Second Regular Session
Seventy-fourth General Assembly
STATE OF COLORADO
REREVISED
This Version Includes All Amendments
Adopted in the Second House
LLS NO. 24-0658.03 Jason Gelender x4330
HOUSE BILL 24-1295
House Committees Senate Committees
Business Affairs & Labor Finance
Finance Appropriations
Appropriations
A BILL FOR AN ACT
C
ONCERNING COMMUNITY REVITALI ZATION INCENTIVES FOR THE101
SUPPORT OF CREATIVE INDUSTRIES , AND, IN CONNECTION102
THEREWITH , EXTENDING THE COMMUNITY GRANT103
REVITALIZATION
PROGRAM, CREATING AN INCOME TAX CREDIT104
FOR EXPENSES INCURRED IN COMPLETING INFRASTRUCTURE105
THAT SUPPORTS CREATIVE INDUSTRIES AND CREATIVE INDUSTRY106
WORKERS, AND MAKING AN APPROPRIATION .107
Bill Summary
(Note: This summary applies to this bill as introduced and does
not reflect any amendments that may be subsequently adopted. If this bill
passes third reading in the house of introduction, a bill summary that
applies to the reengrossed version of this bill will be available at
http://leg.colorado.gov
.)
SENATE
3rd Reading Unamended
May 7, 2024
SENATE
Amended 2nd Reading
May 6, 2024
HOUSE
3rd Reading Unamended
April 26, 2024
HOUSE
Amended 2nd Reading
April 25, 2024
HOUSE SPONSORSHIP
Titone and Herod, Amabile, Bacon, Bird, Boesenecker, Duran, English, Froelich, Hamrick,
Hernandez, Jodeh, Joseph, Kipp, Lieder, Lindsay, Lindstedt, Lukens, Mabrey, McCluskie,
McCormick, McLachlan, Ortiz, Ricks, Sirota, Snyder, Valdez, Velasco, Willford, Woodrow
SENATE SPONSORSHIP
Fenberg and Coleman, Bridges, Buckner, Cutter, Gonzales, Jaquez Lewis, Michaelson
Jenet, Priola, Sullivan
Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
Capital letters or bold & italic numbers indicate new material to be added to existing law.
Dashes through the words or numbers indicate deletions from existing law. Section 1 of the bill modifies the community revitalization grant
program (grant program) by:
! Including projects that are eligible for funding under the
space to create program administered by the creative
industries division (division) within the office of economic
development (office) as projects intended to be supported
by the grant program;
! Extending deadlines for the adoption of policies,
procedures, and guidelines for the grant program and for
grant program reporting; and
! Extending the scheduled repeal of the grant program from
January 1, 2025, to the date on which all money transferred
or otherwise credited to the community revitalization fund
pursuant to this section is expended.
Section 2 creates a new community revitalization income tax
credit (credit), for income tax years commencing on or after January 1,
2026, but before January 1, 2033, in an amount equal to 25% of the
amount of eligible expenditures made by a qualified applicant in
completing an eligible project; except that the office may reduce the
credit percentage for reservations for credits made in any income tax year,
and the maximum amount of the credit for a single project is $3 million.
In addition, the maximum amount of credits that may be reserved during
any calendar year is $16 million. An eligible project is a capital
improvement project within a creative district, a historic district, or a
neighborhood commercial center or a main street that involves the
construction, rehabilitation, conversion, remodeling, or other
improvement of one or more buildings, structures, or facilities for uses
that support creative industries and creative industry workers and that is
approved as an eligible project by the office.
The bill details a process for claiming the credit that requires:
! The submission by a qualified applicant to the office of an
eligible project plan that includes an estimate of eligible
expenditures;
! Preliminary and final review and approval of the plan by
the office;
! Reservation of a credit for the qualified applicant by the
office;
! Commencement of the eligible project incurrence by the
qualified applicant of a specified minimum portion of the
eligible expenditures within a specified period;
! Completion of the eligible project;
! Issuance of a tax credit certificate by the office;
! Filing of the tax credit certificate by the qualified applicant
with the department of revenue with the qualified
1295
-2- applicant's tax return or informational return; and
! Recapture of the credit if the eligible project is not used for
a use that makes it an eligible project during a specified
compliance period.
The office is required to annually report to the general assembly
regarding the credit and may, after soliciting advice from the department
of revenue, create and modify policies and procedures as necessary to
implement the credit.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. In Colorado Revised Statutes, 23-15-102, amend
2
(1)(a) as follows:3
23-15-102. Legislative declaration. (1) The general assembly4
hereby finds and declares that:5
(a) It is the intent of the general assembly to create the Colorado6
educational and cultural facilities authority to lend money to educational7
institutions and cultural institutions; to authorize the authority to acquire,8
