Colorado 2024 Regular Session

Colorado House Bill HB1295 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
	1	+	Second Regular Session
	2	+	Seventy-fourth General Assembly
	3	+	STATE OF COLORADO
	4	+	REREVISED
	5	+	This Version Includes All Amendments
	6	+	Adopted in the Second House
	7	+	LLS NO. 24-0658.03 Jason Gelender x4330
1	8		HOUSE BILL 24-1295
2		-	BY REPRESENTATIVE(S) Titone and Herod, Amabile, Bacon, Bird,
3		-	Boesenecker, Duran, English, Froelich, Hamrick, Hernandez, Jodeh,
4		-	Joseph, Kipp, Lieder, Lindsay, Lindstedt, Lukens, Mabrey, McCormick,
5		-	McLachlan, Ortiz, Ricks, Sirota, Snyder, Valdez, Velasco, Willford,
6		-	Woodrow, McCluskie, Marvin, Story;
7		-	also SENATOR(S) Fenberg and Coleman, Bridges, Buckner, Cutter,
8		-	Gonzales, Jaquez Lewis, Michaelson Jenet, Priola, Sullivan.
	9	+	House Committees Senate Committees
	10	+	Business Affairs & Labor Finance
	11	+	Finance Appropriations
	12	+	Appropriations
	13	+	A BILL FOR AN ACT
9	14		C
10		-	ONCERNING COMMUNITY REVITALIZATION INCENTIVES FOR THE SUPPORT
11		-	OF CREATIVE INDUSTRIES
12		-	, AND, IN CONNECTION THEREWITH ,
13		-	EXTENDING THE COMMUNITY GRANT REVITALIZATION PROGRAM ,
14		-	CREATING AN INCOME TAX CREDIT FOR EXPENSES INCURRED IN
15		-	COMPLETING INFRASTRUCTURE THAT SUPPORTS CREATIVE
16		-	INDUSTRIES AND CREATIVE INDUSTRY WORKERS
17		-	, AND MAKING AN
18		-	APPROPRIATION
19		-	.
20		-	Be it enacted by the General Assembly of the State of Colorado:
	15	+	ONCERNING COMMUNITY REVITALI ZATION INCENTIVES FOR THE101
	16	+	SUPPORT OF CREATIVE INDUSTRIES , AND, IN CONNECTION102
	17	+	THEREWITH , EXTENDING THE COMMUNITY GRANT103
	18	+	REVITALIZATION
	19	+	PROGRAM, CREATING AN INCOME TAX CREDIT104
	20	+	FOR EXPENSES INCURRED IN COMPLETING INFRASTRUCTURE105
	21	+	THAT SUPPORTS CREATIVE INDUSTRIES AND CREATIVE INDUSTRY106
	22	+	WORKERS, AND MAKING AN APPROPRIATION .107
	23	+	Bill Summary
	24	+	(Note: This summary applies to this bill as introduced and does
	25	+	not reflect any amendments that may be subsequently adopted. If this bill
	26	+	passes third reading in the house of introduction, a bill summary that
	27	+	applies to the reengrossed version of this bill will be available at
	28	+	http://leg.colorado.gov
	29	+	.)
	30	+	SENATE
	31	+	3rd Reading Unamended
	32	+	May 7, 2024
	33	+	SENATE
	34	+	Amended 2nd Reading
	35	+	May 6, 2024
	36	+	HOUSE
	37	+	3rd Reading Unamended
	38	+	April 26, 2024
	39	+	HOUSE
	40	+	Amended 2nd Reading
	41	+	April 25, 2024
	42	+	HOUSE SPONSORSHIP
	43	+	Titone and Herod, Amabile, Bacon, Bird, Boesenecker, Duran, English, Froelich, Hamrick,
	44	+	Hernandez, Jodeh, Joseph, Kipp, Lieder, Lindsay, Lindstedt, Lukens, Mabrey, McCluskie,
	45	+	McCormick, McLachlan, Ortiz, Ricks, Sirota, Snyder, Valdez, Velasco, Willford, Woodrow
	46	+	SENATE SPONSORSHIP
	47	+	Fenberg and Coleman, Bridges, Buckner, Cutter, Gonzales, Jaquez Lewis, Michaelson
	48	+	Jenet, Priola, Sullivan
	49	+	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
	50	+	Capital letters or bold & italic numbers indicate new material to be added to existing law.
	51	+	Dashes through the words or numbers indicate deletions from existing law. Section 1 of the bill modifies the community revitalization grant
	52	+	program (grant program) by:
	53	+	! Including projects that are eligible for funding under the
	54	+	space to create program administered by the creative
	55	+	industries division (division) within the office of economic
	56	+	development (office) as projects intended to be supported
	57	+	by the grant program;
	58	+	! Extending deadlines for the adoption of policies,
	59	+	procedures, and guidelines for the grant program and for
	60	+	grant program reporting; and
	61	+	! Extending the scheduled repeal of the grant program from
	62	+	January 1, 2025, to the date on which all money transferred
	63	+	or otherwise credited to the community revitalization fund
	64	+	pursuant to this section is expended.
	65	+	Section 2 creates a new community revitalization income tax
	66	+	credit (credit), for income tax years commencing on or after January 1,
	67	+	2026, but before January 1, 2033, in an amount equal to 25% of the
	68	+	amount of eligible expenditures made by a qualified applicant in
	69	+	completing an eligible project; except that the office may reduce the
	70	+	credit percentage for reservations for credits made in any income tax year,
	71	+	and the maximum amount of the credit for a single project is $3 million.
	72	+	In addition, the maximum amount of credits that may be reserved during
	73	+	any calendar year is $16 million. An eligible project is a capital
	74	+	improvement project within a creative district, a historic district, or a
	75	+	neighborhood commercial center or a main street that involves the
	76	+	construction, rehabilitation, conversion, remodeling, or other
	77	+	improvement of one or more buildings, structures, or facilities for uses
	78	+	that support creative industries and creative industry workers and that is
	79	+	approved as an eligible project by the office.
	80	+	The bill details a process for claiming the credit that requires:
	81	+	! The submission by a qualified applicant to the office of an
	82	+	eligible project plan that includes an estimate of eligible
	83	+	expenditures;
	84	+	! Preliminary and final review and approval of the plan by
	85	+	the office;
	86	+	! Reservation of a credit for the qualified applicant by the
	87	+	office;
	88	+	! Commencement of the eligible project incurrence by the
	89	+	qualified applicant of a specified minimum portion of the
	90	+	eligible expenditures within a specified period;
	91	+	! Completion of the eligible project;
	92	+	! Issuance of a tax credit certificate by the office;
	93	+	! Filing of the tax credit certificate by the qualified applicant
	94	+	with the department of revenue with the qualified
	95	+	1295
	96	+	-2- applicant's tax return or informational return; and
	97	+	! Recapture of the credit if the eligible project is not used for
	98	+	a use that makes it an eligible project during a specified
	99	+	compliance period.
	100	+	The office is required to annually report to the general assembly
	101	+	regarding the credit and may, after soliciting advice from the department
	102	+	of revenue, create and modify policies and procedures as necessary to
	103	+	implement the credit.
	104	+	Be it enacted by the General Assembly of the State of Colorado:1
21	105		SECTION 1. In Colorado Revised Statutes, 23-15-102, amend
22		-	(1)(a) as follows:
23		-	23-15-102. Legislative declaration. (1) The general assembly
24		-	NOTE: This bill has been prepared for the signatures of the appropriate legislative
25		-	officers and the Governor. To determine whether the Governor has signed the bill
26		-	or taken other action on it, please consult the legislative status sheet, the legislative
27		-	history, or the Session Laws.
28		-	________
29		-	Capital letters or bold & italic numbers indicate new material added to existing law; dashes
30		-	through words or numbers indicate deletions from existing law and such material is not part of
31		-	the act. hereby finds and declares that:
32		-	(a) It is the intent of the general assembly to create the Colorado
33		-	educational and cultural facilities authority to lend money to educational
34		-	institutions and cultural institutions; to authorize the authority to acquire,
35		-	construct, reconstruct, repair, alter, improve, extend, own, lease, and
36		-	dispose of properties to the end that the authority may be able to promote
37		-	the welfare of the people of this state; to authorize the authority to
38		-	administer the Colorado education savings program; to permit the bonds or
39		-	certificates of participation of the authority and the bonds or certificates of
40		-	participation of other issuers to be designated as Colorado education
41		-	savings bonds or certificates; and to vest such authority with powers to
42		-	enable such authority to accomplish such purposes; It is not the intent of the
43		-	general assembly to authorize the authority to operate any such educational
44		-	or cultural facility.
45		-	SECTION 2. In Colorado Revised Statutes, 23-15-103, amend
46		-	(8.5)(a)(I)(A) and (8.5)(a)(II)(A) as follows:
47		-	23-15-103. Definitions. As used in this article, unless the context
48		-	otherwise requires:
49		-	(8.5) (a) (I) (A) "Facility", in the case of a participating educational
50		-	institution, means any structure or building suitable for use as a housing
51		-	facility, an instructional facility, an administration building, a research
52		-	facility, a laboratory, a maintenance, storage, or utility facility, an
53		-	auditorium, a dining hall, a food service and preparation facility, a mental
54		-	or physical health-care facility, a recreational facility,
55		-	A HOTEL, or a student
56		-	center facility or any other structure or facility required or useful for the
57		-	operation of an educational institution, including, but not limited to:
	106	+	2
	107	+	(1)(a) as follows:3
	108	+	23-15-102. Legislative declaration. (1) The general assembly4
	109	+	hereby finds and declares that:5
	110	+	(a) It is the intent of the general assembly to create the Colorado6
	111	+	educational and cultural facilities authority to lend money to educational7
	112	+	institutions and cultural institutions; to authorize the authority to acquire,8
	113	+	construct, reconstruct, repair, alter, improve, extend, own, lease, and9
	114	+	dispose of properties to the end that the authority may be able to promote10
	115	+	the welfare of the people of this state; to authorize the authority to11
	116	+	administer the Colorado education savings program; to permit the bonds12
	117	+	or certificates of participation of the authority and the bonds or13
	118	+	certificates of participation of other issuers to be designated as Colorado14
	119	+	education savings bonds or certificates; and to vest such authority with15
	120	+	powers to enable such authority to accomplish such purposes; It is not the16
	121	+	intent of the general assembly to authorize the authority to operate any17
	122	+	such educational or cultural facility.18
	123	+	SECTION 2. In Colorado Revised Statutes, 23-15-103, amend19
	124	+	(8.5)(a)(I)(A) and (8.5)(a)(II)(A) as follows:20
	125	+	23-15-103. Definitions. As used in this article, unless the context21
	126	+	1295-3- otherwise requires:1
	127	+	(8.5) (a) (I) (A) "Facility", in the case of a participating2
	128	+	educational institution, means any structure or building suitable for use3
	129	+	as a housing facility, an instructional facility, an administration building,4
	130	+	a research facility, a laboratory, a maintenance, storage, or utility facility,5
	131	+	an auditorium, a dining hall, a food service and preparation facility, a6
	132	+	mental or physical health-care facility, a recreational facility,
	133	+	A HOTEL, or
	134	+	7
	135	+	a student center facility or any other structure or facility required or useful8
	136	+	for the operation of an educational institution, including, but not limited9
	137	+	to: Offices, parking lots and garages,
	138	+	EATING OR DRINKING
	139	+	10
	140	+	ESTABLISHMENTS, GIFT SHOPS, LODGING, and other supporting service11
	141	+	structures; any equipment, furnishings, and appurtenances necessary or12
	142	+	useful in the operation of a participating educational institution; and the13
	143	+	acquisition, preparation, and development of all real and personal14
	144	+	property necessary or convenient as a site or sites for any such structure15
	145	+	or facility.16
	146	+	(II) (A) "Facility", in the case of a cultural institution, means any17
	147	+	property that is suitable for the particular purposes of a cultural18
	148	+	institution, including, without limitation, any such property suitable for19
	149	+	use as or in connection with the operation of any one or more of the20
	150	+	following: An administrative facility, an aquarium, an assembly hall, an21
	151	+	auditorium, a botanical garden, an exhibition or performance hall or22
	152	+	structure, a gallery, a greenhouse, a library, a museum, a scientific23
	153	+	laboratory,
	154	+	A FILM CENTER, A HOTEL, a housing facility that serves the
	155	+	24
	156	+	cultural needs of its residents and is being financed as part of a multistate25
	157	+	program of financing educational or cultural facilities under this article,26
	158	+	a theater, or a zoological facility; and also including, without limitation,27
	159	+	1295
	160	+	-4- the books, works of art or music, and the animal, plant, or aquatic life or1
	161	+	other items contained therein for display, exhibition, or performance. The2
	162	+	term "facility" includes any other structure or facility required or useful3
	163	+	for the operation of a cultural institution including, but not limited to,4
58	164		offices, parking lots and garages,
59	165		EATING OR DRINKING ESTABLISHMENTS ,
60		-	GIFT SHOPS, LODGING, and other supporting service structures; any
61		-	equipment, furnishings, and appurtenances necessary or useful in the
62		-	operation of a participating educational institution; and the acquisition,
63		-	preparation, and development of all real and personal property necessary or
64		-	convenient as a site or sites for any such structure or facility.
65		-	(II) (A) "Facility", in the case of a cultural institution, means any
66		-	property that is suitable for the particular purposes of a cultural institution,
67		-	including, without limitation, any such property suitable for use as or in
68		-	PAGE 2-HOUSE BILL 24-1295 connection with the operation of any one or more of the following: An
69		-	administrative facility, an aquarium, an assembly hall, an auditorium, a
70		-	botanical garden, an exhibition or performance hall or structure, a gallery,
71		-	a greenhouse, a library, a museum, a scientific laboratory,
72		-	A FILM CENTER,
73		-	A HOTEL, a housing facility that serves the cultural needs of its residents and
74		-	is being financed as part of a multistate program of financing educational
75		-	or cultural facilities under this article, a theater, or a zoological facility; and
76		-	also including, without limitation, the books, works of art or music, and the
77		-	animal, plant, or aquatic life or other items contained therein for display,
78		-	exhibition, or performance. The term "facility" includes any other structure
79		-	or facility required or useful for the operation of a cultural institution
80		-	including, but not limited to, offices, parking lots and garages,
81		-	EATING OR
82		-	DRINKING ESTABLISHMENTS
83		-	, GIFT SHOPS, LODGING, and other supporting
84		-	service structures; any equipment, furnishings, and appurtenances necessary
85		-	or useful in the operation of a cultural institution; and the acquisition,
86		-	preparation, and development of all real and personal property necessary or
87		-	convenient as a site or sites for any such structure or facility. The term
88		-	"facility" also includes buildings on the national register of historic places
89		-	which are owned and
90		-	OR operated by nonprofit OR GOVERNMENTAL entities,
91		-	INCLUDING THE AUTHORITY.
