayer satisfied statutory
	83	+	requirements; and
	84	+	! Requires a taxpayer and a transferee of a tax credit or
	85	+	transferable expense amount to jointly file a copy of the
	86	+	transfer agreement with CDPHE, specifies that such filing
	87	+	perfects the transfer, and clarifies that the transferee and
	88	+	the department of revenue can rely upon the certification by
	89	+	CDPHE of the ownership and the amount of the tax credit
	90	+	as being accurate.
	91	+	1392
	92	+	-2- Be it enacted by the General Assembly of the State of Colorado:1
	93	+	SECTION 1. In Colorado Revised Statutes, 39-3-112, amend2
	94	+	(3)(c)(II)(A) and (3)(c)(IV)(A) as follows:3
	95	+	39-3-112. Definitions - residential property - orphanage -4
	96	+	low-income elderly or individuals with disabilities - homeless or5
	97	+	abused - low-income households - charitable purposes - exemption -6
	98	+	limitations. (3) In order for property to be exempt from the levy and7
	99	+	collection of property tax pursuant to subsection (2) of this section, the8
	100	+	administrator must find, pursuant to section 39-2-117, that:9
	101	+	(c) The property is owned:10
	102	+	(II) (A) With respect to residential structures specified in11
	103	+	sub-subparagraphs (A), (C), and (D) of subparagraph (II) of paragraph (a)12
	104	+	of this subsection (3), SUBSECTIONS (3)(a)(II)(A), (3)(a)(II)(C), AND13
	105	+	(3)(a)(II)(D)
	106	+	OF THIS SECTION during any compliance period, as defined14
	107	+	by section 42 (i)(1) of the "Internal Revenue Code of 1986", as amended,15
	108	+	INCLUDING ANY EXTENDED USE PERIOD PROVIDED UNDER SECTION 42 OF16
	109	+	THE "INTERNAL REVENUE CODE OF 1986", AS AMENDED, by any domestic17
	110	+	or foreign limited partnership of which any nonprofit corporation that18
	111	+	satisfies the provisions of subparagraph (I) of this paragraph (c)
	112	+	19
	113	+	SUBSECTION (3)(c)(I) OF THIS SECTION is a general partner and that was20
	114	+	formed for the purpose of obtaining, and has been allocated, low-income21
	115	+	housing credits pursuant to section 42 of the "Internal Revenue Code of22
	116	+	1986", as amended.23
	117	+	(IV) (A) With respect to elderly or disabled low-income24
	118	+	residential facilities or low-income household residential facilities, during25
	119	+	any compliance period, as defined by section 42 (i)(1) of the "Internal26
	120	+	1392-3- Revenue Code of 1986", as amended, INCLUDING ANY EXTENDED USE1
	121	+	PERIOD PROVIDED UNDER SECTION 42 OF THE "INTERNAL REVENUE CODE2
	122	+	OF 1986", AS AMENDED, by any domestic or foreign limited partnership so3
	123	+	long as each of the general partners of such limited partnership is a4
	124	+	for-profit corporation, seventy-five percent or more of the outstanding5
	125	+	voting stock of which is owned by, and seventy-five percent or more of6
	126	+	the members of the board of directors of which is elected by, one or more7
	127	+	nonprofit corporations that satisfy the provisions of subparagraph (I) of8
	128	+	this paragraph (c) SUBSECTION (3)(c)(I) OF THIS SECTION and so long as9
	129	+	such limited partnership was formed for the purpose of obtaining, and the10
	130	+	structure that is owned by such limited partnership has been allocated,11
	131	+	low-income housing credits pursuant to section 42 of the "Internal12
	132	+	Revenue Code of 1986", as amended.13
	133	+	SECTION 2. In Colorado Revised Statutes, 39-22-526, amend14
	134	+	(1)(a) introductory portion, (1)(b), (1)(c), (1)(d) introductory portion,15
	135	+	(1)(d)(III), (1)(d)(VII), (1)(d)(VIII), (2)(a) introductory portion, (2)(b),16
	136	+	(2)(c) introductory portion, (2)(c)(II), (2)(c)(VI), (2)(c)(VII), (2)(d), (3),17
	137	+	and (4); repeal (1)(d)(V), (1)(d)(IX), (1)(d)(X), (2)(c)(IV), and18
	138	+	(2)(c)(VIII); and add (3.5) as follows:19
	139	+	39-22-526. Credit for environmental remediation of20
	140	+	contaminated land - legislative declaration - definitions - repeal.21
	141	+	(1) (a) For income tax years commencing on or after January 1, 2014, but22
	142	+	prior to January 1, 2023 JANUARY 1, 2025, there is allowed a credit23
	143	+	against the income taxes imposed by this article ARTICLE 22 for any24
	144	+	approved environmental remediation of contaminated property to any25
	145	+	taxpayer who meets the following requirements:26
	146	+	(b) (I) The tax credit allowed in this section must not exceed forty27
	147	+	1392
	148	+	-4- percent of the first seven hundred fifty thousand dollars expended for the1
	149	+	approved remediation, and must not exceed thirty percent of the next2
	150	+	seven hundred fifty thousand dollars expended for the approved3
	151	+	remediation. F
	152	+	OR INCOME TAX YEARS COMMENCING ON OR AFTER4
	153	+	J
	154	+	ANUARY 1, 2022, WITH RESPECT TO APPROVED REMEDIATION OF A SITE5
	155	+	LOCATED IN A RURAL COMMUNITY , THE AMOUNT OF THE TAX CREDIT6
	156	+	SHALL NOT EXCEED FIFTY PERCENT OF THE FIRST SEVEN HUNDRED FIFTY7