construct, reconstruct, repair, alter, improve, extend, own, lease, and9
dispose of properties to the end that the authority may be able to promote10
the welfare of the people of this state; to authorize the authority to11
administer the Colorado education savings program; to permit the bonds12
or certificates of participation of the authority and the bonds or13
certificates of participation of other issuers to be designated as Colorado14
education savings bonds or certificates; and to vest such authority with15
powers to enable such authority to accomplish such purposes; It is not the16
intent of the general assembly to authorize the authority to operate any17
such educational or cultural facility.18
SECTION 2. In Colorado Revised Statutes, 23-15-103, amend19
(8.5)(a)(I)(A) and (8.5)(a)(II)(A) as follows:20
23-15-103. Definitions. As used in this article, unless the context21
1295-3- otherwise requires:1
(8.5) (a) (I) (A) "Facility", in the case of a participating2
educational institution, means any structure or building suitable for use3
as a housing facility, an instructional facility, an administration building,4
a research facility, a laboratory, a maintenance, storage, or utility facility,5
an auditorium, a dining hall, a food service and preparation facility, a6
mental or physical health-care facility, a recreational facility,
A HOTEL, or
7
a student center facility or any other structure or facility required or useful8
for the operation of an educational institution, including, but not limited9
to: Offices, parking lots and garages,
EATING OR DRINKING
10
ESTABLISHMENTS, GIFT SHOPS, LODGING, and other supporting service11
structures; any equipment, furnishings, and appurtenances necessary or12
useful in the operation of a participating educational institution; and the13
acquisition, preparation, and development of all real and personal14
property necessary or convenient as a site or sites for any such structure15
or facility.16
(II) (A) "Facility", in the case of a cultural institution, means any17
property that is suitable for the particular purposes of a cultural18
institution, including, without limitation, any such property suitable for19
use as or in connection with the operation of any one or more of the20
following: An administrative facility, an aquarium, an assembly hall, an21
auditorium, a botanical garden, an exhibition or performance hall or22
structure, a gallery, a greenhouse, a library, a museum, a scientific23
laboratory,
A FILM CENTER, A HOTEL, a housing facility that serves the
24
cultural needs of its residents and is being financed as part of a multistate25
program of financing educational or cultural facilities under this article,26
a theater, or a zoological facility; and also including, without limitation,27
1295
-4- the books, works of art or music, and the animal, plant, or aquatic life or1
other items contained therein for display, exhibition, or performance. The2
term "facility" includes any other structure or facility required or useful3
for the operation of a cultural institution including, but not limited to,4
offices, parking lots and garages,
EATING OR DRINKING ESTABLISHMENTS ,
5
GIFT SHOPS, LODGING, and other supporting service structures; any6
equipment, furnishings, and appurtenances necessary or useful in the7
operation of a cultural institution; and the acquisition, preparation, and8
development of all real and personal property necessary or convenient as9
a site or sites for any such structure or facility. The term "facility" also10
includes buildings on the national register of historic places which are11
owned and OR operated by nonprofit OR GOVERNMENTAL entities,12
INCLUDING THE AUTHORITY.13
SECTION 3. In Colorado Revised Statutes, 23-15-107, amend14
(1) introductory portion, (1)(v), and (2); and add (1)(w) as follows:15
23-15-107. General powers of the authority. (1) In addition to16
any other powers granted to the authority by this article 15, the authority17
shall have HAS the following powers:18
(v) To designate as Colorado education savings bonds or19
certificates the bonds or certificates of participation of issuers other than20
the authority if the issuer has applied for such designation and the21
authority has determined that such instruments satisfy the criteria22
established in section 23-15-110.5 (2);
AND
23
(w) T
O ESTABLISH AND ADMINISTER ONE OR MORE FUNDS FOR
24
LOANS, REVOLVING LOANS, OR GRANTS TO SUPPORT CAPITAL PROJECTS25
FOR FACILITIES, AS WELL AS OPERATIONS, MAINTENANCE, PROGRAMMING26
AND OTHER ENDEAVORS, FOR CULTURAL INSTITUTIONS AND EDUCATIONAL27
1295
-5- INSTITUTIONS FROM ANY SOURCES THAT MAY BE AVAILABLE TO THE1
AUTHORITY FOR ITS GENERAL PURPOSES , INCLUDING BUT NOT LIMITED TO2
NET FACILITY REVENUES, GRANTS, GIFTS, OR FEES.3
(2) The authority shall not have HAS the power to operate a facility4
as a business, EITHER DIRECTLY OR INDIRECTLY THROUGH CONTRACTS FOR5
THE MANAGEMENT AND OPERATION OF A FACILITY , or other than as a6
lessee or lessor. I
F THE AUTHORITY OPERATES A FACILITY, THE AUTHORITY
7
MUST DIRECT ALL NET REVENUE FROM THE FACILITY TO THE PURPOSES SET8