92		-	SECTION 3. In Colorado Revised Statutes, 23-15-107, amend (1)
93		-	introductory portion, (1)(v), and (2); and add (1)(w) as follows:
94		-	23-15-107. General powers of the authority. (1) In addition to
95		-	any other powers granted to the authority by this article 15, the authority
96		-	shall have
97		-	HAS the following powers:
98		-	(v) To designate as Colorado education savings bonds or certificates
99		-	the bonds or certificates of participation of issuers other than the authority
100		-	if the issuer has applied for such designation and the authority has
101		-	determined that such instruments satisfy the criteria established in section
102		-	23-15-110.5 (2);
	166	+	5
	167	+	GIFT SHOPS, LODGING, and other supporting service structures; any6
	168	+	equipment, furnishings, and appurtenances necessary or useful in the7
	169	+	operation of a cultural institution; and the acquisition, preparation, and8
	170	+	development of all real and personal property necessary or convenient as9
	171	+	a site or sites for any such structure or facility. The term "facility" also10
	172	+	includes buildings on the national register of historic places which are11
	173	+	owned and OR operated by nonprofit OR GOVERNMENTAL entities,12
	174	+	INCLUDING THE AUTHORITY.13
	175	+	SECTION 3. In Colorado Revised Statutes, 23-15-107, amend14
	176	+	(1) introductory portion, (1)(v), and (2); and add (1)(w) as follows:15
	177	+	23-15-107. General powers of the authority. (1) In addition to16
	178	+	any other powers granted to the authority by this article 15, the authority17
	179	+	shall have HAS the following powers:18
	180	+	(v) To designate as Colorado education savings bonds or19
	181	+	certificates the bonds or certificates of participation of issuers other than20
	182	+	the authority if the issuer has applied for such designation and the21
	183	+	authority has determined that such instruments satisfy the criteria22
	184	+	established in section 23-15-110.5 (2);
103	185		AND
104		-	(w) TO ESTABLISH AND ADMINISTER ONE OR MORE FUNDS FOR
105		-	LOANS
106		-	, REVOLVING LOANS, OR GRANTS TO SUPPORT CAPITAL PROJECTS FOR
107		-	FACILITIES
108		-	, AS WELL AS OPERATIONS, MAINTENANCE, PROGRAMMING AND
109		-	OTHER ENDEAVORS
110		-	, FOR CULTURAL INSTITUTIONS AND EDUCATIONAL
111		-	INSTITUTIONS FROM ANY SOURCES THAT MAY BE AVAILABLE TO THE
112		-	AUTHORITY FOR ITS GENERAL PURPOSES
113		-	, INCLUDING BUT NOT LIMITED TO
114		-	PAGE 3-HOUSE BILL 24-1295 NET FACILITY REVENUES, GRANTS, GIFTS, OR FEES.
115		-	(2) The authority shall not have HAS the power to operate a facility
116		-	as a business, EITHER DIRECTLY OR INDIRECTLY THROUGH CONTRACTS FOR
117		-	THE MANAGEMENT AND OPERATION OF A FACILITY
118		-	, or other than
119		-	as a lessee
120		-	or lessor. I
121		-	F THE AUTHORITY OPERATES A FACILITY, THE AUTHORITY MUST
122		-	DIRECT ALL NET REVENUE FROM THE FACILITY TO THE PURPOSES SET FORTH
123		-	IN THIS ARTICLE
124		-	15. IN ORDER TO ISOLATE OPERATING RISK ON A
125		-	PROJECT
126		-	-BY-PROJECT BASIS, THE AUTHORITY HAS THE POWER TO ESTABLISH,
127		-	OR ADOPT A RESOLUTION APPROVING THE ESTABLISHMENT OF , ONE OR MORE
128		-	SUBSIDIARY CONTROLLED ENTITIES
129		-	. SUCH A CONTROLLED ENTITY ENJOYS
130		-	AND IS ENTITLED TO THE SAME POWERS
131		-	, PRIVILEGES, AND IMMUNITIES AS
132		-	THE AUTHORITY SO LONG AS
133		-	:
	186	+	23
	187	+	(w) T
	188	+	O ESTABLISH AND ADMINISTER ONE OR MORE FUNDS FOR
	189	+	24
	190	+	LOANS, REVOLVING LOANS, OR GRANTS TO SUPPORT CAPITAL PROJECTS25
	191	+	FOR FACILITIES, AS WELL AS OPERATIONS, MAINTENANCE, PROGRAMMING26
	192	+	AND OTHER ENDEAVORS, FOR CULTURAL INSTITUTIONS AND EDUCATIONAL27
	193	+	1295
	194	+	-5- INSTITUTIONS FROM ANY SOURCES THAT MAY BE AVAILABLE TO THE1
	195	+	AUTHORITY FOR ITS GENERAL PURPOSES , INCLUDING BUT NOT LIMITED TO2
	196	+	NET FACILITY REVENUES, GRANTS, GIFTS, OR FEES.3
	197	+	(2) The authority shall not have HAS the power to operate a facility4
	198	+	as a business, EITHER DIRECTLY OR INDIRECTLY THROUGH CONTRACTS FOR5
	199	+	THE MANAGEMENT AND OPERATION OF A FACILITY , or other than as a6
	200	+	lessee or lessor. I
	201	+	F THE AUTHORITY OPERATES A FACILITY, THE AUTHORITY
	202	+	7
	203	+	MUST DIRECT ALL NET REVENUE FROM THE FACILITY TO THE PURPOSES SET8
	204	+	FORTH IN THIS ARTICLE 15. IN ORDER TO ISOLATE OPERATING RISK ON A9
	205	+	PROJECT-BY-PROJECT BASIS, THE AUTHORITY HAS THE POWER TO10
	206	+	ESTABLISH, OR ADOPT A RESOLUTION APPROVING THE ESTABLISHMENT OF ,11
	207	+	ONE OR MORE SUBSIDIARY CONTROLLED ENTITIES . SUCH A CONTROLLED12
	208	+	ENTITY ENJOYS AND IS ENTITLED TO THE SAME POWERS , PRIVILEGES, AND13
	209	+	IMMUNITIES AS THE AUTHORITY SO LONG AS :14
134	210		(a) T
135		-	HE CONTROLLED ENTITY IS A NONPROFIT CORPORATION , LIMITED
136		-	LIABILITY COMPANY
137		-	, LIMITED LIABILITY LIMITED PARTNERSHIP, OR OTHER
138		-	ENTITY FORMED PURSUANT TO STATE LAW AND THE AUTHORITY IS THE SOLE
139		-	MEMBER OR PARTNER OF THE ENTITY
140		-	;
	211	+	HE CONTROLLED ENTITY IS A NONPROFIT CORPORATION ,
	212	+	15
	213	+	LIMITED LIABILITY COMPANY, LIMITED LIABILITY LIMITED PARTNERSHIP,16
	214	+	OR OTHER ENTITY FORMED PURSUANT TO STATE LAW AND THE AUTHORITY17
	215	+	IS THE SOLE MEMBER OR PARTNER OF THE ENTITY ;18
141	216		(b) T
142	217		HE AUTHORITY APPOINTS THE GOVERNING BODY OF OR AN
143		-	~~AGENT TO OVERSEE THE CONTROLLED ENTITY AND MAY REMOVE A MEMBER~~
144		-	OF THE ~~GOVERNING BODY OR AGENT~~
145		-	;
	218	+	19
	219	+	AGENT TO OVERSEE THE CONTROLLED ENTITY AND MAY REMOVE A20
	220	+	MEMBER OF THE GOVERNING BODY OR AGENT ;21
146	221		(c) A
147	222		NY REVENUE OF THE CONTROLLED ENTITY THAT IS NOT
148		-	REQUIRED TO PAY ITS EXPENSES AND OBLIGATIONS AND TO FUND RESERVES
149		-	FOR SUCH EXPENSES AND OBLIGATIONS AND
150		-	, UPON DISSOLUTION OF THE
151		-	CONTROLLED ENTITY
152		-	, ANY ASSETS OF THE CONTROLLED ENTITY NOT
153		-	REQUIRED TO PAY ITS EXPENSES AND OBLIGATIONS MUST BE DISTRIBUTED TO
154		-	OR AT THE DIRECTION OF THE AUTHORITY AND SHALL NOT BE USED FOR OR
155		-	ACCRUE TO THE BENEFIT OF ANY PRIVATE INTERESTS
156		-	; AND
157		-	(d) THE AUTHORITY MAY LOAN PROCEEDS FROM BONDS ISSUED BY
158		-	THE AUTHORITY TO THE CONTROLLED ENTITY
159		-	.
160		-	SECTION 4. In Colorado Revised Statutes, 24-48.5-317, amend
161		-	(2)(a)(V), (2)(a)(VI), (4) introductory portion, (8)(a), and (9); repeal (2)(b);
162		-	and add (2)(a)(VII) as follows:
163		-	24-48.5-317. Community revitalization grants - fund - reporting
164		-	- compliance with federal requirements - legislative declaration -
165		-	PAGE 4-HOUSE BILL 24-1295 definitions - repeal. (2) (a) The community revitalization grant program
166		-	is hereby established in the division. The purpose of the grant program is to
167		-	provide state assistance in the form of grant awards to finance various
168		-	projects across the state that are intended to create or revitalize mixed-use
169		-	commercial centers. The grant program is intended to support creative
170		-	projects in these commercial centers that would combine revitalized or
171		-	newly constructed commercial spaces with public or community spaces
172		-	including but not limited to such projects as:
173		-	(V) The renovation or refurbishment of vacant or blighted property
174		-	for creative industries, economic development, or historic preservation
175		-	purposes; and
176		-	(VI) Child care centers; AND
177		-	(VII) PROJECTS THAT ARE ELIGIBLE FOR FUNDING UNDER THE SPACE
178		-	TO CREATE
179		-	COLORADO PROGRAM ADMINISTERED BY THE DIVISION .
180		-	(b) All grants awarded under this section must be encumbered notlater than December 31, 2022.
181		-	(4) On or before September 1, 2021, DECEMBER 1, 2024, the
182		-	director of the division, in consultation with the director of the division of
183		-	local government, or their designees, shall adopt policies, procedures, and
184		-	guidelines for the grant program that include without limitation:
185		-	(8) (a) On or before November 1, 2022
186		-	NOVEMBER 1, 2024, and on
187		-	or before November 1, 2023 NOVEMBER 1, 2026, the division shall publish
188		-	a report summarizing the use of all of the money that was awarded as grants
189		-	under the grant program in the preceding fiscal year. At a minimum, the
190		-	report shall specify the amount of grant money distributed to each grant
191		-	recipient and a description of each grant recipient's use of the grant money.
192		-	The report must be posted on the website of the office of economic
193		-	development created in section 24-48.5-101.
194		-	(9) This section is
195		-	WILL BE repealed effective January 1, 2025 IF ALL
196		-	MONEY TRANSFERRED OR OTHERWISE CREDITED TO THE COMMUNITY
197		-	REVITALIZATION FUND PURSUANT TO THIS SECTION IS EXPENDED
198		-	. THE
199		-	DIRECTOR OF THE DIVISION SHALL NOTIFY THE REVISOR OF STATUTES IN
200		-	WRITING OF THE DATE WHEN THE CONDITION SPECIFIED IN THIS SUBSECTION
201		-	PAGE 5-HOUSE BILL 24-1295 (9) HAS OCCURRED BY E -MAILING THE NOTICE TO
202		-	REVISOROFSTATUTES
203		-	.GA@COLEG.GOV. THIS SECTION IS REPEALED ,
204		-	EFFECTIVE UPON THE DATE IDENTIFIED IN THE NOTICE THAT ALL MONEY
205		-	TRANSFERRED OR OTHERWISE CREDITED TO THE COMMUNITY
206		-	REVITALIZATION FUND PURSUANT TO THIS SECTION IS EXPENDED
207		-	, OR, IF THE
208		-	NOTICE DOES NOT SPECIFY THAT DATE
209		-	, UPON THE DATE OF THE NOTICE TO
210		-	THE REVISOR OF STATUTES
211		-	.
212		-	SECTION 5. In Colorado Revised Statutes, 24-75-402, amend
213		-	(5)(ccc) and (5)(ddd); and add (5)(kkk) as follows:
214		-	24-75-402. Cash funds - limit on uncommitted reserves -
215		-	reduction in the amount of fees - exclusions - definitions.
216		-	(5) Notwithstanding any provision of this section to the contrary, the
217		-	following cash funds are excluded from the limitations specified in this
218		-	section:
219		-	(ccc) The wildfire resiliency code board cash fund created in section
220		-	24-33.5-1236 (8); and
221		-	(ddd) The closed landfill remediation grant program fund created in
222		-	section 30-20-124 (8);
223		-	AND
224		-	(kkk) THE COMMUNITY REVITALIZATION TAX CREDIT PROGRAM CASH
225		-	FUND CREATED IN SECTION
226		-	39-22-569 (13).
227		-	SECTION 6. In Colorado Revised Statutes, add 39-22-569 as
228		-	follows:
229		-	39-22-569. Community revitalization tax credit - community
230		-	revitalization tax credit program cash fund - tax preference
231		-	performance statement - legislative declaration - definitions - repeal.