	157	+	THOUSAND DOLLARS EXPENDED FOR THE APPROVED REMEDIATION , AND8
	158	+	MUST NOT EXCEED FORTY PERCENT OF THE NEXT SEVEN HUNDRED FIFTY9
	159	+	THOUSAND DOLLARS EXPENDED FOR THE APPROVED REMEDIATION . A tax10
	160	+	credit is not allowed for expenditures exceeding one million five hundred11
	161	+	thousand dollars on any individual project. 12
	162	+	(II) A
	163	+	S USED IN THIS SUBSECTION (1)(b) AND SUBSECTION (2)(b)13
	164	+	OF THIS SECTION, "RURAL COMMUNITY" MEANS:14
	165	+	(A) A
	166	+	MUNICIPALITY WITH A POPULATION OF LESS THAN FIFTY15
	167	+	THOUSAND PEOPLE THAT IS NOT LOCATED WITHIN THE DENVER16
	168	+	METROPOLITAN AREA; OR17
	169	+	(B) T
	170	+	HE UNINCORPORATED AREA OF ANY COUNTY THAT IS NOT18
	171	+	LOCATED IN THE DENVER METROPOLITAN AREA AND THAT HAS A TOTAL19
	172	+	POPULATION OF LESS THAN FIFTY THOUSAND PEOPLE .20
	173	+	(III) A
	174	+	S USED IN THIS SUBSECTION (1)(b) AND SUBSECTION (2)(b)21
	175	+	OF THIS SECTION, "DENVER METROPOLITAN AREA " MEANS ADAMS,22
	176	+	A
	177	+	RAPAHOE, BOULDER, AND JEFFERSON COUNTIES, THE CITY AND COUNTY23
	178	+	OF BROOMFIELD, THE CITY AND COUNTY OF DENVER, AND ALL OF24
	179	+	D
	180	+	OUGLAS COUNTY OTHER THAN THE TOWN OF CASTLE ROCK AND THE25
	181	+	TOWN OF LARKSPUR.26
	182	+	(c) A credit must be first applied to taxes due or transferred to
	183	+	27
	184	+	1392
	185	+	-5- another taxpayer pursuant to paragraph (d) of this subsection (1) no later1
	186	+	than the tax year following the tax year in which the certification is2
	187	+	provided to the department pursuant to section 25-16-306 (5)(a), C.R.S.3
	188	+	If the credit allowed by this section exceeds the tax otherwise due, the4
	189	+	excess credit may be carried forward and claimed on the earliest possible5
	190	+	subsequent tax return for a period not to exceed five years.6
	191	+	(d) A taxpayer may transfer all or a portion of a tax credit granted7
	192	+	pursuant to this subsection (1) to another taxpayer for such other8
	193	+	taxpayer, as transferee, to apply as a credit against the taxes imposed by9
	194	+	this article ARTICLE 22 subject to the following limitations:10
	195	+	(III) For any tax year in which a tax credit is transferred pursuant11
	196	+	to this paragraph (d), both the taxpayer and the transferee shall file12
	197	+	written statements with their income tax returns specifying the amount of13
	198	+	the tax credit transferred. A transferee may only claim a credit transferred14
	199	+	pursuant to this paragraph (d) if the taxpayer's written statement verifies15
	200	+	the amount of the tax credit claimed by the transferee. ANY TRANSFEREE16
	201	+	OF A TAX CREDIT ISSUED UNDER THIS SECTION MAY USE THE AMOUNT OF17
	202	+	THE TAX CREDITS TRANSFERRED TO OFFSET AGAINST ANY OTHER TAX DUE18
	203	+	UNDER THIS ARTICLE 22. THE TRANSFEROR AND THE TRANSFEREE OF THE19
	204	+	TAX CREDITS SHALL JOINTLY FILE A COPY OF THE WRITTEN TRANSFER20
	205	+	AGREEMENT WITH THE COLORADO DEPARTMENT OF PUBLIC HEALTH AND21
	206	+	ENVIRONMENT, REFERRED TO IN THIS SECTION AS "CDPHE", WITHIN22
	207	+	THIRTY DAYS AFTER THE TRANSFER . ANY FILING OF THE WRITTEN23
	208	+	TRANSFER AGREEMENT WITH CDPHE PERFECTS THE TRANSFER, AND24
	209	+	CDPHE
	210	+	SHALL DEVELOP A SYSTEM TO TRACK THE TRANSFERS OF TAX25
	211	+	CREDITS AND TO CERTIFY THE OWNERSHIP OF TAX CREDITS . A26
	212	+	CERTIFICATION BY CDPHE OF THE OWNERSHIP AND THE AMOUNT OF TAX27
	213	+	1392
	214	+	-6- CREDITS MAY BE RELIED ON BY THE DEPARTMENT OF REVENUE AND THE1
	215	+	TRANSFEREE AS BEING ACCURATE , AND NEITHER CDPHE NOR THE2
	216	+	DEPARTMENT OF REVENUE SHALL ADJUST THE AMOUNT OF TAX CREDITS3
	217	+	AS TO THE TRANSFEREE; EXCEPT THAT CDPHE AND THE DEPARTMENT OF4
	218	+	REVENUE RETAIN ANY REMEDIES THEY MAY HAVE AGAINST THE OWNER .5
	219	+	(V) The transferee shall submit to the department of revenue a6
	220	+	form approved by the department establishing that the taxpayer has7
	221	+	satisfied the requirements of this section. The transferee shall also file a8
	222	+	copy of the form with the department of public health and environment.9
	223	+	(VII) A tax credit held by an individual either directly or as a10
	224	+	result of a donation DISTRIBUTION by a pass-through entity, but not a tax11
	225	+	credit held by a transferee unless used by the transferee's estate for taxes12
	226	+	owed by the estate, survives the death of the individual and may be13
	227	+	claimed or transferred by the decedent's estate.14
	228	+	(VIII) The transferor of a tax credit transferred pursuant to this15
	229	+	paragraph (d) SUBSECTION (1)(d) is the tax matters representative in all16
	230	+	matters with respect to the credit. The tax matters representative is17
	231	+	responsible for representing and binding the transferees with respect to18
	232	+	all issues affecting the credit, including the amounts expended for the19
	233	+	approved remediation, the certificate issued by the department of public20