FORTH IN THIS ARTICLE 15. IN ORDER TO ISOLATE OPERATING RISK ON A9
PROJECT-BY-PROJECT BASIS, THE AUTHORITY HAS THE POWER TO10
ESTABLISH, OR ADOPT A RESOLUTION APPROVING THE ESTABLISHMENT OF ,11
ONE OR MORE SUBSIDIARY CONTROLLED ENTITIES . SUCH A CONTROLLED12
ENTITY ENJOYS AND IS ENTITLED TO THE SAME POWERS , PRIVILEGES, AND13
IMMUNITIES AS THE AUTHORITY SO LONG AS :14
(a) T
HE CONTROLLED ENTITY IS A NONPROFIT CORPORATION ,
15
LIMITED LIABILITY COMPANY, LIMITED LIABILITY LIMITED PARTNERSHIP,16
OR OTHER ENTITY FORMED PURSUANT TO STATE LAW AND THE AUTHORITY17
IS THE SOLE MEMBER OR PARTNER OF THE ENTITY ;18
(b) T
HE AUTHORITY APPOINTS THE GOVERNING BODY OF OR AN
19
AGENT TO OVERSEE THE CONTROLLED ENTITY AND MAY REMOVE A20
MEMBER OF THE GOVERNING BODY OR AGENT ;21
(c) A
NY REVENUE OF THE CONTROLLED ENTITY THAT IS NOT
22
REQUIRED TO PAY ITS EXPENSES AND OBLIGATIONS AND TO FUND23
RESERVES FOR SUCH EXPENSES AND OBLIGATIONS AND , UPON DISSOLUTION24
OF THE CONTROLLED ENTITY, ANY ASSETS OF THE CONTROLLED ENTITY25
NOT REQUIRED TO PAY ITS EXPENSES AND OBLIGATIONS MUST BE26
DISTRIBUTED TO OR AT THE DIRECTION OF THE AUTHORITY AND SHALL NOT27
1295
-6- BE USED FOR OR ACCRUE TO THE BENEFIT OF ANY PRIVATE INTERESTS ; AND1
(d) T
HE AUTHORITY MAY LOAN PROCEEDS FROM BONDS ISSUED BY
2
THE AUTHORITY TO THE CONTROLLED ENTITY .3
SECTION 4. In Colorado Revised Statutes, 24-48.5-317, amend4
(2)(a)(V), (2)(a)(VI), (4) introductory portion, (8)(a), and (9); repeal5
(2)(b); and add (2)(a)(VII) as follows:6
24-48.5-317. Community revitalization grants - fund -7
reporting - compliance with federal requirements - legislative8
declaration - definitions - repeal. (2) (a) The community revitalization9
grant program is hereby established in the division. The purpose of the10
grant program is to provide state assistance in the form of grant awards11
to finance various projects across the state that are intended to create or12
revitalize mixed-use commercial centers. The grant program is intended13
to support creative projects in these commercial centers that would14
combine revitalized or newly constructed commercial spaces with public15
or community spaces including but not limited to such projects as:16
(V) The renovation or refurbishment of vacant or blighted17
property for creative industries, economic development, or historic18
preservation purposes; and19
(VI) Child care centers;
AND20
(VII) P
ROJECTS THAT ARE ELIGIBLE FOR FUNDING UNDER THE21
SPACE TO CREATE COLORADO PROGRAM ADMINISTERED BY THE DIVISION . 22
(b) All grants awarded under this section must be encumbered not
23
later than December 31, 2022.24
(4) On or before September 1, 2021, DECEMBER 1, 2024, the25
director of the division, in consultation with the director of the division26
of local government, or their designees, shall adopt policies, procedures,27
1295
-7- and guidelines for the grant program that include without limitation:1
(8) (a) On or before November 1, 2022 NOVEMBER 1, 2024, and2
on or before November 1, 2023 NOVEMBER 1, 2026, the division shall3
publish a report summarizing the use of all of the money that was4
awarded as grants under the grant program in the preceding fiscal year.5
At a minimum, the report shall specify the amount of grant money6
distributed to each grant recipient and a description of each grant7
recipient's use of the grant money. The report must be posted on the8
website of the office of economic development created in section9
24-48.5-101.10
(9) This section is WILL BE repealed effective January 1, 2025 IF11
ALL MONEY TRANSFERRED OR OTHERWISE CREDITED TO THE COMMUNITY12
REVITALIZATION FUND PURSUANT TO THIS SECTION IS EXPENDED . THE13
DIRECTOR OF THE DIVISION SHALL NOTIFY THE REVISOR OF STATUTES IN14
WRITING OF THE DATE WHEN THE CONDITION SPECIFIED IN THIS15
SUBSECTION (9) HAS OCCURRED BY E -MAILING THE NOTICE TO16
REVISOROFSTATUTES.GA@COLEG.GOV. THIS SECTION IS REPEALED ,17
EFFECTIVE UPON THE DATE IDENTIFIED IN THE NOTICE THAT ALL MONEY18
TRANSFERRED OR OTHERWISE CREDITED TO THE COMMUNITY19
REVITALIZATION FUND PURS UANT TO THIS SECTION IS EXPENDED , OR, IF20
THE NOTICE DOES NOT SPECIFY THAT DATE, UPON THE DATE OF THE NOTICE21
TO THE REVISOR OF STATUTES.22
SECTION 5. In Colorado Revised Statutes, 24-75-402, amend23
(5)(ccc) and (5)(ddd); and add (5)(eee) as follows:24
24-75-402. Cash funds - limit on uncommitted reserves -25
reduction in the amount of fees - exclusions - definitions.26
(5) Notwithstanding any provision of this section to the contrary, the27
1295
-8- following cash funds are excluded from the limitations specified in this1
section:2
(ccc) The wildfire resiliency code board cash fund created in3
section 24-33.5-1236 (8); and4
(ddd) The closed landfill remediation grant program fund created5
in section 30-20-124 (8); AND6
(eee) THE COMMUNITY REVITALIZATION TAX CREDIT PROGRAM7
CASH FUND CREATED IN SECTION 39-22-560 (13).8
SECTION 6. In Colorado Revised Statutes, add 39-22-560 as9
follows:10
39-22-560. Community revitalization tax credit - community11
revitalization tax credit program cash fund - tax preference12
performance statement - legislative declaration - definitions - repeal.13