	223	+	22
	224	+	REQUIRED TO PAY ITS EXPENSES AND OBLIGATIONS AND TO FUND23
	225	+	RESERVES FOR SUCH EXPENSES AND OBLIGATIONS AND , UPON DISSOLUTION24
	226	+	OF THE CONTROLLED ENTITY, ANY ASSETS OF THE CONTROLLED ENTITY25
	227	+	NOT REQUIRED TO PAY ITS EXPENSES AND OBLIGATIONS MUST BE26
	228	+	DISTRIBUTED TO OR AT THE DIRECTION OF THE AUTHORITY AND SHALL NOT27
	229	+	1295
	230	+	-6- BE USED FOR OR ACCRUE TO THE BENEFIT OF ANY PRIVATE INTERESTS ; AND1
	231	+	(d) T
	232	+	HE AUTHORITY MAY LOAN PROCEEDS FROM BONDS ISSUED BY
	233	+	2
	234	+	THE AUTHORITY TO THE CONTROLLED ENTITY .3
	235	+	SECTION 4. In Colorado Revised Statutes, 24-48.5-317, amend4
	236	+	(2)(a)(V), (2)(a)(VI), (4) introductory portion, (8)(a), and (9); repeal5
	237	+	(2)(b); and add (2)(a)(VII) as follows:6
	238	+	24-48.5-317. Community revitalization grants - fund -7
	239	+	reporting - compliance with federal requirements - legislative8
	240	+	declaration - definitions - repeal. (2) (a) The community revitalization9
	241	+	grant program is hereby established in the division. The purpose of the10
	242	+	grant program is to provide state assistance in the form of grant awards11
	243	+	to finance various projects across the state that are intended to create or12
	244	+	revitalize mixed-use commercial centers. The grant program is intended13
	245	+	to support creative projects in these commercial centers that would14
	246	+	combine revitalized or newly constructed commercial spaces with public15
	247	+	or community spaces including but not limited to such projects as:16
	248	+	(V) The renovation or refurbishment of vacant or blighted17
	249	+	property for creative industries, economic development, or historic18
	250	+	preservation purposes; and19
	251	+	(VI) Child care centers;
	252	+	AND20
	253	+	(VII) P
	254	+	ROJECTS THAT ARE ELIGIBLE FOR FUNDING UNDER THE21
	255	+	SPACE TO CREATE COLORADO PROGRAM ADMINISTERED BY THE DIVISION . 22
	256	+	(b) All grants awarded under this section must be encumbered not
	257	+	23
	258	+	later than December 31, 2022.24
	259	+	(4) On or before September 1, 2021, DECEMBER 1, 2024, the25
	260	+	director of the division, in consultation with the director of the division26
	261	+	of local government, or their designees, shall adopt policies, procedures,27
	262	+	1295
	263	+	-7- and guidelines for the grant program that include without limitation:1
	264	+	(8) (a) On or before November 1, 2022 NOVEMBER 1, 2024, and2
	265	+	on or before November 1, 2023 NOVEMBER 1, 2026, the division shall3
	266	+	publish a report summarizing the use of all of the money that was4
	267	+	awarded as grants under the grant program in the preceding fiscal year.5
	268	+	At a minimum, the report shall specify the amount of grant money6
	269	+	distributed to each grant recipient and a description of each grant7
	270	+	recipient's use of the grant money. The report must be posted on the8
	271	+	website of the office of economic development created in section9
	272	+	24-48.5-101.10
	273	+	(9) This section is WILL BE repealed effective January 1, 2025 IF11
	274	+	ALL MONEY TRANSFERRED OR OTHERWISE CREDITED TO THE COMMUNITY12
	275	+	REVITALIZATION FUND PURSUANT TO THIS SECTION IS EXPENDED . THE13
	276	+	DIRECTOR OF THE DIVISION SHALL NOTIFY THE REVISOR OF STATUTES IN14
	277	+	WRITING OF THE DATE WHEN THE CONDITION SPECIFIED IN THIS15
	278	+	SUBSECTION (9) HAS OCCURRED BY E -MAILING THE NOTICE TO16
	279	+	REVISOROFSTATUTES.GA@COLEG.GOV. THIS SECTION IS REPEALED ,17
	280	+	EFFECTIVE UPON THE DATE IDENTIFIED IN THE NOTICE THAT ALL MONEY18
	281	+	TRANSFERRED OR OTHERWISE CREDITED TO THE COMMUNITY19
	282	+	REVITALIZATION FUND PURS UANT TO THIS SECTION IS EXPENDED , OR, IF20
	283	+	THE NOTICE DOES NOT SPECIFY THAT DATE, UPON THE DATE OF THE NOTICE21
	284	+	TO THE REVISOR OF STATUTES.22
	285	+	SECTION 5. In Colorado Revised Statutes, 24-75-402, amend23
	286	+	(5)(ccc) and (5)(ddd); and add (5)(eee) as follows:24
	287	+	24-75-402. Cash funds - limit on uncommitted reserves -25
	288	+	reduction in the amount of fees - exclusions - definitions.26
	289	+	(5) Notwithstanding any provision of this section to the contrary, the27
	290	+	1295
	291	+	-8- following cash funds are excluded from the limitations specified in this1
	292	+	section:2
	293	+	(ccc) The wildfire resiliency code board cash fund created in3
	294	+	section 24-33.5-1236 (8); and4
	295	+	(ddd) The closed landfill remediation grant program fund created5
	296	+	in section 30-20-124 (8); AND6
	297	+	(eee) THE COMMUNITY REVITALIZATION TAX CREDIT PROGRAM7
	298	+	CASH FUND CREATED IN SECTION 39-22-560 (13).8
	299	+	SECTION 6. In Colorado Revised Statutes, add 39-22-560 as9
	300	+	follows:10
	301	+	39-22-560. Community revitalization tax credit - community11
	302	+	revitalization tax credit program cash fund - tax preference12
	303	+	performance statement - legislative declaration - definitions - repeal.13
232	304		(1) Tax preference performance statement. I
233		-	N ACCORDANCE WITH
234		-	SECTION
235		-	39-21-304 (1), WHICH REQUIRES EACH BILL THAT CREATES A NEW
236		-	TAX EXPENDITURE TO INCLUDE A TAX PREFERENCE PERFORMANCE
237		-	STATEMENT AS PART OF A STATUTORY LEGISLATIVE DECLARATION
238		-	, THE
239		-	GENERAL ASSEMBLY FINDS AND DECLARES THAT
240		-	:
	305	+	N ACCORDANCE WITH14
	306	+	SECTION 39-21-304 (1), WHICH REQUIRES EACH BILL THAT CREATES A NEW15
	307	+	TAX EXPENDITURE TO INCLUDE A TAX PREFERENCE PERFORMANCE16
	308	+	STATEMENT AS PART OF A STATUTORY LEGISLATIVE DECLARATION , THE17
	309	+	GENERAL ASSEMBLY FINDS AND DECLARES THAT :18
241	310		(a) T
242		-	HE GENERAL LEGISLATIVE PURPOSES OF THE TAX CREDIT
243		-	ALLOWED BY THIS SECTION ARE
244		-	:
245		-	PAGE 6-HOUSE BILL 24-1295 (I) TO INDUCE CERTAIN DESIGNATED BEHAVIOR BY TAXPAYERS ; AND
246		-	(II) TO PROVIDE TAX RELIEF FOR CERTAIN BUSINESSES OR
247		-	INDIVIDUALS
248		-	;
	311	+	HE GENERAL LEGISLATIVE PURPOSES OF THE TAX CREDIT19
	312	+	ALLOWED BY THIS SECTION ARE:20
	313	+	(I) T
	314	+	O INDUCE CERTAIN DESIGNATED BEHAVIOR BY TAXPAYERS ;21
	315	+	AND22
	316	+	(II) T
	317	+	O PROVIDE TAX RELIEF FOR CERTAIN BUSINESSES OR23
	318	+	INDIVIDUALS;24
249	319		(b) T
250		-	HE SPECIFIC LEGISLATIVE PURPOSE OF THE TAX CREDIT
251		-	ALLOWED BY THIS SECTION IS TO REVITALIZE COMMUNITIES BY PROVIDING
252		-	FINANCIAL SUPPORT AND A FINANCIAL INCENTIVE FOR CAPITAL
253		-	IMPROVEMENT PROJECTS IN CREATIVE DISTRICTS THAT SUPPORT CREATIVE
254		-	INDUSTRIES AND CREATIVE INDUSTRY WORKERS BY PROVIDING AFFORDABLE
255		-	HOUSING AND LIVE
256		-	-WORK SPACES FOR SUCH WORKERS AND OTHER
257		-	MIXED
258		-	-USE AND CREATIVE-USE SPACES FOR BOTH SUCH WORKERS AND THE
259		-	GENERAL PUBLIC THAT ENJOYS AND BENEFITS FROM THEIR WORK
260		-	.
	320	+	HE SPECIFIC LEGISLATIVE PURPOSE OF THE TAX CREDIT25
	321	+	ALLOWED BY THIS SECTION IS TO REVITALIZE COMMUNITIES BY PROVIDING26
	322	+	FINANCIAL SUPPORT AND A FINANCIAL INCENTIVE FOR CAPITAL27
	323	+	1295
	324	+	-9- IMPROVEMENT PROJECTS IN CREATIVE DISTRICTS THAT SUPPORT CREATIVE1
	325	+	INDUSTRIES AND CREATIVE INDUSTRY WORKERS BY PROVIDING2
	326	+	AFFORDABLE HOUSING AND LIVE -WORK SPACES FOR SUCH WORKERS AND3
	327	+	OTHER MIXED-USE AND CREATIVE-USE SPACES FOR BOTH SUCH WORKERS4
	328	+	AND THE GENERAL PUBLIC THAT ENJOYS AND BENEFITS FROM THEIR WORK .5
261	329		(c) T
262		-	HE GENERAL ASSEMBLY AND THE STATE AUDITOR SHALL
263		-	MEASURE THE EFFECTIVENESS OF THE TAX CREDIT IN ACHIEVING THE
264		-	PURPOSES SPECIFIED IN SUBSECTIONS
265		-	(2)(a) AND (2)(b) OF THIS SECTION
266		-	BASED ON THE INFORMATION REQUIRED TO BE MAINTAINED BY AND
267		-	REPORTED BY THE OFFICE PURSUANT TO SUBSECTION
268		-	(11) OF THIS SECTION.
	330	+	HE GENERAL ASSEMBLY AND THE STATE AUDITOR SHALL6
	331	+	MEASURE THE EFFECTIVENESS OF THE TAX CREDIT IN ACHIEVING THE7
	332	+	PURPOSES SPECIFIED IN SUBSECTIONS (2)(a) AND (2)(b) OF THIS SECTION8
	333	+	BASED ON THE INFORMATION REQUIRED TO BE MAINTAINED BY AND9
	334	+	REPORTED BY THE OFFICE PURSUANT TO SUBSECTION (11) OF THIS10
	335	+	SECTION.11
269	336		(2) Definitions. A
270		-	S USED IN THIS SECTION, UNLESS THE CONTEXT
271		-	OTHERWISE REQUIRES
272		-	:
	337	+	S USED IN THIS SECTION, UNLESS THE CONTEXT12
	338	+	OTHERWISE REQUIRES:13
273	339		(a) "A
274		-	PPLICATION" MEANS AN APPLICATION IN THE FORM AND
275		-	MANNER APPROVED BY THE OFFICE FOR THE CREDIT ALLOWED IN THIS
276		-	SECTION THAT INCLUDES THE PROJECT PLAN AND ESTIMATED ELIGIBLE
277		-	EXPENDITURES
278		-	.
	340	+	PPLICATION" MEANS AN APPLICATION IN THE FORM AND14
	341	+	MANNER APPROVED BY THE OFFICE FOR THE CREDIT ALLOWED IN THIS15
	342	+	SECTION THAT INCLUDES THE PROJECT PLAN AND ESTIMATED ELIGIBLE16
	343	+	EXPENDITURES.17
279	344		(b) "C
280		-	REATIVE DISTRICT" HAS THE SAME MEANING AS SET FORTH IN
281		-	SECTION
282		-	24-48.5-314 (2)(b).
	345	+	REATIVE DISTRICT" HAS THE SAME MEANING AS SET FORTH18
	346	+	IN SECTION 24-48.5-314 (2)(b).19
283	347		(c) "D
284		-	EPARTMENT" MEANS THE DEPARTMENT OF REVENUE .
	348	+	EPARTMENT" MEANS THE DEPARTMENT OF REVENUE .20
285	349		(d) "E
286		-	LIGIBLE EXPENDITURES" MEANS REASONABLE AND NECESSARY
287		-	EXPENDITURES
288		-	, IN ACCORDANCE WITH GUIDELINES DEVELOPED BY THE
289		-	OFFICE
290		-	, ACTUALLY PAID BY A TAXPAYER IN COMPLETING AN ELIGIBLE
291		-	PROJECT
292		-	.
	350	+	LIGIBLE EXPENDITURES" MEANS REASONABLE AND21
	351	+	NECESSARY EXPENDITURES , IN ACCORDANCE WITH GUIDELINES22
	352	+	DEVELOPED BY THE OFFICE , ACTUALLY PAID BY A TAXPAYER IN23
	353	+	COMPLETING AN ELIGIBLE PROJECT.24
293	354		(e) "E
294		-	LIGIBLE PROJECT" MEANS A CAPITAL IMPROVEMENT PROJECT
295		-	UNDERTAKEN IN THE STATE WITHIN A CREATIVE DISTRICT
296		-	, A HISTORIC
297		-	PAGE 7-HOUSE BILL 24-1295 DISTRICT, OR A NEIGHBORHOOD COMMERCIAL CENTER OR ON A MAIN STREET
298		-	THAT INVOLVES THE CONSTRUCTION
299		-	, REHABILITATION, CONVERSION,
300		-	REMODELING, OR OTHER IMPROVEMENT OF ONE OR MORE BUILDINGS ,
301		-	STRUCTURES, OR FACILITIES FOR USES THAT SUPPORT CREATIVE INDUSTRIES
302		-	AND CREATIVE INDUSTRY WORKERS
303		-	, INCLUDING AFFORDABLE HOUSING AND
304		-	LIVE
305		-	-WORK SPACES FOR SUCH WORKERS AND OTHER MIXED -USE,
306		-	CREATIVE-USE, PERFORMANCE, AND EXHIBITION SPACES FOR SUCH WORKERS
307		-	AND FOR THE GENERAL PUBLIC AND THAT IS APPROVED BY THE OFFICE IN
308		-	ACCORDANCE WITH THE POLICIES
309		-	, PROCEDURES, AND GUIDELINES FOR THE
310		-	IMPLEMENTATION AND ADMINISTRATION OF THE TAX CREDIT ALLOWED BY
311		-	THIS SECTION ADOPTED BY THE OFFICE PURSUANT TO SUBSECTION
312		-	(12) OF
313		-	THIS SECTION
314		-	.