	234	+	health and environment, notifications and correspondence from and with21
	235	+	the department of revenue, audit examinations, assessments or refunds,22
	236	+	settlement agreements, and the statute of limitations. The transferee is23
	237	+	subject to the same statute of limitations with respect to the credit as the24
	238	+	transferor of the credit.25
	239	+	(IX) Final resolution of disputes regarding the tax credit between26
	240	+	the department of revenue and the tax matters representative, including27
	241	+	1392
	242	+	-7- final determinations, compromises, payment of additional taxes or1
	243	+	refunds due, and administrative and judicial decisions, is binding on2
	244	+	transferees.3
	245	+	(X) Any person who has claimed a credit or who may be eligible4
	246	+	to claim a tax credit either as a taxpayer or a transferee may petition the5
	247	+	department of revenue to change the tax matters representative's6
	248	+	designation. The executive director shall promulgate rules specifying the7
	249	+	procedures for a change to the tax matters representative's designation8
	250	+	when the executive director determines that the tax matters representative9
	251	+	is unavailable or unwilling to act as the tax matters representative. If the10
	252	+	department grants the petition, the new tax matters representative shall11
	253	+	serve in that capacity on and after the date the department grants the12
	254	+	petition.13
	255	+	(2) (a) For income tax years commencing on or after January 1,14
	256	+	2014, but prior to January 1, 2023 JANUARY 1, 2025, there is allowed to15
	257	+	any qualified entity a transferable expense amount for expenses incurred16
	258	+	by the qualified entity in performing approved environmental17
	259	+	remediation. The transferable expense amount may only be transferred to18
	260	+	a taxpayer to be claimed by the taxpayer as a credit pursuant to the19
	261	+	provisions of this subsection (2). The transferrable expense amount is20
	262	+	allowed to any qualified entity that meets the following requirements:21
	263	+	(b) The transferable expense amount allowed in this section must22
	264	+	not exceed forty percent of the first seven hundred fifty thousand dollars23
	265	+	expended by the qualified entity for the approved remediation, and must24
	266	+	not exceed thirty percent of the next seven hundred fifty thousand dollars25
	267	+	expended by the qualified entity for the approved remediation; EXCEPT26
	268	+	THAT, FOR INCOME TAX YEARS COMMENCING ON OR AFTER JANUARY 1,27
	269	+	1392
	270	+	-8- 2022, BUT BEFORE JANUARY 1, 2025, WITH RESPECT TO APPROVED1
	271	+	REMEDIATION OF A SITE LOCATED IN A RURAL COMMUNITY , THE AMOUNT2
	272	+	OF THE TRANSFERABLE EXPENSE SHALL NOT EXCEED FIFTY PERCENT OF3
	273	+	THE FIRST SEVEN HUNDRED FIFTY THOUSAND DOLLARS EXPENDED FOR THE4
	274	+	APPROVED REMEDIATION, AND MUST NOT EXCEED FORTY PERCENT OF THE5
	275	+	NEXT SEVEN HUNDRED FIFTY THOUSAND DOLLARS EXPENDED FOR THE6
	276	+	APPROVED REMEDIATION. A transferable expense amount is not allowed7
	277	+	for expenditures exceeding one million five hundred thousand dollars on8
	278	+	any individual project.9
	279	+	(c) A qualified entity may transfer all or a portion of a transferable10
	280	+	expense amount allowed pursuant to this subsection (2) to a taxpayer for11
	281	+	such taxpayer, as transferee, to apply as a credit against the taxes imposed12
	282	+	by this article ARTICLE 22 subject to the following limitations:13
	283	+	(II) For any tax year in which a transferable expense amount is14
	284	+	transferred pursuant to this subsection (2), the qualified entity shall file15
	285	+	a written statement with the department of revenue on a form approved16
	286	+	by the department of revenue and the transferee shall file a written17
	287	+	statement with the transferee's income tax return specifying the amount18
	288	+	transferred to the transferee to be claimed as a credit. A transferee may19
	289	+	only claim a credit pursuant to this subsection (2) if the qualified entity's20
	290	+	written statement verifies the amount of the tax credit claimed by the21
	291	+	transferee. ANY TRANSFEREE OF A TRANSFERABLE EXPENSE AMOUNT22
	292	+	ISSUED UNDER THIS SECTION MAY USE THE AM OUNT OF THE23
	293	+	TRANSFERABLE EXPENSE AMOUNT TRANSFERRED TO OFFSET AGAINST ANY24
	294	+	OTHER TAX DUE UNDER THIS ARTICLE 22. THE TRANSFEROR AND THE25
	295	+	TRANSFEREE OF THE TRANSFERABLE EXPENSE AMOUNT SHALL JOINTLY26
	296	+	FILE A COPY OF THE WRITTEN TRANSFER AGREEMENT WITH CDPHE27
	297	+	1392
	298	+	-9- WITHIN THIRTY DAYS AFTER THE TRANSFER . ANY FILING OF THE WRITTEN1
	299	+	TRANSFER AGREEMENT WITH CDPHE PERFECTS THE TRANSFER, AND2
	300	+	CDPHE
	301	+	SHALL DEVELOP A SYSTEM TO TRACK THE TRANSFERS OF3
	302	+	TRANSFERABLE EXPENSE AMOUNTS AND TO CERTIFY THE OWNERSHIP OF4
	303	+	TRANSFERABLE EXPENSE AMOUNTS . A CERTIFICATION BY CDPHE OF THE5