(1) Tax preference performance statement. I
N ACCORDANCE WITH14
SECTION 39-21-304 (1), WHICH REQUIRES EACH BILL THAT CREATES A NEW15
TAX EXPENDITURE TO INCLUDE A TAX PREFERENCE PERFORMANCE16
STATEMENT AS PART OF A STATUTORY LEGISLATIVE DECLARATION , THE17
GENERAL ASSEMBLY FINDS AND DECLARES THAT :18
(a) T
HE GENERAL LEGISLATIVE PURPOSES OF THE TAX CREDIT19
ALLOWED BY THIS SECTION ARE:20
(I) T
O INDUCE CERTAIN DESIGNATED BEHAVIOR BY TAXPAYERS ;21
AND22
(II) T
O PROVIDE TAX RELIEF FOR CERTAIN BUSINESSES OR23
INDIVIDUALS;24
(b) T
HE SPECIFIC LEGISLATIVE PURPOSE OF THE TAX CREDIT25
ALLOWED BY THIS SECTION IS TO REVITALIZE COMMUNITIES BY PROVIDING26
FINANCIAL SUPPORT AND A FINANCIAL INCENTIVE FOR CAPITAL27
1295
-9- IMPROVEMENT PROJECTS IN CREATIVE DISTRICTS THAT SUPPORT CREATIVE1
INDUSTRIES AND CREATIVE INDUSTRY WORKERS BY PROVIDING2
AFFORDABLE HOUSING AND LIVE -WORK SPACES FOR SUCH WORKERS AND3
OTHER MIXED-USE AND CREATIVE-USE SPACES FOR BOTH SUCH WORKERS4
AND THE GENERAL PUBLIC THAT ENJOYS AND BENEFITS FROM THEIR WORK .5
(c) T
HE GENERAL ASSEMBLY AND THE STATE AUDITOR SHALL6
MEASURE THE EFFECTIVENESS OF THE TAX CREDIT IN ACHIEVING THE7
PURPOSES SPECIFIED IN SUBSECTIONS (2)(a) AND (2)(b) OF THIS SECTION8
BASED ON THE INFORMATION REQUIRED TO BE MAINTAINED BY AND9
REPORTED BY THE OFFICE PURSUANT TO SUBSECTION (11) OF THIS10
SECTION.11
(2) Definitions. A
S USED IN THIS SECTION, UNLESS THE CONTEXT12
OTHERWISE REQUIRES:13
(a) "A
PPLICATION" MEANS AN APPLICATION IN THE FORM AND14
MANNER APPROVED BY THE OFFICE FOR THE CREDIT ALLOWED IN THIS15
SECTION THAT INCLUDES THE PROJECT PLAN AND ESTIMATED ELIGIBLE16
EXPENDITURES.17
(b) "C
REATIVE DISTRICT" HAS THE SAME MEANING AS SET FORTH18
IN SECTION 24-48.5-314 (2)(b).19
(c) "D
EPARTMENT" MEANS THE DEPARTMENT OF REVENUE .20
(d) "E
LIGIBLE EXPENDITURES" MEANS REASONABLE AND21
NECESSARY EXPENDITURES , IN ACCORDANCE WITH GUIDELINES22
DEVELOPED BY THE OFFICE , ACTUALLY PAID BY A TAXPAYER IN23
COMPLETING AN ELIGIBLE PROJECT.24
(e) "E
LIGIBLE PROJECT" MEANS A CAPITAL IMPROVEMENT PROJECT25
UNDERTAKEN IN THE STATE WITHIN A CREATIVE DISTRICT , A HISTORIC26
DISTRICT, OR A NEIGHBORHOOD COMMERCIAL CENTER OR ON A MAIN27
1295
-10- STREET THAT INVOLVES THE CONSTRUCTION , REHABILITATION,1
CONVERSION, REMODELING, OR OTHER IMPROVEMENT OF ONE OR MORE2
BUILDINGS, STRUCTURES, OR FACILITIES FOR USES THAT SUPPORT3
CREATIVE INDUSTRIES AND CREATIVE INDUSTRY WORKERS , INCLUDING4
AFFORDABLE HOUSING AND LIVE -WORK SPACES FOR SUCH WORKERS AND5
OTHER MIXED-USE, CREATIVE-USE, PERFORMANCE, AND EXHIBITION6
SPACES FOR SUCH WORKERS AND FOR THE GENERAL PUBLIC AND THAT IS7
APPROVED BY THE OFFICE IN ACCORDANCE WITH THE POLICIES ,8
PROCEDURES, AND GUIDELINES FOR THE IMPLEMENTATION AND9
ADMINISTRATION OF THE TAX CREDIT ALLOWED BY THIS SECTION ADOPTED10
BY THE OFFICE PURSUANT TO SUBSECTION (12) OF THIS SECTION.11
(f) "O
FFICE" MEANS THE OFFICE OF ECONOMIC DEVELOPMENT .12
(g) (I) "Q
UALIFIED APPLICANT" MEANS A PERSON THAT:13
(A) H
AS A CONTRACTUAL OR REAL PROPERTY INTEREST IN AN14
EXISTING OR PLANNED BUILDING, STRUCTURE, OR FACILITY THAT IS TO BE15
CONSTRUCTED, REHABILITATED, CONVERTED, REMODELED, OR OTHERWISE16
IMPROVED THROUGH THE COMPLETION OF AN ELIGIBLE PROJECT ; AND17
(B)
MAKES ELIGIBLE EXPENDITURES;18
(II)
A QUALIFIED APPLICANT MAY BE A PERSON SUBJECT TO TAX19
PURSUANT TO THIS ARTICLE 22 OR A PERSON OR POLITICAL SUBDIVISION OF20
THE STATE THAT IS EXEMPT FROM SUCH TAXATION PURSUANT TO SECTION21
39-22-112
(1).22
(3) Credit allowed. (a) F
OR INCOME TAX YEARS COMMENCING ON23
OR AFTER JANUARY 1, 2026, BUT PRIOR TO JANUARY 1, 2033, A QUALIFIED24
APPLICANT IS ALLOWED A CREDIT AGAINST THE INCOME TAXES IMPOSED25
BY THIS ARTICLE 22 FOR PLACING AN ELIGIBLE PROJECT IN SERVICE IN AN26
AMOUNT SPECIFIED ON THE CREDIT CERTIFICATE ISSUED BY THE OFFICE27
1295
-11- PURSUANT TO SUBSECTION (7) OF THIS SECTION.1
(b) I
N ORDER TO CLAIM THE CREDIT ALLOWED PURSUANT TO THIS2
SECTION, THE QUALIFIED APPLICANT MUST SUBMIT AN APPLICATION AS3
SPECIFIED IN SUBSECTION (4) OF THIS SECTION, PLACE THE ELIGIBLE4
PROJECT IN SERVICE PRIOR TO JANUARY 1, 2033, OBTAIN A TAX CREDIT5
CERTIFICATE FROM THE OFFICE AS SPECIFIED IN SUBSECTION (7) OF THIS6
SECTION, AND, ONCE ISSUED BY THE OFFICE , FILE THE TAX CREDIT7
CERTIFICATE WITH THE QUALIFIED APPLICANT 'S INCOME TAX RETURN AS8
SPECIFIED IN SUBSECTION (8) OF THIS SECTION.9
(4) Application submission and review. (a) A
N APPLICANT MAY10
SUBMIT AN APPLICATION TO THE OFFICE ON OR AFTER JANUARY 1, 2025,11
BUT NO LATER THAN OCTOBER 3, 2029.12
(b) T
HE OFFICE SHALL REVIEW ALL SUBMITTED APPLICATIONS TO :13
(I) D
ETERMINE WHETHER THE APPLICANT IS A QUALIFIED14
APPLICANT;15
(II) D
ETERMINE WHETHER THE APPLICATION IS COMPLETE AND16
INCLUDES A PROPERTY ADDRESS, LEGAL DESCRIPTION, OR OTHER SPECIFIC17
LOCATION IDENTIFIER;18
(III) M
AKE A PRELIMINARY DETERMINATION WHETHER THE19
PROJECT PLAN IS A PLAN FOR AN ELIGIBLE PROJECT BASED ON THE POLICIES20
AND PROCEDURES DEVELOPED BY THE OFFICE PURSUANT TO SUBSECTION21
(12)
OF THIS SECTION;22
(IV) D
ETERMINE WHETHER THE ELIGIBLE PROJECT IS ENTITLED TO23