	355	+	LIGIBLE PROJECT" MEANS A CAPITAL IMPROVEMENT PROJECT25
	356	+	UNDERTAKEN IN THE STATE WITHIN A CREATIVE DISTRICT , A HISTORIC26
	357	+	DISTRICT, OR A NEIGHBORHOOD COMMERCIAL CENTER OR ON A MAIN27
	358	+	1295
	359	+	-10- STREET THAT INVOLVES THE CONSTRUCTION , REHABILITATION,1
	360	+	CONVERSION, REMODELING, OR OTHER IMPROVEMENT OF ONE OR MORE2
	361	+	BUILDINGS, STRUCTURES, OR FACILITIES FOR USES THAT SUPPORT3
	362	+	CREATIVE INDUSTRIES AND CREATIVE INDUSTRY WORKERS , INCLUDING4
	363	+	AFFORDABLE HOUSING AND LIVE -WORK SPACES FOR SUCH WORKERS AND5
	364	+	OTHER MIXED-USE, CREATIVE-USE, PERFORMANCE, AND EXHIBITION6
	365	+	SPACES FOR SUCH WORKERS AND FOR THE GENERAL PUBLIC AND THAT IS7
	366	+	APPROVED BY THE OFFICE IN ACCORDANCE WITH THE POLICIES ,8
	367	+	PROCEDURES, AND GUIDELINES FOR THE IMPLEMENTATION AND9
	368	+	ADMINISTRATION OF THE TAX CREDIT ALLOWED BY THIS SECTION ADOPTED10
	369	+	BY THE OFFICE PURSUANT TO SUBSECTION (12) OF THIS SECTION.11
315	370		(f) "O
316		-	FFICE" MEANS THE OFFICE OF ECONOMIC DEVELOPMENT .
	371	+	FFICE" MEANS THE OFFICE OF ECONOMIC DEVELOPMENT .12
317	372		(g) (I) "Q
318		-	UALIFIED APPLICANT" MEANS A PERSON THAT:
	373	+	UALIFIED APPLICANT" MEANS A PERSON THAT:13
319	374		(A) H
320		-	AS A CONTRACTUAL OR REAL PROPERTY INTEREST IN AN
321		-	EXISTING OR PLANNED BUILDING
322		-	, STRUCTURE, OR FACILITY THAT IS TO BE
323		-	CONSTRUCTED
324		-	, REHABILITATED, CONVERTED, REMODELED, OR OTHERWISE
325		-	IMPROVED THROUGH THE COMPLETION OF AN ELIGIBLE PROJECT
326		-	; AND
327		-	(B) MAKES ELIGIBLE EXPENDITURES;
	375	+	AS A CONTRACTUAL OR REAL PROPERTY INTEREST IN AN14
	376	+	EXISTING OR PLANNED BUILDING, STRUCTURE, OR FACILITY THAT IS TO BE15
	377	+	CONSTRUCTED, REHABILITATED, CONVERTED, REMODELED, OR OTHERWISE16
	378	+	IMPROVED THROUGH THE COMPLETION OF AN ELIGIBLE PROJECT ; AND17
	379	+	(B)
	380	+	MAKES ELIGIBLE EXPENDITURES;18
	381	+	(II)
	382	+	A QUALIFIED APPLICANT MAY BE A PERSON SUBJECT TO TAX19
	383	+	PURSUANT TO THIS ARTICLE 22 OR A PERSON OR POLITICAL SUBDIVISION OF20
	384	+	THE STATE THAT IS EXEMPT FROM SUCH TAXATION PURSUANT TO SECTION21
	385	+	39-22-112
	386	+	(1).22
	387	+	(3) Credit allowed. (a) F
	388	+	OR INCOME TAX YEARS COMMENCING ON23
	389	+	OR AFTER JANUARY 1, 2026, BUT PRIOR TO JANUARY 1, 2033, A QUALIFIED24
	390	+	APPLICANT IS ALLOWED A CREDIT AGAINST THE INCOME TAXES IMPOSED25
	391	+	BY THIS ARTICLE 22 FOR PLACING AN ELIGIBLE PROJECT IN SERVICE IN AN26
	392	+	AMOUNT SPECIFIED ON THE CREDIT CERTIFICATE ISSUED BY THE OFFICE27
	393	+	1295
	394	+	-11- PURSUANT TO SUBSECTION (7) OF THIS SECTION.1
	395	+	(b) I
	396	+	N ORDER TO CLAIM THE CREDIT ALLOWED PURSUANT TO THIS2
	397	+	SECTION, THE QUALIFIED APPLICANT MUST SUBMIT AN APPLICATION AS3
	398	+	SPECIFIED IN SUBSECTION (4) OF THIS SECTION, PLACE THE ELIGIBLE4
	399	+	PROJECT IN SERVICE PRIOR TO JANUARY 1, 2033, OBTAIN A TAX CREDIT5
	400	+	CERTIFICATE FROM THE OFFICE AS SPECIFIED IN SUBSECTION (7) OF THIS6
	401	+	SECTION, AND, ONCE ISSUED BY THE OFFICE , FILE THE TAX CREDIT7
	402	+	CERTIFICATE WITH THE QUALIFIED APPLICANT 'S INCOME TAX RETURN AS8
	403	+	SPECIFIED IN SUBSECTION (8) OF THIS SECTION.9
	404	+	(4) Application submission and review. (a) A
	405	+	N APPLICANT MAY10
	406	+	SUBMIT AN APPLICATION TO THE OFFICE ON OR AFTER JANUARY 1, 2025,11
	407	+	BUT NO LATER THAN OCTOBER 3, 2029.12
	408	+	(b) T
	409	+	HE OFFICE SHALL REVIEW ALL SUBMITTED APPLICATIONS TO :13
	410	+	(I) D
	411	+	ETERMINE WHETHER THE APPLICANT IS A QUALIFIED14
	412	+	APPLICANT;15
	413	+	(II) D
	414	+	ETERMINE WHETHER THE APPLICATION IS COMPLETE AND16
	415	+	INCLUDES A PROPERTY ADDRESS, LEGAL DESCRIPTION, OR OTHER SPECIFIC17
	416	+	LOCATION IDENTIFIER;18
	417	+	(III) M
	418	+	AKE A PRELIMINARY DETERMINATION WHETHER THE19
	419	+	PROJECT PLAN IS A PLAN FOR AN ELIGIBLE PROJECT BASED ON THE POLICIES20
	420	+	AND PROCEDURES DEVELOPED BY THE OFFICE PURSUANT TO SUBSECTION21
	421	+	(12)
	422	+	OF THIS SECTION;22
	423	+	(IV) D
	424	+	ETERMINE WHETHER THE ELIGIBLE PROJECT IS ENTITLED TO23
	425	+	A TAX CREDIT RESERVATION AS SPECIFIED IN SUBSECTION (6) OF THIS24
	426	+	SECTION;25
	427	+	(V) O
	428	+	NCE THE ELIGIBLE PROJECT IS PLACED IN SERVICE, MAKE A26
	429	+	FINAL DETERMINATION WHETHER THE PROJECT IS AN ELIGIBLE PROJECT27
	430	+	1295
	431	+	-12- BASED ON THE POLICIES AND PROCEDURES DEVELOPED BY THE OFFICE1
	432	+	PURSUANT TO SUBSECTION (12) OF THIS SECTION; AND2
	433	+	(VI) I
	434	+	F THE PROJECT IS AN ELIGIBLE PROJECT , REVIEW THE3
	435	+	CERTIFIED ELIGIBLE EXPENDITURES AND , IF APPROVED, ISSUE A CREDIT4
	436	+	CERTIFICATE TO THE QUALIFIED APPLICANT, AS SPECIFIED IN SUBSECTION5
	437	+	(7)
	438	+	OF THIS SECTION.6
	439	+	(c) T
	440	+	HE OFFICE SHALL MAKE THE DETERMINATIONS SPECIFIED IN7
	441	+	SUBSECTIONS (4)(b)(I) TO (4)(b)(V) OF THIS SECTION WITHIN NINETY DAYS8
	442	+	OF THE DATE THE OFFICE RECEIVES THE APPLICATION .9
	443	+	(d) (I) I
	444	+	F THE OFFICE DETERMINES THAT AN APPLICATION IS10
	445	+	INCOMPLETE OR THAT IT IS UNABLE TO MAKE THE DETERMINATIONS11
	446	+	SPECIFIED IN SUBSECTIONS (4)(b)(I) TO (4)(b)(V) OF THIS SECTION, THE12
	447	+	OFFICE SHALL NOTIFY THE APPLICANT IN WRITING OF THE OFFICE 'S13
	448	+	DECISION AND SHALL REMOVE THE APPLICATION FROM THE REVIEW14
	449	+	PROCESS.15
	450	+	(II) I
	451	+	F AN APPLICANT RESUBMITS AN APPLICATION, THE OFFICE MAY16
	452	+	CHARGE A NEW APPLICATION FEE IN AN AMOUNT SPECIFIED IN SUBSECTION17
	453	+	(5)
	454	+	OF THIS SECTION.18
	455	+	(5) Application and issuance fees. (a) (I) F
	456	+	OR AN APPLICATION19
	457	+	FOR WHICH THE AMOUNT OF THE TAX CREDIT REQUESTED BY AN20
	458	+	APPLICANT PURSUANT TO THIS SECTION IS TWO HUNDRED FIFTY THOUSAND21
	459	+	DOLLARS OR MORE, THE OFFICE MAY IMPOSE A REASONABLE APPLICATION22
	460	+	FEE ON AN APPLICANT THAT DOES NOT EXCEED FIVE HUNDRED DOLLARS .23
	461	+	(II)
	462	+	FOR AN APPLICATION FOR WHICH THE AMOUNT OF THE TAX24
	463	+	CREDIT REQUESTED BY AN APPLICANT PURSUANT TO THIS SECTION IS LESS25
	464	+	THAN TWO HUNDRED FIFTY THOUSAND DOLLARS , THE OFFICE MAY IMPOSE26
	465	+	A REASONABLE APPLICATION FEE ON AN APPLICANT THAT DOES NOT27
	466	+	1295
	467	+	-13- EXCEED TWO HUNDRED DOLLARS .1
	468	+	(b) T
	469	+	HE OFFICE MAY IMPOSE ON A QUALIFIED APPLICANT A2
	470	+	REASONABLE ISSUANCE FEE OF UP TO THREE PERCENT OF THE AMOUNT OF3
	471	+	THE TAX CREDIT SPECIFIED ON THE TAX CREDIT CERTIFICATE ISSUED BY4
	472	+	THE OFFICE AS SPECIFIED IN SUBSECTION (7) OF THIS SECTION, WHICH MUST5
	473	+	BE PAID BEFORE THE TAX CREDIT CERTIFICATE IS ISSUED TO THE QUALIFIED6
	474	+	APPLICANT.7
	475	+	(c) A
	476	+	NY FEE REVENUE COLLECTED PURSUANT TO THIS SUBSECTION8
	477	+	(5)
	478	+	MUST BE
	479	+	CREDITED TO THE COMMUNITY REVITALIZATION TAX CREDIT9
	480	+	PROGRAM CASH FUND CREATED IN SUBSECTION (13) OF THIS SECTION AND10
	481	+	APPLIED TO THE ADMINISTRATION OF THE TAX CREDIT CREATED BY THIS11
	482	+	SECTION.12
	483	+	(6) Tax credit reservation. (a) B
	484	+	ASED ON THE FACTORS SPECIFIED13
	485	+	IN SUBSECTION (6)(d) OF THIS SECTION, THE OFFICE MAY DETERMINE THAT14
	486	+	A QUALIFIED APPLICANT IS ENTITLED TO A TAX CREDIT RESERVATION IN15
	487	+	ACCORDANCE WITH THE PROVISIONS OF THIS SECTION . THE OFFICE SHALL16
	488	+	ISSUE TAX CREDIT RESERVATIONS SUBJECT TO THE LIMITATIONS SET FORTH17
	489	+	IN THIS SUBSECTION (6) AND IN ACCORDANCE WITH THE POLICIES AND18
	490	+	PROCEDURES ESTABLISHED PURSUANT TO SUBSECTION (12) OF THIS19
	491	+	SECTION. THE OFFICE SHALL NOT ISSUE TAX CREDIT RESERVATIONS AFTER20
	492	+	J
	493	+	ANUARY 1, 2030.21
	494	+	(b) I
	495	+	F THE OFFICE RESERVES A TAX CREDIT FOR THE BENEFIT OF A22
	496	+	QUALIFIED APPLICANT, THE OFFICE SHALL NOTIFY THE QUALIFIED23
	497	+	APPLICANT IN WRITING OF THE RESERVATION AND THE AMOUNT RESERVED .24
	498	+	T
	499	+	HE RESERVATION OF A TAX CREDIT BY THE OFFICE FOR A QUALIFIED25
	500	+	APPLICANT DOES NOT ENTITLE THE QUALIFIED APPLICANT TO ISSUANCE OF26
	501	+	A CREDIT CERTIFICATE UNTIL THE QUALIFIED APPLICANT COMPLIES WITH27
	502	+	1295
	503	+	-14- ALL THE OTHER REQUIREMENTS SPECIFIED IN THIS SECTION FOR THE1
	504	+	ISSUANCE OF THE TAX CREDIT. WHEN THE OFFICE APPROVES A TAX CREDIT2
	505	+	RESERVATION, THE OFFICE MAY ALSO IMPOSE ADDITIONAL REQUIREMENTS ,3
	506	+	WHICH A QUALIFIED APPLICANT SHALL SATISFY AS PART OF COMPLETING4
	507	+	THE ELIGIBLE PROJECT, BEFORE A TAX CREDIT CERTIFICATE IS ISSUED TO5
	508	+	THE QUALIFIED APPLICANT.6
	509	+	(c) (I) S
	510	+	UBJECT TO THE LIMITATIONS IN THIS SUBSECTION (6)(c), IF7
	511	+	APPROVED, THE OFFICE MAY ISSUE A TAX CREDIT RESERVATION TO A8
	512	+	QUALIFIED APPLICANT FOR A SINGLE ELIGIBLE PROJECT IN AN AMOUNT9
	513	+	EQUAL TO THE LESSER OF TWENTY -FIVE PERCENT OF THE QUALIFIED10
	514	+	APPLICANT'S ESTIMATED ELIGIBLE EXPENDITURES OR THREE MILLION11
	515	+	DOLLARS.12
	516	+	(II) E
	517	+	XCEPT AS PROVIDED IN SUBSECTIONS (6)(c)(III) AND13
	518	+	(6)(c)(IV)