	304	+	OWNERSHIP AND THE AMOUNT OF TRANSFERABLE EXPENSE MAY BE RELIED6
	305	+	ON BY THE DEPARTMENT OF REVENUE AND THE TRANSFEREE AS BEING7
	306	+	ACCURATE, AND NEITHER CDPHE NOR THE DEPARTMENT OF REVENUE8
	307	+	SHALL ADJUST THE AMOUNT OF TRANSFERABLE EXPENSE AS TO THE9
	308	+	TRANSFEREE; EXCEPT THAT CDPHE AND THE DEPARTMENT OF REVENUE10
	309	+	RETAIN ANY REMEDIES THEY MAY HAVE AGAINST THE OWNER .11
	310	+	(IV) The transferee shall submit to the department of revenue a
	311	+	12
	312	+	form approved by the department establishing that the transferee has13
	313	+	satisfied the requirements of this section. The transferee shall also file a14
	314	+	copy of the form with the department of public health and environment.15
	315	+	(VI) A tax credit TRANSFERABLE EXPENSE AMOUNT held by a16
	316	+	transferee's estate for taxes owed by the estate, survives the death of the17
	317	+	transferee and may be claimed or transferred by the decedent's estate.18
	318	+	(VII) The qualified entity that transfers a transferable expense19
	319	+	amount to be claimed as a credit by a transferee pursuant to this20
	320	+	subsection (2) is the tax matters representative in all matters with respect21
	321	+	to the credit. The tax matters representative is responsible for representing22
	322	+	and binding the transferees with respect to all issues affecting the credit,23
	323	+	including the amounts expended for the approved remediation, the24
	324	+	certificate issued by the department of public health and environment,25
	325	+	notifications and correspondence from and with the department of26
	326	+	revenue, audit examinations, assessments or refunds, settlement27
	327	+	1392
	328	+	-10- agreements, and the statute of limitations.1
	329	+	(VIII) Final resolution of disputes regarding the tax credit2
	330	+	between the department of revenue and the tax matters representative,3
	331	+	including final determinations, compromises, payment of additional taxes4
	332	+	or refunds due, and administrative and judicial decisions, is binding on5
	333	+	transferees.6
	334	+	(d) For purposes of AS USED IN this subsection (2), "qualified7
	335	+	entity" means a county, home rule county, city, town, home rule city,8
	336	+	home rule city and county,
	337	+	SCHOOL DISTRICT, CHARTER SCHOOL, SPECIAL9
	338	+	DISTRICT, DISTRICT AUTHORIZED BY ARTICLE 20 OF TITLE 30, ARTICLE 2510
	339	+	OF TITLE 31, AND ARTICLES 41 TO 50 OF TITLE 37, STATE INSTITUTION OF11
	340	+	HIGHER EDUCATION, QUASI-GOVERNMENTAL ENTITY , OR MUNICIPAL,12
	341	+	QUASI-MUNICIPAL, OR PUBLIC CORPORATION ORGANIZED PURSUANT TO13
	342	+	LAW, or a private nonprofit entity that is exempt from the income taxes14
	343	+	imposed by this article
	344	+	ARTICLE 22.15
	345	+	(3) In addition to any other requirements of this section, a16
	346	+	taxpayer shall submit a claim for a credit and a qualified entity shall17
	347	+	submit a claim for a transferrable expense amount to the department of18
	348	+	public health and environment. The department shall issue certificates for19
	349	+	the claims received in the order submitted. After certificates have been20
	350	+	issued for credits and transferrable expense amounts in the aggregate21
	351	+	amount of three million dollars for all taxpayers and qualified entities22
	352	+	combined for the 2014
	353	+	TO 2021 calendar years and three
	354	+	FIVE million23
	355	+	dollars for each calendar year thereafter, FOR THE 2022, 2023, AND 202424
	356	+	CALENDAR YEARS, any claims that exceed the amount allowed for the25
	357	+	calendar year shall be placed on a wait list in the order submitted and a26
	358	+	certificate shall be issued for use of the credit or transferrable expense27
	359	+	1392
	360	+	-11- amount in the next year for which the department has not issued credit1
	361	+	certificates in excess of three
80	362		OR
81		-	INCOME TAX YEARS COMMENCING ON OR AFTER
82		-	JANUARY 1, 2022, WITH
83		-	RESPECT TO APPROVED REMEDIATION OF A SITE LOCATED IN A RURAL
84		-	COMMUNITY
85		-	, THE AMOUNT OF THE TAX CREDIT SHALL NOT EXCEED FIFTY
86		-	PERCENT OF THE FIRST SEVEN HUNDRED FIFTY THOUS AND DOLLARS
87		-	EXPENDED FOR THE APPROVED REMEDIATION
88		-	, AND MUST NOT EXCEED FORTY
89		-	PERCENT OF THE NEXT SEVEN HUNDRED FIFTY THOUSAND DOLLARS
90		-	EXPENDED FOR THE APPROVED REMEDIATION
91		-	. A tax credit is not allowed for
92		-	expenditures exceeding one million five hundred thousand dollars on any
93		-	individual project.
94		-	(II) A
95		-	S USED IN THIS SUBSECTION (1)(b) AND SUBSECTION (2)(b) OF
96		-	THIS SECTION
97		-	, "RURAL COMMUNITY" MEANS:
98		-	(A) A
99		-	MUNICIPALITY WITH A POPULATION OF LESS THAN FIFTY
100		-	THOUSAND PEOPLE THAT IS NOT LOCATED WITHIN THE
101		-	DENVER
102		-	METROPOLITAN AREA
103		-	; OR
104		-	(B) THE UNINCORPORATED AREA OF ANY COUNTY THAT IS NOT
105		-	LOCATED IN THE
106		-	DENVER METROPOLITAN AREA AND THAT HAS A TOTAL
107		-	POPULATION OF LESS THAN FIFTY THOUSAND PEOPLE
108		-	.
