Colorado House Bill HB1129

Colorado 2023 Regular Session

• Introduced: 1/30/23
• Refer: 1/30/23
• Report Pass: 2/16/23
• Refer: 2/16/23

Caption

Tax Credit Lifebuoy Apparatus

Impact

The bill is expected to have a positive impact on public safety by encouraging property developers to prioritize the installation of lifebuoys in new subdivisions. As there are concerns over the safety of residents and visitors in such areas, the tax credit could lead to increased lifesaving measures and reduced drowning incidents. By implementing this incentive, the state aims to ensure a proactive approach to safety in communities with bodies of water.

Summary

House Bill 1129, also known as the 'Dyllan Whittenburg Act', establishes a state income tax credit for eligible purchasers who install lifebuoy apparatus in subdivisions with bodies of water starting January 1, 2023. The tax credit amounts to $1,500 for each lifebuoy apparatus installed and can be claimed only once per installation, though any unused credits can be carried forward for up to five years. This legislation aims to promote safety in residential areas that include water bodies by incentivizing the placement of lifesaving flotation devices.

Contention

Discussion surrounding HB 1129 suggests that while many support the initiative, there are points of contention regarding the overall effectiveness of the tax credit. Some critics may question whether financial incentives adequately address the complexities of water safety and whether this measure would lead to compliance or a mere financial transaction that does not enhance actual safety measures in subdivisions. Additionally, the limitations and stipulations for claiming the tax credit could invoke questions on compliance and regulation among eligible purchasers.