	519	+	OF THIS SECTION, THE AGGREGATE AMOUNT OF ALL TAX CREDIT14
	520	+	RESERVATIONS THAT THE OFFICE MAY ISSUE PURSUANT TO THIS SECTION15
	521	+	MUST NOT EXCEED
	522	+	TEN MILLION DOLLARS IN ANY CALENDAR YEAR PLUS16
	523	+	THE AMOUNT OF ANY PREVIOUSLY ISSUED TAX CREDIT RESERVATIONS17
	524	+	THAT WERE RESCINDED PURSUANT TO SUBSECTION (7)(a)(II) OF THIS18
	525	+	SECTION FROM PREVIOUS CALENDAR YEARS .19
	526	+	(III) I
	527	+	F THE OFFICE'S ISSUANCE OF A TAX CREDIT RESERVATION IN20
	528	+	A CALENDAR YEAR WOULD CAUSE THE OFFICE TO EXCEED THE AGGREGATE21
	529	+	LIMIT SPECIFIED IN SUBSECTION (6)(c)(II) OF THIS SECTION FOR THAT22
	530	+	CALENDAR YEAR, THEN THE AGGREGATE AM OUNT OF ALL TAX CREDIT23
	531	+	RESERVATIONS THAT THE OFFICE MAY ISSUE IN THE FOLLOWING CALENDAR24
	532	+	YEAR IS DECREASED BY THE AMOUNT OF THE TAX CREDIT RESERVATIONS25
	533	+	ISSUED IN THE PREVIOUS CALENDAR YEAR THAT EXCEEDED THE26
	534	+	LIMITATION SET FORTH IN SUBSECTION (6)(c)(II) OF THIS SECTION.27
	535	+	1295
	536	+	-15- (IV) IF THE OFFICE'S ISSUANCE OF TAX CREDIT RESERVATIONS BY1
	537	+	THE END OF A CALENDAR YEAR IS LESS THAN THE AGGREGATE LIMIT2
	538	+	SPECIFIED IN SUBSECTION (6)(c)(II) OF THIS SECTION FOR THAT CALENDAR3
	539	+	YEAR, THEN THE AGGREGATE AMOUNT OF TAX CREDIT RESERVATIONS4
	540	+	THAT THE OFFICE MAY ISSUE IN THE NEXT CALENDAR YEAR IS INCREASED5
	541	+	BY THE UNRESERVED AMOUNT FROM THE PREVIOUS CALENDAR YEAR .6
	542	+	(d) I
	543	+	N MAKING THE FINAL DETERMINATION OF WHICH PROJECT7
	544	+	PLANS TO ISSUE TAX RESERVATIONS FOR PURSUANT TO THIS SUBSECTION8
	545	+	(6),
	546	+	THE OFFICE MAY PRIORITIZE ELIGIBLE PROJECT PLANS IN ACCORDANCE9
	547	+	WITH:10
	548	+	(I) T
	549	+	HE NUMBER OF NEW AFFORDABLE HOUSING UNITS TO BE11
	550	+	CREATED BY THE ELIGIBLE PROJECT;12
	551	+	(II) T
	552	+	HE NUMBER OF LIVE-WORK SPACES TO BE CREATED BY THE13
	553	+	ELIGIBLE PROJECT;14
	554	+	(III) T
	555	+	HE GEOGRAPHIC DIVERSITY OF THE APPLICATIONS AND15
	556	+	PROJECT PLANS THAT QUALIFIED A PPLICANTS HAVE SUBMITTED TO THE16
	557	+	OFFICE;17
	558	+	(IV) T
	559	+	HE QUALITY AND ACCESSIBILITY OF MAKERSPACE TO BE18
	560	+	PROVIDED FOR CREATIVE INDUSTRY WORKERS BY THE ELIGIBLE PROJECT ;19
	561	+	(V) D
	562	+	EMONSTRATION OF COMMUNITY ENGAGEMENT IN20
	563	+	IDENTIFYING HOW THE PROJECT WILL SATISFY UNMET NEEDS AND DRIVE21
	564	+	THE LOCAL CREATIVE ECONOMY ;22
	565	+	(VI) D
	566	+	EMONSTRATION OF STRONG EVIDENCE THAT THE ELIGIBLE23
	567	+	PROJECT HAS OR CAN ATTRACT DIVERSE SOURCES OF FUNDING AND BROAD24
	568	+	LOCAL GOVERNMENT SUPPORT ;25
	569	+	(VII) D
	570	+	EMONSTRATION OF HOW THE PROJECT SERVES RURAL ,26
	571	+	UNDER-RESOURCED, OR UNDERSERVED COMMUNITIES ;27
	572	+	1295
	573	+	-16- (VIII) WHETHER THE PROJECT PLAN IS RECEIVING PROPERTY TAX1
	574	+	ABATEMENTS, CREDITS, REBATES, GRANTS, OR OTHER INCENTIVES FROM2
	575	+	A LOCAL TAXING JURISDICTION;3
	576	+	(IX) W
	577	+	HETHER THE PROJECT WILL OCCUR WITHOUT THE ISSUANCE4
	578	+	OF A TAX CREDIT PURSUANT TO THIS SECTION;5
	579	+	(X) W
	580	+	HETHER THE QUALIFIED APPLICANT WILL RECEIVE A6
	581	+	FEDERAL INCENTIVE FOR THE PROJECT;7
	582	+	(XI) T
	583	+	HE PROXIMITY OF THE PROJECT TO PUBLIC TRANSPORTATION ;8
	584	+	AND9
	585	+	(XII) T
	586	+	HE EXPECTED QUALIFICATION OF THE BUILDING ,10
	587	+	STRUCTURE, OR FACILITY THAT IS THE SUBJECT OF THE ELIGIBLE PROJECT11
	588	+	FOR A CERTIFIABLE SUSTAINABLE PROGRAM BOTH BEFORE AND AFTER THE12
	589	+	COMPLETION OF THE PROJECT.13
	590	+	(7) Deadline for incurring specified amount of estimated14
	591	+	eligible expenditures - proof of compliance - audit of eligible15
	592	+	expenditure certification - issuance of tax credit certificate. (a) (I) A16
	593	+	QUALIFIED APPLICANT RECEIVING A RESERVATION OF TAX CREDITS17
	594	+	PURSUANT TO SUBSECTION (6) OF THIS SECTION SHALL INCUR TWENTY18
	595	+	PERCENT OR MORE OF THE ESTIMATED ELIGIBLE EXPENDITURES19
	596	+	CONTAINED IN THE APPLICATION AND PROJECT PLAN NOT LATER THAN20
	597	+	EIGHTEEN MONTHS AFTER THE DATE OF ISSUANCE OF THE WRITTEN NOTICE21
	598	+	FROM THE OFFICE TO THE QUALIFIED APPLICANT GRANTING THE22
	599	+	RESERVATION OF A TAX CREDIT.23
328	600		(II) A
329		-	QUALIFIED APPLICANT MAY BE A PERSON SUBJECT TO TAX
330		-	PURSUANT TO THIS ARTICLE
331		-	22 OR A PERSON OR POLITICAL SUBDIVISION OF
332		-	THE STATE THAT IS EXEMPT FROM SUCH TAXATION PURSUANT TO SECTION
333		-	39-22-112 (1).
334		-	(3) Credit allowed. (a) F
335		-	OR INCOME TAX YEARS COMMENCING ON
336		-	OR AFTER
337		-	JANUARY 1, 2026, BUT PRIOR TO JANUARY 1, 2033, A QUALIFIED
338		-	APPLICANT IS ALLOWED A CREDIT AGAINST THE INCOME TAXES IMPOSED BY
339		-	THIS ARTICLE
340		-	22 FOR PLACING AN ELIGIBLE PROJECT IN SERVICE IN AN
341		-	AMOUNT SPECIFIED ON THE CREDIT CERTIFICATE ISSUED BY THE OFFICE
342		-	PURSUANT TO SUBSECTION
343		-	(7) OF THIS SECTION.
344		-	(b) I
345		-	N ORDER TO CLAIM THE CREDIT ALLOWED PURSUANT TO THIS
346		-	SECTION
347		-	, THE QUALIFIED APPLICANT MUST SUBMIT AN APPLICATION AS
348		-	SPECIFIED IN SUBSECTION
349		-	(4) OF THIS SECTION, PLACE THE ELIGIBLE PROJECT
350		-	IN SERVICE PRIOR TO
351		-	JANUARY 1, 2033, OBTAIN A TAX CREDIT CERTIFICATE
352		-	PAGE 8-HOUSE BILL 24-1295 FROM THE OFFICE AS SPECIFIED IN SUBSECTION (7) OF THIS SECTION, AND,
353		-	ONCE ISSUED BY THE OFFICE, FILE THE TAX CREDIT CERTIFICATE WITH THE
354		-	QUALIFIED APPLICANT
355		-	'S INCOME TAX RETURN AS SPECIFIED IN SUBSECTION
356		-	(8) OF THIS SECTION.
357		-	(4) Application submission and review. (a) A
358		-	N APPLICANT MAY
359		-	SUBMIT AN APPLICATION TO THE OFFICE ON OR AFTER
360		-	JANUARY 1, 2025, BUT
361		-	NO LATER THAN
362		-	OCTOBER 3, 2029.
	601	+	QUALIFIED APPLICANT FOR WHOM THE OFFICE HAS RESERVED24
	602	+	A TAX CREDIT SHALL SUBMIT EVIDENCE OF COMPLIANCE WITH THE25
	603	+	PROVISIONS OF SUBSECTION (7)(a)(I) OF THIS SECTION. IF THE OFFICE26
	604	+	DETERMINES THAT A QUALIFIED APPLICANT HAS FAILED TO COMPLY WITH27
	605	+	1295
	606	+	-17- THE REQUIREMENTS OF SUBSECTION (7)(a)(I) OF THIS SECTION, THE OFFICE1
	607	+	SHALL PROMPTLY NOTIFY THE QUALIFIED APPLICANT AND MAY RESCIND2
	608	+	THE ISSUANCE OF THE WRITTEN NOTICE IT PREVIOUSLY GAVE THE3
	609	+	QUALIFIED APPLICANT GRANTING THE RESERVATION OF A TAX CREDIT . IF4
	610	+	THE OFFICE SO RESCINDS AN ISSUANCE OF THE WRITTEN NOTICE , THE5
	611	+	QUALIFIED APPLICANT MAY SUBMIT A NEW APPLICATION , PROJECT PLAN,6
	612	+	AND ESTIMATE OF ELIGIBLE EXPENDITURES FOR WHICH THE OFFICE MAY7
	613	+	CHARGE A NEW APPLICATION FEE IN ACCORDANCE WITH SUBSECTION (5)8
	614	+	OF THIS SECTION, AND THE TOTAL AMOUNT OF TAX CREDITS MADE9
	615	+	AVAILABLE FOR RESERVATION IN THE CALE NDAR YEAR DURING WHICH THE10
	616	+	OFFICE RESCINDS THE ISSUANCE OF WRITTEN NOTICE MUST INCREASE BY11
	617	+	THE AMOUNT OF THE TAX CREDIT RESERVED IN THE WRITTEN NOTICE .12
	618	+	(b) A
	619	+	FTER A QUALIFIED APPLICANT COMPLETES A PROJECT , THE13
	620	+	QUALIFIED APPLICANT SHALL NOTIFY THE OFFICE THAT THE PROJECT HAS14
	621	+	BEEN PLACED IN SERVICE AND SHALL CERTIFY THE ELIGIBLE15
	622	+	EXPENDITURES, AFTER WHICH THE OFFICE SHALL MAKE A FINAL16
	623	+	DETERMINATION WHETHER THE PROJECT IS AN ELIGIBLE PROJECT AS17
	624	+	REQUIRED IN SUBSECTION (4)(b)(V) OF THIS SECTION. THE APPLICANT18
	625	+	SHALL INCLUDE A REVIEW OF THE CERTIFICATION BY A LICENSED19
	626	+	CERTIFIED PUBLIC ACCOUNTANT THAT IS NOT AFFILIATED WITH THE20
	627	+	QUALIFIED APPLICANT THAT ALIGNS WITH OFFICE POLICIES FOR21
	628	+	CERTIFICATION OF ELIGIBLE EXPENDITURES. THE APPLICANT SHALL ALSO22
	629	+	CERTIFY AND PROVIDE DOCUMENTS DEMONSTRATING THAT THE23
	630	+	APPLICANT SATISFIED ANY ADDITIONAL REQUIREMENTS IMPOSED BY THE24
	631	+	OFFICE PURSUANT TO SUBSECTION (6) OF THIS SECTION. WITHIN NINETY25
	632	+	DAYS AFTER RECEIPT OF SUCH DOCUMENTATION FROM THE QUALIFIED26
	633	+	APPLICANT, THE OFFICE SHALL REVIEW THE QUALIFIED APPLICANT 'S27
	634	+	1295
	635	+	-18- DOCUMENTATION OF CERTIFIED ELIGIBLE EXPENDITURES , DETERMINE1
	636	+	WHETHER THE DOCUMENTATION SATISFIES THE PROJECT PLAN AND OTHER2
	637	+	REQUIREMENTS, AND, IF THE OFFICE DETERMINES THAT THE3
	638	+	DOCUMENTATION SATISFIES THE PROJECT PLAN AND OTHER4
	639	+	REQUIREMENTS, THE OFFICE SHALL ISSUE A TAX CREDIT CERTIFICATE IN5
	640	+	THE AMOUNT SPECIFIED IN THE TAX CREDIT RESERVATION ISSUED TO THE6
	641	+	QUALIFIED APPLICANT PURSUANT TO SUBSECTION (6) OF THIS SECTION;7
	642	+	EXCEPT THAT A CREDIT CERTIFICATE MAY NOT BE ISSUED FOR ANY INCOME8
	643	+	TAX YEAR COMMENCING BEFORE JANUARY 1, 2026.9
	644	+	(c) I
	645	+	F THERE ARE ANY UNRESERVED AMOUNTS OF TAX CREDITS10
	646	+	AVAILABLE UNDER SUBSECTION (6) OF THIS SECTION, AND IF THE AMOUNT11
	647	+	OF CERTIFIED ELIGIBLE EXPENDITURES INCURRED BY THE QUALIFIED12
	648	+	APPLICANT WOULD HAVE RESULTED IN THE QUALIFIED APPLICANT BEING13
	649	+	ISSUED A TAX CREDIT CERTIFICATE THAT EXCEEDS THE AMOUNT OF THE14
	650	+	TAX CREDIT RESERVATION ISSUED TO THE QUALIFIED APPLICANT , THE15