109		-	(III) A
110		-	S USED IN THIS SUBSECTION (1)(b) AND SUBSECTION (2)(b) OF
111		-	THIS SECTION
112		-	, "DENVER METROPOLITAN AREA" MEANS ADAMS, ARAPAHOE,
113		-	B
114		-	OULDER, AND JEFFERSON COUNTIES, THE CITY AND COUNTY OF
115		-	BROOMFIELD, THE CITY AND COUNTY OF DENVER, AND ALL OF DOUGLAS
116		-	COUNTY OTHER T HAN THE TOWN OF
117		-	CASTLE ROCK AND THE TOWN OF
118		-	LARKSPUR.
119		-	PAGE 3-HOUSE BILL 22-1392 (c) A credit must be first applied to taxes due or transferred to
120		-	another taxpayer pursuant to paragraph (d) of this subsection (1) no later
121		-	than the tax year following the tax year in which the certification is
122		-	provided to the department pursuant to section 25-16-306 (5)(a), C.R.S. If
123		-	the credit allowed by this section exceeds the tax otherwise due, the excess
124		-	credit may be carried forward and claimed on the earliest possible
125		-	subsequent tax return for a period not to exceed five years.
126		-	(d) A taxpayer may transfer all or a portion of a tax credit granted
127		-	pursuant to this subsection (1) to another taxpayer for such other taxpayer,
128		-	as transferee, to apply as a credit against the taxes imposed by this article
129		-	ARTICLE 22 subject to the following limitations:
130		-	(III) For any tax year in which a tax credit is transferred pursuant to
131		-	this paragraph (d), both the taxpayer and the transferee shall file written
132		-	statements with their income tax returns specifying the amount of the tax
133		-	credit transferred. A transferee may only claim a credit transferred pursuant
134		-	to this paragraph (d) if the taxpayer's written statement verifies the amount
135		-	of the tax credit claimed by the transferee. ANY TRANSFEREE OF A TAX
136		-	CREDIT ISSUED UNDER THIS SECTION MAY USE THE AMOUNT OF THE TAX
137		-	CREDITS TRANSFERRED TO OFFSET AGAINST ANY OTHER TAX DUE UNDER
138		-	THIS ARTICLE
139		-	22. THE TRANSFEROR AND THE TRANSFEREE OF THE TAX
140		-	CREDITS SHALL JOINTLY FILE A COPY OF THE WRITTEN TRANSFER
141		-	AGREEMENT WITH THE
142		-	COLORADO DEPARTMENT OF PUBLIC HEALTH AND
143		-	ENVIRONMENT
144		-	, REFERRED TO IN THIS SECTION AS "CDPHE", WITHIN THIRTY
145		-	DAYS AFTER THE TRANSFER
146		-	. ANY FILING OF THE WRITTEN TRANSFER
147		-	AGREEMENT WITH
148		-	CDPHE PERFECTS THE TRANSFER, AND CDPHE SHALL
149		-	DEVELOP A SYSTEM TO TRACK THE TRANSFERS OF TAX CREDITS AND TO
150		-	CERTIFY THE OWNERSHIP OF TAX CREDITS
151		-	. A CERTIFICATION BY CDPHE OF
152		-	THE OWNERSHIP AND THE AMOUNT OF TAX CREDITS MAY BE RELIED ON BY
153		-	THE DEPARTMENT OF REVENUE AND THE TRANSFEREE AS BEING ACCURATE
154		-	,
155		-	AND NEITHER CDPHE NOR THE DEPARTMENT OF REVENUE SHALL ADJUST
156		-	THE AMOUNT OF TAX CREDITS AS TO THE TRANSFEREE
157		-	; EXCEPT THAT
158		-	CDPHE AND THE DEPARTMENT OF REVENUE RETAIN ANY REMEDIES THEY
159		-	MAY HAVE AGAINST THE OWNER
160		-	.
161		-	(V) The transferee shall submit to the department of revenue a form
162		-	approved by the department establishing that the taxpayer has satisfied the
163		-	requirements of this section. The transferee shall also file a copy of the form
164		-	with the department of public health and environment.
165		-	PAGE 4-HOUSE BILL 22-1392 (VII) A tax credit held by an individual either directly or as a result
166		-	of a donation DISTRIBUTION by a pass-through entity, but not a tax credit
167		-	held by a transferee unless used by the transferee's estate for taxes owed by
168		-	the estate, survives the death of the individual and may be claimed or
169		-	transferred by the decedent's estate.
170		-	(VIII) The transferor of a tax credit transferred pursuant to this
171		-	paragraph (d)
172		-	SUBSECTION (1)(d) is the tax matters representative in all
173		-	matters with respect to the credit. The tax matters representative is
174		-	responsible for representing and binding the transferees with respect to all
175		-	issues affecting the credit, including the amounts expended for the approved
176		-	remediation, the certificate issued by the department of public health and
177		-	environment, notifications and correspondence from and with the
178		-	department of revenue, audit examinations, assessments or refunds,
179		-	settlement agreements, and the statute of limitations. The transferee is
180		-	subject to the same statute of limitations with respect to the credit as the
181		-	transferor of the credit.
182		-	(IX) Final resolution of disputes regarding the tax credit between the
183		-	department of revenue and the tax matters representative, including final
184		-	determinations, compromises, payment of additional taxes or refunds due,
185		-	and administrative and judicial decisions, is binding on transferees.
186		-	(X) Any person who has claimed a credit or who may be eligible to
187		-	claim a tax credit either as a taxpayer or a transferee may petition the
188		-	department of revenue to change the tax matters representative's
189		-	designation. The executive director shall promulgate rules specifying the
190		-	procedures for a change to the tax matters representative's designation when
191		-	the executive director determines that the tax matters representative is
192		-	unavailable or unwilling to act as the tax matters representative. If the
193		-	department grants the petition, the new tax matters representative shall
194		-	serve in that capacity on and after the date the department grants the
195		-	petition.