A TAX CREDIT RESERVATION AS SPECIFIED IN SUBSECTION (6) OF THIS24
SECTION;25
(V) O
NCE THE ELIGIBLE PROJECT IS PLACED IN SERVICE, MAKE A26
FINAL DETERMINATION WHETHER THE PROJECT IS AN ELIGIBLE PROJECT27
1295
-12- BASED ON THE POLICIES AND PROCEDURES DEVELOPED BY THE OFFICE1
PURSUANT TO SUBSECTION (12) OF THIS SECTION; AND2
(VI) I
F THE PROJECT IS AN ELIGIBLE PROJECT , REVIEW THE3
CERTIFIED ELIGIBLE EXPENDITURES AND , IF APPROVED, ISSUE A CREDIT4
CERTIFICATE TO THE QUALIFIED APPLICANT, AS SPECIFIED IN SUBSECTION5
(7)
OF THIS SECTION.6
(c) T
HE OFFICE SHALL MAKE THE DETERMINATIONS SPECIFIED IN7
SUBSECTIONS (4)(b)(I) TO (4)(b)(V) OF THIS SECTION WITHIN NINETY DAYS8
OF THE DATE THE OFFICE RECEIVES THE APPLICATION .9
(d) (I) I
F THE OFFICE DETERMINES THAT AN APPLICATION IS10
INCOMPLETE OR THAT IT IS UNABLE TO MAKE THE DETERMINATIONS11
SPECIFIED IN SUBSECTIONS (4)(b)(I) TO (4)(b)(V) OF THIS SECTION, THE12
OFFICE SHALL NOTIFY THE APPLICANT IN WRITING OF THE OFFICE 'S13
DECISION AND SHALL REMOVE THE APPLICATION FROM THE REVIEW14
PROCESS.15
(II) I
F AN APPLICANT RESUBMITS AN APPLICATION, THE OFFICE MAY16
CHARGE A NEW APPLICATION FEE IN AN AMOUNT SPECIFIED IN SUBSECTION17
(5)
OF THIS SECTION.18
(5) Application and issuance fees. (a) (I) F
OR AN APPLICATION19
FOR WHICH THE AMOUNT OF THE TAX CREDIT REQUESTED BY AN20
APPLICANT PURSUANT TO THIS SECTION IS TWO HUNDRED FIFTY THOUSAND21
DOLLARS OR MORE, THE OFFICE MAY IMPOSE A REASONABLE APPLICATION22
FEE ON AN APPLICANT THAT DOES NOT EXCEED FIVE HUNDRED DOLLARS .23
(II)
FOR AN APPLICATION FOR WHICH THE AMOUNT OF THE TAX24
CREDIT REQUESTED BY AN APPLICANT PURSUANT TO THIS SECTION IS LESS25
THAN TWO HUNDRED FIFTY THOUSAND DOLLARS , THE OFFICE MAY IMPOSE26
A REASONABLE APPLICATION FEE ON AN APPLICANT THAT DOES NOT27
1295
-13- EXCEED TWO HUNDRED DOLLARS .1
(b) T
HE OFFICE MAY IMPOSE ON A QUALIFIED APPLICANT A2
REASONABLE ISSUANCE FEE OF UP TO THREE PERCENT OF THE AMOUNT OF3
THE TAX CREDIT SPECIFIED ON THE TAX CREDIT CERTIFICATE ISSUED BY4
THE OFFICE AS SPECIFIED IN SUBSECTION (7) OF THIS SECTION, WHICH MUST5
BE PAID BEFORE THE TAX CREDIT CERTIFICATE IS ISSUED TO THE QUALIFIED6
APPLICANT.7
(c) A
NY FEE REVENUE COLLECTED PURSUANT TO THIS SUBSECTION8
(5)
MUST BE
CREDITED TO THE COMMUNITY REVITALIZATION TAX CREDIT9
PROGRAM CASH FUND CREATED IN SUBSECTION (13) OF THIS SECTION AND10
APPLIED TO THE ADMINISTRATION OF THE TAX CREDIT CREATED BY THIS11
SECTION.12
(6) Tax credit reservation. (a) B
ASED ON THE FACTORS SPECIFIED13
IN SUBSECTION (6)(d) OF THIS SECTION, THE OFFICE MAY DETERMINE THAT14
A QUALIFIED APPLICANT IS ENTITLED TO A TAX CREDIT RESERVATION IN15
ACCORDANCE WITH THE PROVISIONS OF THIS SECTION . THE OFFICE SHALL16
ISSUE TAX CREDIT RESERVATIONS SUBJECT TO THE LIMITATIONS SET FORTH17
IN THIS SUBSECTION (6) AND IN ACCORDANCE WITH THE POLICIES AND18
PROCEDURES ESTABLISHED PURSUANT TO SUBSECTION (12) OF THIS19
SECTION. THE OFFICE SHALL NOT ISSUE TAX CREDIT RESERVATIONS AFTER20
J
ANUARY 1, 2030.21
(b) I
F THE OFFICE RESERVES A TAX CREDIT FOR THE BENEFIT OF A22
QUALIFIED APPLICANT, THE OFFICE SHALL NOTIFY THE QUALIFIED23
APPLICANT IN WRITING OF THE RESERVATION AND THE AMOUNT RESERVED .24
T
HE RESERVATION OF A TAX CREDIT BY THE OFFICE FOR A QUALIFIED25
APPLICANT DOES NOT ENTITLE THE QUALIFIED APPLICANT TO ISSUANCE OF26
A CREDIT CERTIFICATE UNTIL THE QUALIFIED APPLICANT COMPLIES WITH27
1295
-14- ALL THE OTHER REQUIREMENTS SPECIFIED IN THIS SECTION FOR THE1
ISSUANCE OF THE TAX CREDIT. WHEN THE OFFICE APPROVES A TAX CREDIT2
RESERVATION, THE OFFICE MAY ALSO IMPOSE ADDITIONAL REQUIREMENTS ,3
WHICH A QUALIFIED APPLICANT SHALL SATISFY AS PART OF COMPLETING4
THE ELIGIBLE PROJECT, BEFORE A TAX CREDIT CERTIFICATE IS ISSUED TO5
THE QUALIFIED APPLICANT.6
(c) (I) S
UBJECT TO THE LIMITATIONS IN THIS SUBSECTION (6)(c), IF7
APPROVED, THE OFFICE MAY ISSUE A TAX CREDIT RESERVATION TO A8
QUALIFIED APPLICANT FOR A SINGLE ELIGIBLE PROJECT IN AN AMOUNT9
EQUAL TO THE LESSER OF TWENTY -FIVE PERCENT OF THE QUALIFIED10
APPLICANT'S ESTIMATED ELIGIBLE EXPENDITURES OR THREE MILLION11
DOLLARS.12
(II) E
XCEPT AS PROVIDED IN SUBSECTIONS (6)(c)(III) AND13
(6)(c)(IV)
OF THIS SECTION, THE AGGREGATE AMOUNT OF ALL TAX CREDIT14
RESERVATIONS THAT THE OFFICE MAY ISSUE PURSUANT TO THIS SECTION15
MUST NOT EXCEED
TEN MILLION DOLLARS IN ANY CALENDAR YEAR PLUS16
THE AMOUNT OF ANY PREVIOUSLY ISSUED TAX CREDIT RESERVATIONS17
THAT WERE RESCINDED PURSUANT TO SUBSECTION (7)(a)(II) OF THIS18
SECTION FROM PREVIOUS CALENDAR YEARS .19
(III) I
F THE OFFICE'S ISSUANCE OF A TAX CREDIT RESERVATION IN20
A CALENDAR YEAR WOULD CAUSE THE OFFICE TO EXCEED THE AGGREGATE21
LIMIT SPECIFIED IN SUBSECTION (6)(c)(II) OF THIS SECTION FOR THAT22
CALENDAR YEAR, THEN THE AGGREGATE AM OUNT OF ALL TAX CREDIT23
RESERVATIONS THAT THE OFFICE MAY ISSUE IN THE FOLLOWING CALENDAR24
YEAR IS DECREASED BY THE AMOUNT OF THE TAX CREDIT RESERVATIONS25
ISSUED IN THE PREVIOUS CALENDAR YEAR THAT EXCEEDED THE26
LIMITATION SET FORTH IN SUBSECTION (6)(c)(II) OF THIS SECTION.27
1295
-15- (IV) IF THE OFFICE'S ISSUANCE OF TAX CREDIT RESERVATIONS BY1
THE END OF A CALENDAR YEAR IS LESS THAN THE AGGREGATE LIMIT2