	651	+	QUALIFIED APPLICANT MAY APPLY TO THE OFFICE FOR THE ISSUANCE OF AN16
	652	+	ADDITIONAL TAX CREDIT CERTIFICATE IN AN AMOUNT EQUAL TO THE17
	653	+	DIFFERENCE BETWEEN THE TAX CREDIT RESERVATION AND WHAT WOULD18
	654	+	HAVE BEEN ISSUED AS A RESULT OF THE CERTIFIED ELIGIBLE19
	655	+	EXPENDITURES BY SUBMITTING AN APPLICATION IN A FORM AND MANNER20
	656	+	DETERMINED BY THE OFFICE; EXCEPT THAT THE AGGREGATE OF THE TWO21
	657	+	TAX CREDIT CERTIFICATES FOR THE ELIGIBLE PROJECT MAY NOT EXCEED22
	658	+	THREE MILLION DOLLARS. THE OFFICE SHALL REVIEW THE APPLICATION AS23
	659	+	SPECIFIED IN SUBSECTION (4) OF THIS SECTION AND, IF APPROVED, SHALL24
	660	+	ISSUE A SEPARATE TAX CREDIT CERTIFICATE AWARDING THE QUALIFIED25
	661	+	APPLICANT THE ADDITIONAL CREDIT.26
	662	+	(8) Filing tax credit certificate with income tax return. (a) I
	663	+	N27
	664	+	1295
	665	+	-19- ORDER TO CLAIM THE CREDIT AUTHORIZED BY THIS SECTION , A QUALIFIED1
	666	+	APPLICANT SHALL FILE THE TAX CREDIT CERTIFICATE ISSUED BY THE2
	667	+	OFFICE PURSUANT TO SUBSECTION (7) OF THIS SECTION WITH THE3
	668	+	QUALIFIED APPLICANT'S STATE INCOME TAX RETURN . IF THE QUALIFIED4
	669	+	APPLICANT IS EXEMPT FROM TAX PURSUANT TO SECTION 39-22-112 (1),5
	670	+	THE QUALIFIED APPLICANT SHALL FILE A RETURN PURSUANT TO SECTION6
	671	+	39-22-601 (7)(b). T
	672	+	HE AMOUNT OF THE TAX CREDIT THAT A QUALIFIED7
	673	+	APPLICANT MAY CLAIM PURSUANT TO THIS SECTION IS THE AMOUNT8
	674	+	STATED ON THE TAX CREDIT CERTIFICATE .9
	675	+	(b) A
	676	+	TAX CREDIT CERTIFICATE ISSUED TO A PARTNERSHIP , A10
	677	+	LIMITED LIABILITY COMPANY TAXED AS A PARTNERSHIP , OR MULTIPLE11
	678	+	OWNERS OF A PROPERTY MUST BE PASSED THROUGH TO THE PARTNERS ,12
	679	+	MEMBERS, OR OWNERS, INCLUDING ANY NONPROFIT ENTITY THAT IS A13
	680	+	PARTNER, MEMBER, OR OWNER, RESPECTIVELY, ON A PRO RATA BASIS OR14
	681	+	PURSUANT TO AN EXECUTED AGREEMENT AMONG THE PARTNERS ,15
	682	+	MEMBERS, OR OWNERS DOCUMENTING AN ALTERNATE DISTRIBUTION16
	683	+	METHOD.17
	684	+	(9) Refundability. T
	685	+	HE ENTIRE TAX CREDIT TO BE ISSUED18
	686	+	PURSUANT TO THIS SECTION MAY BE CLAIMED BY THE QUALIFIED19
	687	+	APPLICANT IN THE TAXABLE YEAR IN WHICH THE ELIGIBLE PROJECT IS20
	688	+	PLACED IN SERVICE. IF THE AMOUNT OF THE CREDIT ALLOWED PURSUANT21
	689	+	TO THIS SECTION EXCEEDS THE AMOUNT OF INCOME TAXES OTHERWISE22
	690	+	DUE ON THE INCOME OF THE QUALIFIED APPLICANT IN THE INCOME TAX23
	691	+	YEAR FOR WHICH THE CREDIT IS BEING CLAIMED , OR THE QUALIFIED24
	692	+	APPLICANT IS A PERSON WHO IS EXEMPT FROM TAXATION PURSUANT TO25
	693	+	SECTION 39-22-112 (1), NINETY PERCENT OF THE AMOUNT OF THE CREDIT26
	694	+	NOT USED AS AN OFFSET AGAINST INCOME TAXES IN THE INCOME TAX YEAR27
	695	+	1295
	696	+	-20- IS REFUNDED TO THE QUALIFIED APPLICANT . THE REMAINDER OF THE1
	697	+	CREDIT IS NOT CARRIED FORWARD AND MAY NOT BE USED BY THE2
	698	+	TAXPAYER.3
	699	+	(10) Compliance monitoring and recapture. (a) E
	700	+	XCEPT AS4
	701	+	PROVIDED IN SUBSECTION (10)(b) OF THIS SECTION, IF, AS OF THE LAST5
	702	+	DAY OF ANY TAXABLE YEAR DURING THE COMPLIANCE PERIOD , THE6
	703	+	BUILDING, STRUCTURE, OR FACILITY THAT IS THE SUBJECT OF AN ELIGIBLE7
	704	+	PROJECT IS NOT BEING USED AS AN ELIGIBLE PROJECT, THE OFFICE SHALL8
	705	+	NOTIFY THE QUALIFIED APPLICANT AND THE DEPARTMENT THAT THE9
	706	+	CREDIT ALLOWED IN THIS SECTION IS DISALLOWED . THE QUALIFIED10
	707	+	APPLICANT SHALL ADD THE FULL AM OUNT OF THE CREDIT THAT WAS11
	708	+	ACTUALLY USED TO OFFSET THE QUALIFIED APPLICANT 'S INCOME TAX OR12
	709	+	REFUNDED TO THE QUALIFIED APPLICANT TO ITS RETURN AS A13
	710	+	RECAPTURED CREDIT FOR THE TAXABLE YEAR IN WHICH THE CREDIT IS14
	711	+	DISALLOWED PURSUANT TO THIS SUBSECTION (10).15
363	712		(b) T
364		-	HE OFFICE SHALL REVIEW ALL SUBMITTED APPLICATIONS TO :
365		-	(I) D
366		-	ETERMINE WHETHER THE APPLICANT IS A QUALIFIED APPLICANT ;
367		-	(II) D
368		-	ETERMINE WHETHER THE APPLICATION IS COMPLETE AND
369		-	INCLUDES A PROPERTY ADDRESS
370		-	, LEGAL DESCRIPTION, OR OTHER SPECIFIC
371		-	LOCATION IDENTIFIER
372		-	;
373		-	(III) M
374		-	AKE A PRELIMINARY DETERMINATION WHETHER THE PROJECT
375		-	PLAN IS A PLAN FOR AN ELIGIBLE PROJECT BASED ON THE POLICIES AND
376		-	PROCEDURES DEVELOPED BY THE OFFICE PURSUANT TO SUBSECTION
377		-	(12) OF
378		-	THIS SECTION
379		-	;
380		-	(IV) D
381		-	ETERMINE WHETHER THE ELIGIBLE PROJECT IS ENTITLED TO A
382		-	TAX CREDIT RESERVATION AS SPECIFIED IN SUBSECTION
383		-	(6) OF THIS SECTION;
384		-	(V) O
385		-	NCE THE ELIGIBLE PROJECT IS PLACED IN SERVICE , MAKE A
386		-	FINAL DETERMINATION WHETHER THE PROJECT IS AN ELIGIBLE PROJECT
387		-	BASED ON THE POLICIES AND PROCEDURES DEVELOPED BY THE OFFICE
388		-	PURSUANT TO SUBSECTION
389		-	(12) OF THIS SECTION; AND
390		-	(VI) IF THE PROJECT IS AN ELIGIBLE PROJECT, REVIEW THE CERTIFIED
391		-	ELIGIBLE EXPENDITURES AND
392		-	, IF APPROVED, ISSUE A CREDIT CERTIFICATE TO
393		-	THE QUALIFIED APPLICANT
394		-	, AS SPECIFIED IN SUBSECTION (7) OF THIS
395		-	SECTION
396		-	.
	713	+	HE POTENTIAL INCREASE IN TAX REQUIRED PURSUANT TO16
	714	+	SUBSECTION (10)(a) OF THIS SECTION DOES NOT APPLY:17
	715	+	(I) I
	716	+	F A BUILDING, STRUCTURE, OR FACILITY IS NOT AN ELIGIBLE18
	717	+	PROJECT AS A RESULT OF A CASUALTY LOSS IF THE LOSS IS RESTORED BY19
	718	+	RECONSTRUCTION OR REPLACEMENT WITHIN A REASONABLE PERIOD20
	719	+	ESTABLISHED BY THE OFFICE; OR21
	720	+	(II) S
	721	+	OLELY BY REASON OF THE DISPOSITION OF A BUILDING ,22
	722	+	STRUCTURE, OR FACILITY, OR AN INTEREST THEREIN, IF IT IS REASONABLY23
	723	+	EXPECTED THAT THE BUILDING, STRUCTURE, OR FACILITY WILL CONTINUE24
	724	+	TO BE OPERATED AS AN ELIGIBLE PROJECT FOR THE REMAINDER OF THE25
	725	+	COMPLIANCE PERIOD.26
	726	+	(c) (I) T
	727	+	HE OFFICE SHALL ESTABLISH REPORTING REQUIREMENTS27
	728	+	1295
	729	+	-21- TO MONITOR COMPLIANCE WITH THIS SUBSECTION (10), INCLUDING1
	730	+	REQUIREMENTS REGARDING THE REPORTING OF A DISPOSITION OF A2
	731	+	BUILDING, STRUCTURE, OR FACILITY BY THE QUALIFIED APPLICANT AND3
	732	+	THE REPORTING REQUIRED FOR SUCH A BUILDING , STRUCTURE, OR4
	733	+	FACILITY FOR THE REMAINDER OF THE COMPLIANCE PERIOD .5
	734	+	(II) I
	735	+	F A DISPUTE ARISES ABOUT WHETHER A BUILDING ,6
	736	+	STRUCTURE, OR FACILITY IS AN ELIGIBLE PROJECT, THE OFFICE SHALL7
	737	+	ADJUDICATE THE DISPUTE AND NOTIFY THE DEPARTMENT OF THE8
	738	+	RESOLUTION.9
	739	+	(III) N
	740	+	OTWITHSTANDING SECTION 39-21-107 (2), IF A BUILDING,10
	741	+	STRUCTURE, OR FACILITY, OR AN INTEREST THEREIN, IS DISPOSED OF11
	742	+	DURING ANY TAXABLE YEAR DURING THE COMPLIANCE PERIOD , AND12
	743	+	THEREAFTER THE BUILDING, STRUCTURE, OR FACILITY IS NOT AN ELIGIBLE13
	744	+	PROJECT:14
	745	+	(A) T
	746	+	HE QUALIFIED APPLICANT SHALL ADD THE FULL AMOUNT OF15
	747	+	THE CREDIT TO ITS RETURN AS A RECAPTURED CREDIT FOR THE TAXABLE16
	748	+	YEAR IN WHICH THE CREDIT IS DISALLOWED PURSUANT TO THIS17
	749	+	SUBSECTION (10) NOTWITHSTANDING THE DISPOSITION OF THE QUALIFIED18
	750	+	RESIDENTIAL STRUCTURE;19
	751	+	(B) T
	752	+	HE STATUTORY PERIOD FOR THE ASSESSMENT OF ANY20
	753	+	DEFICIENCY WITH RESPECT TO THE DISALLOWED CREDIT MUST NOT EXPIRE21
	754	+	BEFORE THE EXPIRATION OF THREE YEARS FROM THE DATE THE OFFICE IS22
	755	+	NOTIFIED, IN SUCH A MANNER AS THE OFFICE DETERMINES , THAT THE23
	756	+	STRUCTURE IS NOT A QUALIFIED RESIDENTIAL STRUCTURE ; AND24
397	757		(C) T
398		-	HE OFFICE SHALL MAKE THE DETERMINATIONS SPECIFIED IN
399		-	SUBSECTIONS
400		-	(4)(b)(I) TO (4)(b)(V) OF THIS SECTION WITHIN NINETY DAYS
401		-	OF THE DATE THE OFFICE RECEIVES THE APPLICATION
402		-	.
403		-	(d) (I) I
404		-	F THE OFFICE DETERMINES THAT AN APPLICATION IS
405		-	PAGE 9-HOUSE BILL 24-1295 INCOMPLETE OR THAT IT IS UNABLE TO MAKE THE DETERMINATIONS
406		-	SPECIFIED IN SUBSECTIONS
407		-	(4)(b)(I) TO (4)(b)(V) OF THIS SECTION, THE
408		-	OFFICE SHALL NOTIFY THE APPLICANT IN WRITING OF THE OFFICE
409		-	'S DECISION
410		-	AND SHALL REMOVE THE APPLICATION FROM THE REVIEW PROCESS
411		-	.
412		-	(II) I
413		-	F AN APPLICANT RESUBMITS AN APPLICATION , THE OFFICE MAY
414		-	CHARGE A NEW APPLICATION FEE IN AN AMOUNT SPECIFIED IN SUBSECTION
415		-	(5) OF THIS SECTION.
416		-	(5) Application and issuance fees. (a) (I) F
417		-	OR AN APPLICATION FOR
418		-	WHICH THE AMOUNT OF THE TAX CREDIT REQUESTED BY AN APPLICANT
419		-	PURSUANT TO THIS SECTION IS TWO HUNDRED FIFTY THOUSAND DOLLARS OR
420		-	MORE
421		-	, THE OFFICE MAY IMPOSE A REASONABLE APPLICATION FEE ON AN
422		-	APPLICANT THAT DOES NOT EXCEED FIVE HUNDRED DOLLARS
423		-	.
424		-	(II)
425		-	FOR AN APPLICATION FOR WHICH THE AMOUNT OF THE TAX
426		-	CREDIT REQUESTED BY AN APPLICANT PURSUANT TO THIS SECTION IS LESS
427		-	THAN TWO HUNDRED FIFTY THOUSAND DOLLARS
428		-	, THE OFFICE MAY IMPOSE
429		-	A REASONABLE APPLICATION FEE ON AN APPLICANT THAT DOES NOT EXCEED
430		-	TWO HUNDRED DOLLARS
431		-	.