196		-	(2) (a) For income tax years commencing on or after January 1,
197		-	2014, but prior to January 1, 2023 JANUARY 1, 2025, there is allowed to any
198		-	qualified entity a transferable expense amount for expenses incurred by the
199		-	qualified entity in performing approved environmental remediation. The
200		-	transferable expense amount may only be transferred to a taxpayer to be
201		-	claimed by the taxpayer as a credit pursuant to the provisions of this
202		-	PAGE 5-HOUSE BILL 22-1392 subsection (2). The transferrable expense amount is allowed to any qualified
203		-	entity that meets the following requirements:
204		-	(b) The transferable expense amount allowed in this section must
205		-	not exceed forty percent of the first seven hundred fifty thousand dollars
206		-	expended by the qualified entity for the approved remediation, and must not
207		-	exceed thirty percent of the next seven hundred fifty thousand dollars
208		-	expended by the qualified entity for the approved remediation;
209		-	EXCEPT
210		-	THAT
211		-	, FOR INCOME TAX YEARS COMMENCING ON OR AFTER JANUARY 1,
212		-	2022,
213		-	BUT BEFORE JANUARY 1, 2025, WITH RESPECT TO APPROVED
214		-	REMEDIATION OF A SITE LOCATED IN A RURAL COMMUNITY
215		-	, THE AMOUNT OF
216		-	THE TRANSFERABLE EXPENSE SHALL NOT EXCEED FIFTY PERCENT OF THE
217		-	FIRST SEVEN HUNDRED FIFTY T HOUSAND DOLLARS EXPENDED FOR THE
218		-	APPROVED REMEDIATION
219		-	, AND MUST NOT EXCEED FORTY PERCENT OF THE
220		-	NEXT SEVEN HUNDRED FIFTY THOUSAND DOLLARS EXPENDED FOR THE
221		-	APPROVED REMEDIATION
222		-	. A transferable expense amount is not allowed for
223		-	expenditures exceeding one million five hundred thousand dollars on any
224		-	individual project.
225		-	(c) A qualified entity may transfer all or a portion of a transferable
226		-	expense amount allowed pursuant to this subsection (2) to a taxpayer for
227		-	such taxpayer, as transferee, to apply as a credit against the taxes imposed
228		-	by this article
229		-	ARTICLE 22 subject to the following limitations:
230		-	(II) For any tax year in which a transferable expense amount is
231		-	transferred pursuant to this subsection (2), the qualified entity shall file a
232		-	written statement with the department of revenue on a form approved by the
233		-	department of revenue and the transferee shall file a written statement with
234		-	the transferee's income tax return specifying the amount transferred to the
235		-	transferee to be claimed as a credit. A transferee may only claim a credit
236		-	pursuant to this subsection (2) if the qualified entity's written statement
237		-	verifies the amount of the tax credit claimed by the transferee. ANY
238		-	TRANSFEREE OF A TRANSFERABLE EXPENSE AMOUNT ISSUED UNDER THIS
239		-	SECTION MAY USE THE AMOUNT OF THE TRANSFERABLE EXPENSE AMOUNT
240		-	TRANSFERRED TO OFFSET AGAINST ANY OTHER TAX DUE UNDER THIS
241		-	ARTICLE
242		-	22. THE TRANSFEROR AND THE TRANSFEREE OF THE TRANSFERABLE
243		-	EXPENSE AMOUNT SHALL JOINTLY FILE A COPY OF THE WRITTEN TRANSFER
244		-	AGREEMENT WITH
245		-	CDPHE WITHIN THIRTY DAYS AFTER THE TRANSFER. ANY
246		-	FILING OF THE WRITTEN TRANSFER AGREEMENT WITH
247		-	CDPHE PERFECTS THE
248		-	TRANSFER
249		-	, AND CDPHE SHALL DEVELOP A SYSTEM TO TRACK THE
250		-	PAGE 6-HOUSE BILL 22-1392 TRANSFERS OF TRANSFERABLE EXPENSE AMOUNTS AND TO CERTIFY THE
251		-	OWNERSHIP OF TRANSFERABLE EXPENSE AMOUNTS
252		-	. A CERTIFICATION BY
253		-	CDPHE OF THE OWNERSHIP AND THE AMOUNT OF TRANSFERABLE EXPENSE
254		-	MAY BE RELIED ON BY THE DEPARTMENT OF REVENUE AND THE TRANSFEREE
255		-	AS BEING ACCURATE
256		-	, AND NEITHER CDPHE NOR THE DEPARTMENT OF
257		-	REVENUE SHALL ADJUST THE AMOUNT OF TRANSFERABLE EXPENSE AS TO
258		-	THE TRANSFEREE
259		-	; EXCEPT THAT CDPHE AND THE DEPARTMENT OF REVENUE
260		-	RETAIN ANY REMEDIES THEY MAY HAVE AGAINST THE OWNER
261		-	.
262		-	(IV) The transferee shall submit to the department of revenue a form
263		-	approved by the department establishing that the transferee has satisfied the
264		-	requirements of this section. The transferee shall also file a copy of the form
265		-	with the department of public health and environment.
266		-	(VI) A tax credit TRANSFERABLE EXPENSE AMOUNT held by a
267		-	transferee's estate for taxes owed by the estate, survives the death of the
268		-	transferee and may be claimed or transferred by the decedent's estate.
269		-	(VII) The qualified entity that transfers a transferable expense
270		-	amount to be claimed as a credit by a transferee pursuant to this subsection
271		-	(2) is the tax matters representative in all matters with respect to the credit.
272		-	The tax matters representative is responsible for representing and binding
273		-	the transferees with respect to all issues affecting the credit, including the
274		-	amounts expended for the approved remediation, the certificate issued by
275		-	the department of public health and environment, notifications and
276		-	correspondence from and with the department of revenue, audit
277		-	examinations, assessments or refunds, settlement agreements, and the
278		-	statute of limitations.