SPECIFIED IN SUBSECTION (6)(c)(II) OF THIS SECTION FOR THAT CALENDAR3
YEAR, THEN THE AGGREGATE AMOUNT OF TAX CREDIT RESERVATIONS4
THAT THE OFFICE MAY ISSUE IN THE NEXT CALENDAR YEAR IS INCREASED5
BY THE UNRESERVED AMOUNT FROM THE PREVIOUS CALENDAR YEAR .6
(d) I
N MAKING THE FINAL DETERMINATION OF WHICH PROJECT7
PLANS TO ISSUE TAX RESERVATIONS FOR PURSUANT TO THIS SUBSECTION8
(6),
THE OFFICE MAY PRIORITIZE ELIGIBLE PROJECT PLANS IN ACCORDANCE9
WITH:10
(I) T
HE NUMBER OF NEW AFFORDABLE HOUSING UNITS TO BE11
CREATED BY THE ELIGIBLE PROJECT;12
(II) T
HE NUMBER OF LIVE-WORK SPACES TO BE CREATED BY THE13
ELIGIBLE PROJECT;14
(III) T
HE GEOGRAPHIC DIVERSITY OF THE APPLICATIONS AND15
PROJECT PLANS THAT QUALIFIED A PPLICANTS HAVE SUBMITTED TO THE16
OFFICE;17
(IV) T
HE QUALITY AND ACCESSIBILITY OF MAKERSPACE TO BE18
PROVIDED FOR CREATIVE INDUSTRY WORKERS BY THE ELIGIBLE PROJECT ;19
(V) D
EMONSTRATION OF COMMUNITY ENGAGEMENT IN20
IDENTIFYING HOW THE PROJECT WILL SATISFY UNMET NEEDS AND DRIVE21
THE LOCAL CREATIVE ECONOMY ;22
(VI) D
EMONSTRATION OF STRONG EVIDENCE THAT THE ELIGIBLE23
PROJECT HAS OR CAN ATTRACT DIVERSE SOURCES OF FUNDING AND BROAD24
LOCAL GOVERNMENT SUPPORT ;25
(VII) D
EMONSTRATION OF HOW THE PROJECT SERVES RURAL ,26
UNDER-RESOURCED, OR UNDERSERVED COMMUNITIES ;27
1295
-16- (VIII) WHETHER THE PROJECT PLAN IS RECEIVING PROPERTY TAX1
ABATEMENTS, CREDITS, REBATES, GRANTS, OR OTHER INCENTIVES FROM2
A LOCAL TAXING JURISDICTION;3
(IX) W
HETHER THE PROJECT WILL OCCUR WITHOUT THE ISSUANCE4
OF A TAX CREDIT PURSUANT TO THIS SECTION;5
(X) W
HETHER THE QUALIFIED APPLICANT WILL RECEIVE A6
FEDERAL INCENTIVE FOR THE PROJECT;7
(XI) T
HE PROXIMITY OF THE PROJECT TO PUBLIC TRANSPORTATION ;8
AND9
(XII) T
HE EXPECTED QUALIFICATION OF THE BUILDING ,10
STRUCTURE, OR FACILITY THAT IS THE SUBJECT OF THE ELIGIBLE PROJECT11
FOR A CERTIFIABLE SUSTAINABLE PROGRAM BOTH BEFORE AND AFTER THE12
COMPLETION OF THE PROJECT.13
(7) Deadline for incurring specified amount of estimated14
eligible expenditures - proof of compliance - audit of eligible15
expenditure certification - issuance of tax credit certificate. (a) (I) A16
QUALIFIED APPLICANT RECEIVING A RESERVATION OF TAX CREDITS17
PURSUANT TO SUBSECTION (6) OF THIS SECTION SHALL INCUR TWENTY18
PERCENT OR MORE OF THE ESTIMATED ELIGIBLE EXPENDITURES19
CONTAINED IN THE APPLICATION AND PROJECT PLAN NOT LATER THAN20
EIGHTEEN MONTHS AFTER THE DATE OF ISSUANCE OF THE WRITTEN NOTICE21
FROM THE OFFICE TO THE QUALIFIED APPLICANT GRANTING THE22
RESERVATION OF A TAX CREDIT.23
(II) A
QUALIFIED APPLICANT FOR WHOM THE OFFICE HAS RESERVED24
A TAX CREDIT SHALL SUBMIT EVIDENCE OF COMPLIANCE WITH THE25
PROVISIONS OF SUBSECTION (7)(a)(I) OF THIS SECTION. IF THE OFFICE26
DETERMINES THAT A QUALIFIED APPLICANT HAS FAILED TO COMPLY WITH27
1295
-17- THE REQUIREMENTS OF SUBSECTION (7)(a)(I) OF THIS SECTION, THE OFFICE1
SHALL PROMPTLY NOTIFY THE QUALIFIED APPLICANT AND MAY RESCIND2
THE ISSUANCE OF THE WRITTEN NOTICE IT PREVIOUSLY GAVE THE3
QUALIFIED APPLICANT GRANTING THE RESERVATION OF A TAX CREDIT . IF4
THE OFFICE SO RESCINDS AN ISSUANCE OF THE WRITTEN NOTICE , THE5
QUALIFIED APPLICANT MAY SUBMIT A NEW APPLICATION , PROJECT PLAN,6
AND ESTIMATE OF ELIGIBLE EXPENDITURES FOR WHICH THE OFFICE MAY7
CHARGE A NEW APPLICATION FEE IN ACCORDANCE WITH SUBSECTION (5)8
OF THIS SECTION, AND THE TOTAL AMOUNT OF TAX CREDITS MADE9
AVAILABLE FOR RESERVATION IN THE CALE NDAR YEAR DURING WHICH THE10
OFFICE RESCINDS THE ISSUANCE OF WRITTEN NOTICE MUST INCREASE BY11
THE AMOUNT OF THE TAX CREDIT RESERVED IN THE WRITTEN NOTICE .12
(b) A
FTER A QUALIFIED APPLICANT COMPLETES A PROJECT , THE13
QUALIFIED APPLICANT SHALL NOTIFY THE OFFICE THAT THE PROJECT HAS14
BEEN PLACED IN SERVICE AND SHALL CERTIFY THE ELIGIBLE15
EXPENDITURES, AFTER WHICH THE OFFICE SHALL MAKE A FINAL16
DETERMINATION WHETHER THE PROJECT IS AN ELIGIBLE PROJECT AS17
REQUIRED IN SUBSECTION (4)(b)(V) OF THIS SECTION. THE APPLICANT18
SHALL INCLUDE A REVIEW OF THE CERTIFICATION BY A LICENSED19
CERTIFIED PUBLIC ACCOUNTANT THAT IS NOT AFFILIATED WITH THE20
QUALIFIED APPLICANT THAT ALIGNS WITH OFFICE POLICIES FOR21
CERTIFICATION OF ELIGIBLE EXPENDITURES. THE APPLICANT SHALL ALSO22
CERTIFY AND PROVIDE DOCUMENTS DEMONSTRATING THAT THE23
APPLICANT SATISFIED ANY ADDITIONAL REQUIREMENTS IMPOSED BY THE24
OFFICE PURSUANT TO SUBSECTION (6) OF THIS SECTION. WITHIN NINETY25
DAYS AFTER RECEIPT OF SUCH DOCUMENTATION FROM THE QUALIFIED26
APPLICANT, THE OFFICE SHALL REVIEW THE QUALIFIED APPLICANT 'S27
1295
-18- DOCUMENTATION OF CERTIFIED ELIGIBLE EXPENDITURES , DETERMINE1
WHETHER THE DOCUMENTATION SATISFIES THE PROJECT PLAN AND OTHER2
REQUIREMENTS, AND, IF THE OFFICE DETERMINES THAT THE3
DOCUMENTATION SATISFIES THE PROJECT PLAN AND OTHER4
REQUIREMENTS, THE OFFICE SHALL ISSUE A TAX CREDIT CERTIFICATE IN5
THE AMOUNT SPECIFIED IN THE TAX CREDIT RESERVATION ISSUED TO THE6
QUALIFIED APPLICANT PURSUANT TO SUBSECTION (6) OF THIS SECTION;7
EXCEPT THAT A CREDIT CERTIFICATE MAY NOT BE ISSUED FOR ANY INCOME8
TAX YEAR COMMENCING BEFORE JANUARY 1, 2026.9
(c) I
F THERE ARE ANY UNRESERVED AMOUNTS OF TAX CREDITS10
AVAILABLE UNDER SUBSECTION (6) OF THIS SECTION, AND IF THE AMOUNT11