	758	+	HE DEPARTMENT SHALL ASSESS ANY DEFICIENCY BEFORE THE25
	759	+	EXPIRATION OF SUCH THREE -YEAR PERIOD TOGETHER WITH ANY26
	760	+	APPLICABLE INTEREST AND PENALTY IMPOSED PURS UANT TO THIS ARTICLE27
	761	+	1295
	762	+	-22- 22.1
	763	+	(d) A
	764	+	S USED IN THIS SUBSECTION (10), UNLESS THE CONTEXT2
	765	+	OTHERWISE REQUIRES, "COMPLIANCE PERIOD" MEANS THE PERIOD OF3
	766	+	FIFTEEN YEARS FOLLOWING THE TAXABLE YEAR IN WHICH THE QUALIFIED4
	767	+	APPLICANT PLACED THE ELIGIBLE PROJECT IN SERVICE .5
	768	+	(11) Reporting. (a) N
	769	+	O LATER THAN DECEMBER 31, 2027, AND,6
	770	+	NOTWITHSTANDING THE REQUIREMENT IN SECTION 24-1-136 (11)(a)(I), NO7
	771	+	LATER THAN DECEMBER 31 OF EACH YEAR THEREAFTER THROUGH 2033,8
	772	+	THE OFFICE SHALL PROVIDE A WRITTEN REPORT TO THE GENERAL9
	773	+	ASSEMBLY AND SHALL FURTHER MAKE THE REPORT AVAILABLE TO THE10
	774	+	PUBLIC. IN CONNECTION WITH TAX CREDITS ISSUED PURSUANT TO THIS11
	775	+	SECTION, THE REPORT MUST INCLUDE:12
	776	+	(I) T
	777	+	HE NUMBER OF ELIGIBLE PROJECTS PLACED IN SERVICE ;13
	778	+	(II) A
	779	+	DESCRIPTION OF THE USE OR USES OF EACH ELIGIBLE14
	780	+	PROJECT AND A STATEWIDE SUMMARY OF THE NUMBER OF ELIGIBLE15
	781	+	PROJECTS FOR EACH USE;16
	782	+	(III) F
	783	+	OR ELIGIBLE PROJECTS THAT CREATE AFFORDABLE HOUSING17
	784	+	OR LIVE-WORK SPACES FOR CREATIVE INDUSTRY WORKERS , THE NUMBER18
	785	+	OF AFFORDABLE HOUSING OR LIVE-WORK UNITS PLANNED OR CREATED ;19
	786	+	(IV) T
	787	+	HE OCCUPANCY RATE OF CREATED AFFORDABLE HOUSING20
	788	+	AND LIVE-WORK UNITS;21
	789	+	(V) T
	790	+	HE COUNTIES IN WHICH QUALIFIED COMMERCIAL STRUCTURES22
	791	+	WERE CONVERTED TO QUALIFIED COMMERCIAL RESIDENTIAL STRUCTURES ;23
	792	+	AND24
	793	+	(VI) T
	794	+	HE AMOUNT OF ANY DISALLOWED TAX CREDIT RECAPTURED25
	795	+	PURSUANT TO SUBSECTION (10) OF THIS SECTION.26
432	796		(b) T
433		-	HE OFFICE MAY IMPOSE ON A QUALIFIED APPLICANT A
434		-	REASONABLE ISSUANCE FEE OF UP TO THREE PERCENT OF THE AMOUNT OF
435		-	THE TAX CREDIT SPECIFIED ON THE TAX CREDIT CERTIFICATE ISSUED BY THE
436		-	OFFICE AS SPECIFIED IN SUBSECTION
437		-	(7) OF THIS SECTION, WHICH MUST BE
438		-	PAID BEFORE THE TAX CREDIT CERTIFICATE IS ISSUED TO THE QUALIFIED
439		-	APPLICANT
440		-	.
441		-	(c) A
442		-	NY FEE REVENUE COLLECTED PURSUANT TO THIS SUBSECTION
443		-	(5) MUST BE CREDITED TO THE COMMUNITY REVITALIZATION TAX CREDIT
444		-	PROGRAM CASH FUND CREATED IN SUBSECTION
445		-	(13) OF THIS SECTION AND
446		-	APPLIED TO THE ADMINISTRATION OF THE TAX CREDIT CREATED BY THIS
447		-	SECTION
448		-	.
449		-	(6) Tax credit reservation. (a) B
450		-	ASED ON THE FACTORS SPECIFIED
451		-	IN SUBSECTION
452		-	(6)(d) OF THIS SECTION, THE OFFICE MAY DETERMINE THAT
453		-	A QUALIFIED APPLICANT IS ENTITLED TO A TAX CREDIT RESERVATION IN
454		-	ACCORDANCE WITH THE PROVISIONS OF THIS SECTION
455		-	. THE OFFICE SHALL
456		-	ISSUE TAX CREDIT RESERVATIONS SUBJECT TO THE LIMITATIONS SET FORTH
457		-	IN THIS SUBSECTION
458		-	(6) AND IN ACCORDANCE WITH THE POLICIES AND
459		-	PAGE 10-HOUSE BILL 24-1295 PROCEDURES ESTABLISHED PURSUANT TO SUBSECTION (12) OF THIS SECTION.
460		-	T
461		-	HE OFFICE SHALL NOT ISSUE TAX CREDIT RESERVATIONS AFTER JANUARY
462		-	1, 2030.
463		-	(b) I
464		-	F THE OFFICE RESERVES A TAX CREDIT FOR THE BENEFIT OF A
465		-	QUALIFIED APPLICANT
466		-	, THE OFFICE SHALL NOTIFY THE QUALIFIED APPLICANT
467		-	IN WRITING OF THE RESERVATION AND THE AMOUNT RESERVED
468		-	. THE
469		-	RESERVATION OF A TAX CREDIT BY THE OFFICE FOR A QUALIFIED APPLICANT
470		-	DOES NOT ENTITLE THE QUALIFIED APPLICANT TO ISSUANCE OF A CREDIT
471		-	CERTIFICATE UNTIL THE QUALIFIED APPLICANT COMPLIES WITH ALL THE
472		-	OTHER REQUIREMENTS SPECIFIED IN THIS SECTION FOR THE ISSUANCE OF THE
473		-	TAX CREDIT
474		-	. WHEN THE OFFICE APPROVES A TAX CREDIT RESERVATION , THE
475		-	OFFICE MAY ALSO IMPOSE ADDITIONAL REQUIREMENTS
476		-	, WHICH A QUALIFIED
477		-	APPLICANT SHALL SATISFY AS PART OF COMPLETING THE ELIGIBLE PROJECT
478		-	,
479		-	BEFORE A TAX CREDIT CERTIFICATE IS ISSUED TO THE QUALIFIED APPLICANT .
480		-	(c) (I) S
481		-	UBJECT TO THE LIMITATIONS IN THIS SUBSECTION (6)(c), IF
482		-	APPROVED
483		-	, THE OFFICE MAY ISSUE A TAX CREDIT RESERVATION TO A
484		-	QUALIFIED APPLICANT FOR A SINGLE ELIGIBLE PROJECT IN AN AMOUNT
485		-	EQUAL TO THE LESSER OF TWENTY
486		-	-FIVE PERCENT OF THE QUALIFIED
487		-	APPLICANT
488		-	'S ESTIMATED ELIGIBLE EXPENDITURES OR THREE MILLION
489		-	DOLLARS
490		-	.
	797	+	HE OFFICE SHALL, IN A SUFFICIENTLY TIMELY MANNER TO27
	798	+	1295
	799	+	-23- ALLOW THE DEPARTMENT TO PROCESS RETURNS CLAIMING THE INCOME1
	800	+	TAX CREDIT ALLOWED IN THIS SECTION, PROVIDE THE DEPARTMENT WITH2
	801	+	AN ELECTRONIC REPORT OF EACH QUALIFIED APPLICANT TO WHICH THE3
	802	+	OFFICE ISSUES A TAX CREDIT CERTIFICATE FOR THE PRECEDING TAX YEAR4
	803	+	THAT INCLUDES THE FOLLOWING INFORMATION :5
	804	+	(I) T
	805	+	HE QUALIFIED APPLICANT'S NAME;6
	806	+	(II) T
	807	+	HE AMOUNT OF THE CREDIT; AND7
	808	+	(III) T
	809	+	HE QUALIFIED APPLICANT'S SOCIAL SECURITY NUMBER OR8
	810	+	THE QUALIFIED APPLICANT'S COLORADO ACCOUNT NUMBER AND FEDERAL9
	811	+	EMPLOYER IDENTIFICATION NUMBER .10
	812	+	(12) Policies and procedures. (a) T
	813	+	HE OFFICE MAY CREATE AND11
	814	+	MODIFY POLICIES, PROCEDURES, AND GUIDELINES AS NECESSARY TO12
	815	+	FURTHER IMPLEMENT THE TAX CREDITS TO BE CLAIMED FOR THE13
	816	+	COMPLETION OF ELIGIBLE PROJECTS PURSUANT TO THIS SECTION AND14
	817	+	SHALL SOLICIT ADVICE FROM THE DEPARTMENT IN CREATING AND15
	818	+	MODIFYING SUCH POLICIES, PROCEDURES, AND GUIDELINES.16
	819	+	(b) W
	820	+	ITH RESPECT TO MAKING THE PRELIMINARY DETERMINATION17
	821	+	WHETHER A PROJECT PLAN IS A PLAN FOR AN ELIGIBLE PROJECT PURSUANT18
	822	+	TO SUBSECTION (4)(b)(III) OF THIS SECTION, THE OFFICE SHALL DEVELOP19
	823	+	STANDARDS THAT INCLUDE , BUT ARE NOT LIMITED TO:20
	824	+	(I) A
	825	+	DETAILED COST ESTIMATE FOR THE PROJECT PLAN ;21
491	826		(II) E
492		-	XCEPT AS PROVIDED IN SUBSECTIONS (6)(c)(III) AND (6)(c)(IV)
493		-	OF THIS SECTION, THE AGGREGATE AMOUNT OF ALL TAX CREDIT
494		-	RESERVATIONS THAT THE OFFICE MAY ISSUE PURSUANT TO THIS SECTION
495		-	MUST NOT EXCEED TEN MILLION DOLLARS IN ANY CALENDAR YEAR PLUS THE
496		-	AMOUNT OF ANY PREVIOUSLY ISSUED TAX CREDIT RESERVATIONS THAT
497		-	WERE RESCINDED PURSUANT TO SUBSECTION
498		-	(7)(a)(II) OF THIS SECTION
499		-	FROM PREVIOUS CALENDAR YEARS
500		-	.
501		-	(III) I
502		-	F THE OFFICE'S ISSUANCE OF A TAX CREDIT RESERVATION IN A
503		-	CALENDAR YEAR WOULD CAUSE THE OFFICE TO EXCEED THE AGGREGATE
504		-	LIMIT SPECIFIED IN SUBSECTION
505		-	(6)(c)(II) OF THIS SECTION FOR THAT
506		-	CALENDAR YEAR
507		-	, THEN THE AGGREGATE AMOUNT OF ALL TAX CREDIT
508		-	RESERVATIONS THAT THE OFFICE MAY ISSUE IN THE FOLLOWING CALENDAR
509		-	YEAR IS DECREASED BY THE AMOUNT OF THE TAX CREDIT RESERVATIONS
510		-	ISSUED IN THE PREVIOUS CALENDAR YEAR THAT EXCEEDED THE LIMITATION
511		-	SET FORTH IN SUBSECTION
512		-	(6)(c)(II) OF THIS SECTION.
513		-	PAGE 11-HOUSE BILL 24-1295 (IV) IF THE OFFICE'S ISSUANCE OF TAX CREDIT RESERVATIONS BY THE
514		-	END OF A CALENDAR YEAR IS LESS THAN THE AGGREGATE LIMIT SPECIFIED
515		-	IN SUBSECTION
516		-	(6)(c)(II) OF THIS SECTION FOR THAT CALENDAR YEAR, THEN
517		-	THE AGGREGATE AMOUNT OF TAX CREDIT RESERVATIONS THAT THE OFFICE
518		-	MAY ISSUE IN THE NEXT CALENDAR YEAR IS INCREASED BY THE UNRESERVED
519		-	AMOUNT FROM THE PREVIOUS CALENDAR YEAR
520		-	.
521		-	(d) I
522		-	N MAKING THE FINAL DETERMINATION OF WHICH PROJECT PLANS
523		-	TO ISSUE TAX RESERVATIONS FOR PURSUANT TO THIS SUBSECTION
524		-	(6), THE
525		-	OFFICE MAY PRIORITIZE ELIGIBLE PROJECT PLANS IN ACCORDANCE WITH
526		-	:
527		-	(I) T
528		-	HE NUMBER OF NEW AFFORDABLE HOUSING UNITS TO BE
529		-	CREATED BY THE ELIGIBLE PROJECT
530		-	;
531		-	(II) T
532		-	HE NUMBER OF LIVE-WORK SPACES TO BE CREATED BY THE
533		-	ELIGIBLE PROJECT
534		-	;
	827	+	VIDENCE OF SITE CONTROL OF THE SITE WHERE THE PROJECT22
	828	+	WILL OCCUR; AND 23
535	829		(III) T
536		-	HE GEOGRAPHIC DIVERSITY OF THE APPLICATIONS AND
537		-	PROJECT PLANS THAT QUALIFIED APPLICANTS HAVE SUBMITTED TO THE
538		-	OFFICE
539		-	;
540		-	(IV) T
541		-	HE QUALITY AND ACCESSIBILITY OF MAKERSPACE TO BE
542		-	PROVIDED FOR CREATIVE INDUSTRY WORKERS BY THE ELIGIBLE PROJECT
543		-	;
544		-	(V) D
545		-	EMONSTRATION OF COMMUNITY ENGAGEMENT IN IDENTIFYING
546		-	HOW THE PROJECT WILL SATISFY UNMET NEEDS AND DRIVE THE LOCAL
547		-	CREATIVE ECONOMY
548		-	;
549		-	(VI) D
550		-	EMONSTRATION OF STRONG EVIDENCE THAT THE ELIGIBLE
551		-	PROJECT HAS OR CAN ATTRACT DIVERSE SOURCES OF FUNDING AND BROAD
552		-	LOCAL GOVERNMENT SUPPORT
553		-	;
554		-	(VII) D
555		-	EMONSTRATION OF HOW THE PROJECT SERVES RURAL ,
556		-	UNDER-RESOURCED, OR UNDERSERVED COMMUNITIES ;
557		-	(VIII) W
558		-	HETHER THE PROJECT PLAN IS RECEIVING PROPERTY TAX
559		-	ABATEMENTS
560		-	, CREDITS, REBATES, GRANTS, OR OTHER INCENTIVES FROM A
561		-	LOCAL TAXING JURISDICTION
562		-	;
563		-	(IX) W
564		-	HETHER THE PROJECT WILL OCCUR WITHOUT THE ISSUANCE
565		-	PAGE 12-HOUSE BILL 24-1295 OF A TAX CREDIT PURSUANT TO THIS SECTION;
566		-	(X) W
567		-	HETHER THE QUALIFIED APPLICANT WILL RECEIVE A FEDERAL
568		-	INCENTIVE FOR THE PROJECT
569		-	;
570		-	(XI) T
571		-	HE PROXIMITY OF THE PROJECT TO PUBLIC TRANSPORTATION ;
572		-	AND
573		-	(XII) THE EXPECTED QUALIFICATION OF THE BUILDING , STRUCTURE,
574		-	OR FACILITY THAT IS THE SUBJECT OF THE ELIGIBLE PROJECT FOR A
575		-	CERTIFIABLE SUSTAINABLE PROGRAM BOTH BEFORE AND AFTER THE
576		-	COMPLETION OF THE PROJECT
577		-	.