279		-	(VIII) Final resolution of disputes regarding the tax credit between
280		-	the department of revenue and the tax matters representative, including final
281		-	determinations, compromises, payment of additional taxes or refunds due,
282		-	and administrative and judicial decisions, is binding on transferees.
283		-	(d) For purposes of AS USED IN this subsection (2), "qualified entity"
284		-	means a county, home rule county, city, town, home rule city, home rule
285		-	city and county,
286		-	SCHOOL DISTRICT, CHARTER SCHOOL, SPECIAL DISTRICT,
287		-	DISTRICT AUTHORIZED BY ARTICLE 20 OF TITLE 30, ARTICLE 25 OF TITLE 31,
288		-	AND ARTICLES 41 TO 50 OF TITLE 37, STATE INSTITUTION OF HIGHER
289		-	EDUCATION
290		-	, QUASI-GOVERNMENTAL ENTITY , OR MUNICIPAL ,
291		-	PAGE 7-HOUSE BILL 22-1392 QUASI-MUNICIPAL, OR PUBLIC CORPORATION ORGANIZED PURSUANT TO LAW ,
292		-	or a private nonprofit entity that is exempt from the income taxes imposed
293		-	by this article
294		-	ARTICLE 22.
295		-	(3) In addition to any other requirements of this section, a taxpayer
296		-	shall submit a claim for a credit and a qualified entity shall submit a claim
297		-	for a transferrable expense amount to the department of public health and
298		-	environment. The department shall issue certificates for the claims received
299		-	in the order submitted. After certificates have been issued for credits and
300		-	transferrable expense amounts in the aggregate amount of three million
301		-	dollars for all taxpayers and qualified entities combined for the 2014
302		-	TO
303		-	2021 calendar years and three
304		-	FIVE million dollars for each calendar year
305		-	thereafter, FOR THE 2022, 2023, AND 2024 CALENDAR YEARS, any claims that
306		-	exceed the amount allowed for the calendar year shall be placed on a wait
307		-	list in the order submitted and a certificate shall be issued for use of the
308		-	credit or transferrable expense amount in the next year for which the
309		-	department has not issued credit certificates in excess of three
310		-	OR FIVE
311		-	million dollars except that no more than one million dollars in claims shall
312		-	be placed on the wait list for any given calendar year RESPECTIVELY. The
313		-	department shall not issue certificates for any calendar year, including
314		-	certificates placed on a wait list for that year, in an aggregate amount that
315		-	exceeds three
316		-	OR FIVE million dollars RESPECTIVELY. TWO MILLION DOLLARS
317		-	OF THE FIVE MILLION DOLLAR CAP IS RESERVED ONLY FOR PROJECTS IN A
318		-	RURAL COMMUNITY
319		-	. THE REMAINING THREE MILLION DOLLARS EACH YEAR
320		-	MAY BE USED BY RURAL OR NONRURAL COMMUNITIES
321		-	. No claim for a credit
322		-	or a transferrable expense amount is allowed for any income tax year
323		-	commencing on or after January 1, 2014, unless a certificate has been issued
324		-	by the department pursuant to this subsection (3).
	363	+	FIVE million dollars except that no more2
	364	+	than one million dollars in claims shall be placed on the wait list for any3
	365	+	given calendar year RESPECTIVELY. The department shall not issue4
	366	+	certificates for any calendar year, including certificates placed on a wait5
	367	+	list for that year, in an aggregate amount that exceeds three
	368	+	OR
	369	+	FIVE6
	370	+	million dollars
	371	+	RESPECTIVELY. TWO MILLION DOLLARS OF THE
	372	+	FIVE7
	373	+	MILLION DOLLAR CAP IS RESERVED ONLY FOR PROJECTS IN A RURAL8
	374	+	COMMUNITY. THE REMAINING THREE MILLION DOLLARS EACH YEAR MAY9
	375	+	BE USED BY RURAL OR NONRURAL COMMUNITIES . No claim for a credit or10
	376	+	a transferrable expense amount is allowed for any income tax year11
	377	+	commencing on or after January 1, 2014, unless a certificate has been12
	378	+	issued by the department pursuant to this subsection (3).13
325	379		(3.5) I
326		-	N ACCORDANCE WITH SECTION 39-21-304 (1), WHICH REQUIRES
327		-	EACH BILL THAT CREATES A NEW TAX EXPENDITURE OR EXTENDS AN
328		-	EXPIRING TAX EXPENDITURE TO INCLUDE A TAX PREFERENCE PERFORMANCE
329		-	STATEMENT AS PART OF A STATUTORY LEGISLATIVE DECLARATION
330		-	, THE
331		-	GENERAL ASSEMBLY HEREBY FINDS AND DECLARES THAT
332		-	:
	380	+	N ACCORDANCE WITH SECTION 39-21-304 (1), WHICH14
	381	+	REQUIRES EACH BILL THAT CREATES A NEW TAX EXPENDITURE OR15
	382	+	EXTENDS AN EXPIRING TAX EXPENDITURE TO INCLUDE A TAX PREFERENCE16
	383	+	PERFORMANCE STATEMENT AS PART OF A STATUTORY LEGISLATIVE17
	384	+	DECLARATION, THE GENERAL ASSEMBLY HEREBY FINDS AND DECLARES18
	385	+	THAT:19
333	386		(a) T
334		-	HE GENERAL LEGISLATIVE PURPOSES OF THE INCOME TAX
335		-	CREDIT ALLOWED BY THIS SECTION ARE
336		-	:
	387	+	HE GENERAL LEGISLATIVE PURPOSES OF THE INCOME TAX20
	388	+	CREDIT ALLOWED BY THIS SECTION ARE :21
337	389		(I) T
338		-	O INDUCE CERTAIN DESIGNATED BEHAVIOR BY TAXPAYERS ; AND
339		-	PAGE 8-HOUSE BILL 22-1392 (II) TO PROVIDE TAX RELIEF FOR CERTAIN BUSINESSES OR
340		-	INDIVIDUALS
341		-	;
	390	+	O INDUCE CERTAIN DESIGNATED BEHAVIOR BY TAXPAYERS ;22
	391	+	AND23
	392	+	(II) T
	393	+	O PROVIDE TAX RELIEF FOR CERTAIN BUSINESSES OR24
	394	+	INDIVIDUALS;25
342	395		(b) T
343		-	HE SPECIFIC LEGISLATIVE PURPOSE OF THE INCOME ~~TAX CREDIT~~
344		-	ALLOWED BY THIS SECTION IS TO ENCOURAGE ~~VOLUNTARY ENVIRONMENTAL~~
345		-	~~REMEDIATION OF CONTAMINATED SITES BY PROVIDING A FINANCIAL~~
346		-	~~INCENTIVE TO MOVE FORWARD WITH COSTLY~~ REMEDIATION ~~PROJECTS~~
347		-	~~; AND~~
348		-	~~(c) IN ORDER TO ALLOW THE GENERAL ASSEMBLY AND THE STATE~~
349		-	~~AUDITOR TO MEASURE THE EFFECTIVENESS OF ACHIEVING THE PURPOSES~~
350		-	~~SPECIFIED IN SUBSECTIONS~~
351		-	~~(3.5)(a) AND (3.5)(b)~~ OF ~~THIS SECTION,~~ ~~CDPHE~~
352		-	~~IS REQUIRED TO PROVIDE DATA THAT INDICATES FOR EACH CALENDER YEAR~~
353		-	~~HOW MANY PROJECTS QUALIFIED~~ FOR ~~THE CREDIT AND THE NUMBER OF~~
354		-	CREDIT ~~RECIPIENTS~~
355		-	.
	396	+	HE SPECIFIC LEGISLATIVE PURPOSE OF THE INCOME TAX26
	397	+	CREDIT ALLOWED BY THIS SECTION IS TO ENCOURAGE VOLUNTARY27
	398	+	1392
	399	+	-12- ENVIRONMENTAL REMEDIATION OF CONTAMINATED SITES BY PROVIDING1
	400	+	A FINANCIAL INCENTIVE TO MOVE FORWARD WITH COSTLY REMEDIATION2
	401	+	PROJECTS; AND3
	402	+	(c) I
	403	+	N ORDER TO ALLOW THE GENERAL ASSEMBLY AND THE STATE4
	404	+	AUDITOR TO MEASURE THE EFFECTIVENESS OF ACHIEVING THE PURPOSES5
	405	+	SPECIFIED IN SUBSECTIONS (3.5)(a) AND (3.5)(b) OF THIS SECTION, CDPHE6
	406	+	IS REQUIRED TO PROVIDE DATA THAT INDICATES FOR EACH CALENDER7
	407	+	YEAR HOW MANY PROJECTS QUALIFIED FOR THE CREDIT AND THE NUMBER8
	408	+	OF CREDIT RECIPIENTS.9
356	409		(4) This section is repealed, effective December 31, 2029
357		-	DECEMBER 31, 2031.
358		-	SECTION 3. Appropriation. (1) For the 2022-23 state fiscal year,
359		-	$41,102 is appropriated to the department of revenue for use by the taxation
360		-	business group. This appropriation is from the general fund. To implement
361		-	this act, the group may use this appropriation for tax administration IT
362		-	system (GenTax) support.
363		-	(2) For the 2022-23 state fiscal year, $10,000 is appropriated to the
364		-	department of public health and environment for use by the hazardous
365		-	materials and waste management division. This appropriation is from the
366		-	hazardous substance site response fund created in section 25-16-104.9 (2),
367		-	C.R.S. To implement this act, the division may use this appropriation for
368		-	program costs related to administration.
369		-	SECTION 4. Safety clause. The general assembly hereby finds,
370		-	PAGE 9-HOUSE BILL 22-1392 determines, and declares that this act is necessary for the immediate
371		-	preservation of the public peace, health, or safety.
372		-	____________________________ ____________________________
373		-	Alec Garnett Steve Fenberg
374		-	SPEAKER OF THE HOUSE PRESIDENT OF
375		-	OF REPRESENTATIVES THE SENATE
376		-	____________________________ ____________________________
377		-	Robin Jones Cindi L. Markwell
378		-	CHIEF CLERK OF THE HOUSE SECRETARY OF
379		-	OF REPRESENTATIVES THE SENATE
380		-	APPROVED________________________________________
381		-	(Date and Time)
382		-	_________________________________________
383		-	Jared S. Polis
384		-	GOVERNOR OF THE STATE OF COLORADO
385		-	PAGE 10-HOUSE BILL 22-1392
	410	+	10
	411	+	DECEMBER 31, 2031.11
	412	+	SECTION 3. Appropriation. (1) For the 2022-23 state fiscal12
	413	+	year, $41,102 is appropriated to the department of revenue for use by the13
	414	+	taxation business group. This appropriation is from the general fund. To14
	415	+	implement this act, the group may use this appropriation for tax15
	416	+	administration IT system (GenTax) support.16
	417	+	(2) For the 2022-23 state fiscal year, $10,000 is appropriated to17
	418	+	the department of public health and environment for use by the hazardous18
	419	+	materials and waste management division. This appropriation is from the19
	420	+	hazardous substance site response fund created in section 25-16-104.920
	421	+	(2), C.R.S. To implement this act, the division may use this appropriation21
	422	+	for program costs related to administration.22
	423	+	SECTION 4. Safety clause. The general assembly hereby finds,23
	424	+	determines, and declares that this act is necessary for the immediate24
	425	+	preservation of the public peace, health, or safety.25
	426	+	1392
	427	+	-13-