OF CERTIFIED ELIGIBLE EXPENDITURES INCURRED BY THE QUALIFIED12
APPLICANT WOULD HAVE RESULTED IN THE QUALIFIED APPLICANT BEING13
ISSUED A TAX CREDIT CERTIFICATE THAT EXCEEDS THE AMOUNT OF THE14
TAX CREDIT RESERVATION ISSUED TO THE QUALIFIED APPLICANT , THE15
QUALIFIED APPLICANT MAY APPLY TO THE OFFICE FOR THE ISSUANCE OF AN16
ADDITIONAL TAX CREDIT CERTIFICATE IN AN AMOUNT EQUAL TO THE17
DIFFERENCE BETWEEN THE TAX CREDIT RESERVATION AND WHAT WOULD18
HAVE BEEN ISSUED AS A RESULT OF THE CERTIFIED ELIGIBLE19
EXPENDITURES BY SUBMITTING AN APPLICATION IN A FORM AND MANNER20
DETERMINED BY THE OFFICE; EXCEPT THAT THE AGGREGATE OF THE TWO21
TAX CREDIT CERTIFICATES FOR THE ELIGIBLE PROJECT MAY NOT EXCEED22
THREE MILLION DOLLARS. THE OFFICE SHALL REVIEW THE APPLICATION AS23
SPECIFIED IN SUBSECTION (4) OF THIS SECTION AND, IF APPROVED, SHALL24
ISSUE A SEPARATE TAX CREDIT CERTIFICATE AWARDING THE QUALIFIED25
APPLICANT THE ADDITIONAL CREDIT.26
(8) Filing tax credit certificate with income tax return. (a) I
N27
1295
-19- ORDER TO CLAIM THE CREDIT AUTHORIZED BY THIS SECTION , A QUALIFIED1
APPLICANT SHALL FILE THE TAX CREDIT CERTIFICATE ISSUED BY THE2
OFFICE PURSUANT TO SUBSECTION (7) OF THIS SECTION WITH THE3
QUALIFIED APPLICANT'S STATE INCOME TAX RETURN . IF THE QUALIFIED4
APPLICANT IS EXEMPT FROM TAX PURSUANT TO SECTION 39-22-112 (1),5
THE QUALIFIED APPLICANT SHALL FILE A RETURN PURSUANT TO SECTION6
39-22-601 (7)(b). T
HE AMOUNT OF THE TAX CREDIT THAT A QUALIFIED7
APPLICANT MAY CLAIM PURSUANT TO THIS SECTION IS THE AMOUNT8
STATED ON THE TAX CREDIT CERTIFICATE .9
(b) A
TAX CREDIT CERTIFICATE ISSUED TO A PARTNERSHIP , A10
LIMITED LIABILITY COMPANY TAXED AS A PARTNERSHIP , OR MULTIPLE11
OWNERS OF A PROPERTY MUST BE PASSED THROUGH TO THE PARTNERS ,12
MEMBERS, OR OWNERS, INCLUDING ANY NONPROFIT ENTITY THAT IS A13
PARTNER, MEMBER, OR OWNER, RESPECTIVELY, ON A PRO RATA BASIS OR14
PURSUANT TO AN EXECUTED AGREEMENT AMONG THE PARTNERS ,15
MEMBERS, OR OWNERS DOCUMENTING AN ALTERNATE DISTRIBUTION16
METHOD.17
(9) Refundability. T
HE ENTIRE TAX CREDIT TO BE ISSUED18
PURSUANT TO THIS SECTION MAY BE CLAIMED BY THE QUALIFIED19
APPLICANT IN THE TAXABLE YEAR IN WHICH THE ELIGIBLE PROJECT IS20
PLACED IN SERVICE. IF THE AMOUNT OF THE CREDIT ALLOWED PURSUANT21
TO THIS SECTION EXCEEDS THE AMOUNT OF INCOME TAXES OTHERWISE22
DUE ON THE INCOME OF THE QUALIFIED APPLICANT IN THE INCOME TAX23
YEAR FOR WHICH THE CREDIT IS BEING CLAIMED , OR THE QUALIFIED24
APPLICANT IS A PERSON WHO IS EXEMPT FROM TAXATION PURSUANT TO25
SECTION 39-22-112 (1), NINETY PERCENT OF THE AMOUNT OF THE CREDIT26
NOT USED AS AN OFFSET AGAINST INCOME TAXES IN THE INCOME TAX YEAR27
1295
-20- IS REFUNDED TO THE QUALIFIED APPLICANT . THE REMAINDER OF THE1
CREDIT IS NOT CARRIED FORWARD AND MAY NOT BE USED BY THE2
TAXPAYER.3
(10) Compliance monitoring and recapture. (a) E
XCEPT AS4
PROVIDED IN SUBSECTION (10)(b) OF THIS SECTION, IF, AS OF THE LAST5
DAY OF ANY TAXABLE YEAR DURING THE COMPLIANCE PERIOD , THE6
BUILDING, STRUCTURE, OR FACILITY THAT IS THE SUBJECT OF AN ELIGIBLE7
PROJECT IS NOT BEING USED AS AN ELIGIBLE PROJECT, THE OFFICE SHALL8
NOTIFY THE QUALIFIED APPLICANT AND THE DEPARTMENT THAT THE9
CREDIT ALLOWED IN THIS SECTION IS DISALLOWED . THE QUALIFIED10
APPLICANT SHALL ADD THE FULL AM OUNT OF THE CREDIT THAT WAS11
ACTUALLY USED TO OFFSET THE QUALIFIED APPLICANT 'S INCOME TAX OR12
REFUNDED TO THE QUALIFIED APPLICANT TO ITS RETURN AS A13
RECAPTURED CREDIT FOR THE TAXABLE YEAR IN WHICH THE CREDIT IS14
DISALLOWED PURSUANT TO THIS SUBSECTION (10).15
(b) T
HE POTENTIAL INCREASE IN TAX REQUIRED PURSUANT TO16
SUBSECTION (10)(a) OF THIS SECTION DOES NOT APPLY:17
(I) I
F A BUILDING, STRUCTURE, OR FACILITY IS NOT AN ELIGIBLE18
PROJECT AS A RESULT OF A CASUALTY LOSS IF THE LOSS IS RESTORED BY19
RECONSTRUCTION OR REPLACEMENT WITHIN A REASONABLE PERIOD20
ESTABLISHED BY THE OFFICE; OR21
(II) S
OLELY BY REASON OF THE DISPOSITION OF A BUILDING ,22
STRUCTURE, OR FACILITY, OR AN INTEREST THEREIN, IF IT IS REASONABLY23
EXPECTED THAT THE BUILDING, STRUCTURE, OR FACILITY WILL CONTINUE24
TO BE OPERATED AS AN ELIGIBLE PROJECT FOR THE REMAINDER OF THE25
COMPLIANCE PERIOD.26
(c) (I) T
HE OFFICE SHALL ESTABLISH REPORTING REQUIREMENTS27
1295
-21- TO MONITOR COMPLIANCE WITH THIS SUBSECTION (10), INCLUDING1
REQUIREMENTS REGARDING THE REPORTING OF A DISPOSITION OF A2
BUILDING, STRUCTURE, OR FACILITY BY THE QUALIFIED APPLICANT AND3
THE REPORTING REQUIRED FOR SUCH A BUILDING , STRUCTURE, OR4
FACILITY FOR THE REMAINDER OF THE COMPLIANCE PERIOD .5
(II) I
F A DISPUTE ARISES ABOUT WHETHER A BUILDING ,6
STRUCTURE, OR FACILITY IS AN ELIGIBLE PROJECT, THE OFFICE SHALL7
ADJUDICATE THE DISPUTE AND NOTIFY THE DEPARTMENT OF THE8
RESOLUTION.9
(III) N
OTWITHSTANDING SECTION 39-21-107 (2), IF A BUILDING,10
STRUCTURE, OR FACILITY, OR AN INTEREST THEREIN, IS DISPOSED OF11
DURING ANY TAXABLE YEAR DURING THE COMPLIANCE PERIOD , AND12
THEREAFTER THE BUILDING, STRUCTURE, OR FACILITY IS NOT AN ELIGIBLE13
PROJECT:14
(A) T
HE QUALIFIED APPLICANT SHALL ADD THE FULL AMOUNT OF15
THE CREDIT TO ITS RETURN AS A RECAPTURED CREDIT FOR THE TAXABLE16
YEAR IN WHICH THE CREDIT IS DISALLOWED PURSUANT TO THIS17
SUBSECTION (10) NOTWITHSTANDING THE DISPOSITION OF THE QUALIFIED18
RESIDENTIAL STRUCTURE;19
(B) T
HE STATUTORY PERIOD FOR THE ASSESSMENT OF ANY20
DEFICIENCY WITH RESPECT TO THE DISALLOWED CREDIT MUST NOT EXPIRE21
BEFORE THE EXPIRATION OF THREE YEARS FROM THE DATE THE OFFICE IS22
NOTIFIED, IN SUCH A MANNER AS THE OFFICE DETERMINES , THAT THE23
STRUCTURE IS NOT A QUALIFIED RESIDENTIAL STRUCTURE ; AND24
(C) T
HE DEPARTMENT SHALL ASSESS ANY DEFICIENCY BEFORE THE25
EXPIRATION OF SUCH THREE -YEAR PERIOD TOGETHER WITH ANY26
APPLICABLE INTEREST AND PENALTY IMPOSED PURS UANT TO THIS ARTICLE27
1295
-22- 22.1
(d) A
S USED IN THIS SUBSECTION (10), UNLESS THE CONTEXT2
OTHERWISE REQUIRES, "COMPLIANCE PERIOD" MEANS THE PERIOD OF3
FIFTEEN YEARS FOLLOWING THE TAXABLE YEAR IN WHICH THE QUALIFIED4
APPLICANT PLACED THE ELIGIBLE PROJECT IN SERVICE .5
(11) Reporting. (a) N
O LATER THAN DECEMBER 31, 2027, AND,6
NOTWITHSTANDING THE REQUIREMENT IN SECTION 24-1-136 (11)(a)(I), NO7
LATER THAN DECEMBER 31 OF EACH YEAR THEREAFTER THROUGH 2033,8
THE OFFICE SHALL PROVIDE A WRITTEN REPORT TO THE GENERAL9
ASSEMBLY AND SHALL FURTHER MAKE THE REPORT AVAILABLE TO THE10
PUBLIC. IN CONNECTION WITH TAX CREDITS ISSUED PURSUANT TO THIS11
SECTION, THE REPORT MUST INCLUDE:12
(I) T
HE NUMBER OF ELIGIBLE PROJECTS PLACED IN SERVICE ;13
(II) A
DESCRIPTION OF THE USE OR USES OF EACH ELIGIBLE14
PROJECT AND A STATEWIDE SUMMARY OF THE NUMBER OF ELIGIBLE15
PROJECTS FOR EACH USE;16
(III) F
OR ELIGIBLE PROJECTS THAT CREATE AFFORDABLE HOUSING17
OR LIVE-WORK SPACES FOR CREATIVE INDUSTRY WORKERS , THE NUMBER18
OF AFFORDABLE HOUSING OR LIVE-WORK UNITS PLANNED OR CREATED ;19
(IV) T
HE OCCUPANCY RATE OF CREATED AFFORDABLE HOUSING20
AND LIVE-WORK UNITS;21
(V) T
HE COUNTIES IN WHICH QUALIFIED COMMERCIAL STRUCTURES22
WERE CONVERTED TO QUALIFIED COMMERCIAL RESIDENTIAL STRUCTURES ;23
AND24
(VI) T
HE AMOUNT OF ANY DISALLOWED TAX CREDIT RECAPTURED25
PURSUANT TO SUBSECTION (10) OF THIS SECTION.26
(b) T
HE OFFICE SHALL, IN A SUFFICIENTLY TIMELY MANNER TO27
1295
-23- ALLOW THE DEPARTMENT TO PROCESS RETURNS CLAIMING THE INCOME1
TAX CREDIT ALLOWED IN THIS SECTION, PROVIDE THE DEPARTMENT WITH2
AN ELECTRONIC REPORT OF EACH QUALIFIED APPLICANT TO WHICH THE3
OFFICE ISSUES A TAX CREDIT CERTIFICATE FOR THE PRECEDING TAX YEAR4
THAT INCLUDES THE FOLLOWING INFORMATION :5
(I) T
HE QUALIFIED APPLICANT'S NAME;6
(II) T
HE AMOUNT OF THE CREDIT; AND7
(III) T
HE QUALIFIED APPLICANT'S SOCIAL SECURITY NUMBER OR8
THE QUALIFIED APPLICANT'S COLORADO ACCOUNT NUMBER AND FEDERAL9
EMPLOYER IDENTIFICATION NUMBER .10
(12) Policies and procedures. (a) T
HE OFFICE MAY CREATE AND11
MODIFY POLICIES, PROCEDURES, AND GUIDELINES AS NECESSARY TO12
FURTHER IMPLEMENT THE TAX CREDITS TO BE CLAIMED FOR THE13
COMPLETION OF ELIGIBLE PROJECTS PURSUANT TO THIS SECTION AND14
SHALL SOLICIT ADVICE FROM THE DEPARTMENT IN CREATING AND15
MODIFYING SUCH POLICIES, PROCEDURES, AND GUIDELINES.16
(b) W
ITH RESPECT TO MAKING THE PRELIMINARY DETERMINATION17
WHETHER A PROJECT PLAN IS A PLAN FOR AN ELIGIBLE PROJECT PURSUANT18
TO SUBSECTION (4)(b)(III) OF THIS SECTION, THE OFFICE SHALL DEVELOP19
STANDARDS THAT INCLUDE , BUT ARE NOT LIMITED TO:20
(I) A
DETAILED COST ESTIMATE FOR THE PROJECT PLAN ;21
(II) E
VIDENCE OF SITE CONTROL OF THE SITE WHERE THE PROJECT22
WILL OCCUR; AND 23
(III) T
HE FINANCING OR FUNDING THAT IS AVAILABLE FOR THE24
PROJECT PLAN.25
(13) Community revitalization tax credit program cash fund.26
(a) THE COMMUNITY REVITALIZATION TAX CREDIT PROGRAM CASH FUND27
1295
-24- IS CREATED IN THE STATE TREASURY. THE FUND CONSISTS OF GIFTS,1
GRANTS, DONATIONS, FEE REVENUE CREDITED TO THE FUND PURSUANT TO2
SUBSECTION (5) OF THIS SECTION, AND ANY OTHER MONEY THAT THE3
GENERAL ASSEMBLY MAY APPROPRIATE, TRANSFER, OR REQUIRE BY LAW4
TO BE CREDITED TO THE FUND.5
(b) THE STATE TREASURER SHALL CREDIT ALL INTEREST AND6
INCOME DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE7
COMMUNITY REVITALIZATION TAX CREDIT PROGRAM CASH FUND TO THE8
FUND.9
(c) MONEY IN THE FUND IS CONTINUOUSLY APPROPRIATED TO THE10
OFFICE FOR THE PURPOSE OF ADMINISTERING THE TAX CREDIT ISSUED11
PURSUANT TO THIS SECTION.12
(d) THE STATE TREASURER SHALL TRANSFER ALL UNEXPENDED13
AND UNENCUMBERED MONEY IN THE FUND ON DECEMBER 31, 2050, TO14
THE GENERAL FUND.15
(14) Repeal. T HIS SECTION IS REPEALED, EFFECTIVE DECEMBER16
31,
2050.17SECTION 7. Appropriation. For the 2024-25 state fiscal year,18
$102,498 is appropriated to the office of the governor for use by19
economic development programs. This appropriation is from the general20
fund and is based on an assumption that the office will require an21
additional 0.8 FTE. To implement this act, the office may use this22
appropriation for the council on creative industries.23
SECTION 8. Safety clause. The general assembly finds,24
determines, and declares that this act is necessary for the immediate25
preservation of the public peace, health, or safety or for appropriations for26
1295
-25- the support and maintenance of the departments of the state and state1
institutions.2
1295
-26-