578		-	(7) Deadline for incurring specified amount of estimated eligible
579		-	expenditures - proof of compliance - audit of eligible expenditure
580		-	certification - issuance of tax credit certificate. (a) (I) A
581		-	QUALIFIED
582		-	APPLICANT RECEIVING A RESERVATION OF TAX CREDITS PURSUANT TO
583		-	SUBSECTION
584		-	(6) OF THIS SECTION SHALL INCUR TWENTY PERCENT OR MORE
585		-	OF THE ESTIMATED ELIGIBLE EXPENDITURES CONTAINED IN THE APPLICATION
586		-	AND PROJECT PLAN NOT LATER THAN EIGHTEEN MONTHS AFTER THE DATE OF
587		-	ISSUANCE OF THE WRITTEN NOTICE FROM THE OFFICE TO THE QUALIFIED
588		-	APPLICANT GRANTING THE RESERVATION OF A TAX CREDIT
589		-	.
590		-	(II) A
591		-	QUALIFIED APPLICANT FOR WHOM THE OFFICE HAS RESERVED
592		-	A TAX CREDIT SHALL SUBMIT EVIDENCE OF COMPLIANCE WITH THE
593		-	PROVISIONS OF SUBSECTION
594		-	(7)(a)(I) OF THIS SECTION. IF THE OFFICE
595		-	DETERMINES THAT A QUALIFIED APPLICANT HAS FAILED TO COMPLY WITH
596		-	THE REQUIREMENTS OF SUBSECTION
597		-	(7)(a)(I) OF THIS SECTION, THE OFFICE
598		-	SHALL PROMPTLY NOTIFY THE QUALIFIED APPLICANT AND MAY RESCIND THE
599		-	ISSUANCE OF THE WRITTEN NOTICE IT PREVIOUSLY GAVE THE QUALIFIED
600		-	APPLICANT GRANTING THE RESERVATION OF A TAX CREDIT
601		-	. IF THE OFFICE SO
602		-	RESCINDS AN ISSUANCE OF THE WRITTEN NOTICE
603		-	, THE QUALIFIED APPLICANT
604		-	MAY SUBMIT A NEW APPLICATION
605		-	, PROJECT PLAN, AND ESTIMATE OF
606		-	ELIGIBLE EXPENDITURES FOR WHICH THE OFFICE MAY CHARGE A NEW
607		-	APPLICATION FEE IN ACCORDANCE WITH SUBSECTION
608		-	(5) OF THIS SECTION,
609		-	AND THE TOTAL AMOUNT OF TAX CREDITS MADE AVAILABLE FOR
610		-	RESERVATION IN THE CALENDAR YEAR DURING WHICH THE OFFICE RESCINDS
611		-	THE ISSUANCE OF WRITTEN NOTICE MUST INCREASE BY THE AMOUNT OF THE
612		-	TAX CREDIT RESERVED IN THE WRITTEN NOTICE
613		-	.
614		-	PAGE 13-HOUSE BILL 24-1295 (b) AFTER A QUALIFIED APPLICANT COMPLETES A PROJECT , THE
615		-	QUALIFIED APPLICANT SHALL NOTIFY THE OFFICE THAT THE PROJECT HAS
616		-	BEEN PLACED IN SERVICE AND SHALL CERTIFY THE ELIGIBLE EXPENDITURES
617		-	,
618		-	AFTER WHICH THE OFFICE SHALL MAKE A FINAL DETERMINATION WHETHER
619		-	THE PROJECT IS AN ELIGIBLE PROJECT AS REQUIRED IN SUBSECTION
620		-	(4)(b)(V)
621		-	OF THIS SECTION. THE APPLICANT SHALL INCLUDE A REVIEW OF THE
622		-	CERTIFICATION BY A LICENSED CERTIFIED PUBLIC ACCOUNTANT THAT IS NOT
623		-	AFFILIATED WITH THE QUALIFIED APPLICANT THAT ALIGNS WITH OFFICE
624		-	POLICIES FOR CERTIFICATION OF ELIGIBLE EXPENDITURES
625		-	. THE APPLICANT
626		-	SHALL ALSO CERTIFY AND PROVIDE DOCUMENTS DEMONSTRATING THAT THE
627		-	APPLICANT SATISFIED ANY ADDITIONAL REQUIREMENTS IMPOSED BY THE
628		-	OFFICE PURSUANT TO SUBSECTION
629		-	(6) OF THIS SECTION. WITHIN NINETY
630		-	DAYS AFTER RECEIPT OF SUCH DOCUMENTATION FROM THE QUALIFIED
631		-	APPLICANT
632		-	, THE OFFICE SHALL REVIEW THE QUALIFIED APPLICANT 'S
633		-	DOCUMENTATION OF CERTIFIED ELIGIBLE EXPENDITURES
634		-	, DETERMINE
635		-	WHETHER THE DOCUMENTATION SATISFIES THE PROJECT PLAN AND OTHER
636		-	REQUIREMENTS
637		-	, AND, IF THE OFFICE DETERMINES THAT THE
638		-	DOCUMENTATION SATISFIES THE PROJECT PLAN AND OTHER REQUIREMENTS
639		-	,
640		-	THE OFFICE SHALL ISSUE A TAX CREDIT CERTIFICATE IN THE AMOUNT
641		-	SPECIFIED IN THE TAX CREDIT RESERVATION ISSUED TO THE QUALIFIED
642		-	APPLICANT PURSUANT TO SUBSECTION
643		-	(6) OF THIS SECTION; EXCEPT THAT A
644		-	CREDIT CERTIFICATE MAY NOT BE ISSUED FOR ANY INCOME TAX YEAR
645		-	COMMENCING BEFORE
646		-	JANUARY 1, 2026.
647		-	(c) I
648		-	F THERE ARE ANY UNRESERVED AMOUNTS OF TAX CREDITS
649		-	AVAILABLE UNDER SUBSECTION
650		-	(6) OF THIS SECTION, AND IF THE AMOUNT OF
651		-	CERTIFIED ELIGIBLE EXPENDITURES INCURRED BY THE QUALIFIED APPLICANT
652		-	WOULD HAVE RESULTED IN THE QUALIFIED APPLICANT BEING ISSUED A TAX
653		-	CREDIT CERTIFICATE THAT EXCEEDS THE AMOUNT OF THE TAX CREDIT
654		-	RESERVATION ISSUED TO THE QUALIFIED APPLICANT
655		-	, THE QUALIFIED
656		-	APPLICANT MAY APPLY TO THE OFFICE FOR THE ISSUANCE OF AN ADDITIONAL
657		-	TAX CREDIT CERTIFICATE IN AN AMOUNT EQUAL TO THE DIFFERENCE
658		-	BETWEEN THE TAX CREDIT RESERVATION AND WHAT WOULD HAVE BEEN
659		-	ISSUED AS A RESULT OF THE CERTIFIED ELIGIBLE EXPENDITURES BY
660		-	SUBMITTING AN APPLICATION IN A FORM AND MANNER DETERMINED BY THE
661		-	OFFICE
662		-	; EXCEPT THAT THE AGGREGATE OF THE TWO TAX CREDIT
663		-	CERTIFICATES FOR THE ELIGIBLE PROJECT MAY NOT EXCEED THREE MILLION
664		-	DOLLARS
665		-	. THE OFFICE SHALL REVIEW THE APPLICATION AS SPECIFIED IN
666		-	SUBSECTION
667		-	(4) OF THIS SECTION AND, IF APPROVED, SHALL ISSUE A
668		-	SEPARATE TAX CREDIT CERTIFICATE AWARDING THE QUALIFIED APPLICANT
669		-	PAGE 14-HOUSE BILL 24-1295 THE ADDITIONAL CREDIT.
670		-	(8) Filing tax credit certificate with income tax return. (a) I
671		-	N
672		-	ORDER TO CLAIM THE CREDIT AUTHORIZED BY THIS SECTION
673		-	, A QUALIFIED
674		-	APPLICANT SHALL FILE THE TAX CREDIT CERTIFICATE ISSUED BY THE OFFICE
675		-	PURSUANT TO SUBSECTION
676		-	(7) OF THIS SECTION WITH THE QUALIFIED
677		-	APPLICANT
678		-	'S STATE INCOME TAX RETURN. IF THE QUALIFIED APPLICANT IS
679		-	EXEMPT FROM TAX PURSUANT TO SECTION
680		-	39-22-112 (1), THE QUALIFIED
681		-	APPLICANT SHALL FILE A RETURN PURSUANT TO SECTION
682		-	39-22-601 (7)(b).
683		-	T
684		-	HE AMOUNT OF THE TAX CREDIT THAT A QUALIFIED APPLICANT MAY CLAIM
685		-	PURSUANT TO THIS SECTION IS THE AMOUNT STATED ON THE TAX CREDIT
686		-	CERTIFICATE
687		-	.
688		-	(b) A
689		-	TAX CREDIT CERTIFICATE ISSUED TO A PARTNERSHIP, A LIMITED
690		-	LIABILITY COMPANY TAXED AS A PARTNERSHIP
691		-	, OR MULTIPLE OWNERS OF A
692		-	PROPERTY MUST BE PASSED THROUGH TO THE PARTNERS
693		-	, MEMBERS, OR
694		-	OWNERS
695		-	, INCLUDING ANY NONPROFIT ENTITY THAT IS A PARTNER , MEMBER,
696		-	OR OWNER, RESPECTIVELY, ON A PRO RATA BASIS OR PURSUANT TO AN
697		-	EXECUTED AGREEMENT AMONG THE PARTNERS
698		-	, MEMBERS, OR OWNERS
699		-	DOCUMENTING AN ALTERNATE DISTRIBUTION METHOD
700		-	.
701		-	(9) Refundability. T
702		-	HE ENTIRE TAX CREDIT TO BE ISSUED PURSUANT
703		-	TO THIS SECTION MAY BE CLAIMED BY THE QUALIFIED APPLICANT IN THE
704		-	TAXABLE YEAR IN WHICH THE ELIGIBLE PROJECT IS PLACED IN SERVICE
705		-	. IF
706		-	THE AMOUNT OF THE CREDIT ALLOWED PURS UANT TO THIS SECTION EXCEEDS
707		-	THE AMOUNT OF INCOME TAXES OTHERWISE DUE ON THE INCOME OF THE
708		-	QUALIFIED APPLICANT IN THE INCOME TAX YEAR FOR WHICH THE CREDIT IS
709		-	BEING CLAIMED
710		-	, OR THE QUALIFIED APPLICANT IS A PERSON WHO IS EXEMPT
711		-	FROM TAXATION PURSUANT TO SECTION
712		-	39-22-112 (1), NINETY PERCENT OF
713		-	THE AMOUNT OF THE CREDIT NOT USED AS AN OFFSET AGAINST INCOME
714		-	TAXES IN THE INCOME TAX YEAR IS REFUNDED TO THE QUALIFIED APPLICANT
715		-	.
716		-	T
717		-	HE REMAINDER OF THE CREDIT IS NOT CARRIED FORWARD AND MAY NOT BE
718		-	USED BY THE TAXPAYER
719		-	.
720		-	(10) Compliance monitoring and recapture. (a) E
721		-	XCEPT AS
722		-	PROVIDED IN SUBSECTION
723		-	(10)(b) OF THIS SECTION, IF, AS OF THE LAST DAY
724		-	OF ANY TAXABLE YEAR DURING THE COMPLIANCE PERIOD
725		-	, THE BUILDING,
726		-	STRUCTURE, OR FACILITY THAT IS THE SUBJECT OF AN ELIGIBLE PROJECT IS
727		-	NOT BEING USED AS AN ELIGIBLE PROJECT
728		-	, THE OFFICE SHALL NOTIFY THE
729		-	QUALIFIED APPLICANT AND THE DEPARTMENT THAT THE CREDIT ALLOWED
730		-	PAGE 15-HOUSE BILL 24-1295 IN THIS SECTION IS DISALLOWED. THE QUALIFIED APPLICANT SHALL ADD THE
731		-	FULL AMOUNT OF THE CREDIT THAT WAS ACTUALLY USED TO OFFSET THE
732		-	QUALIFIED APPLICANT
733		-	'S INCOME TAX OR REFUNDED TO THE QUALIFIED
734		-	APPLICANT TO ITS RETURN AS A RECAPTURED CREDIT FOR THE TAXABLE
735		-	YEAR IN WHICH THE CREDIT IS DISALLOWED PURSUANT TO THIS SUBSECTION
736		-	(10).
737		-	(b) T
738		-	HE POTENTIAL INCREASE IN TAX REQUIRED PURSUANT TO
739		-	SUBSECTION
740		-	(10)(a) OF THIS SECTION DOES NOT APPLY:
741		-	(I) I
742		-	F A BUILDING, STRUCTURE, OR FACILITY IS NOT AN ELIGIBLE
743		-	PROJECT AS A RESULT OF A CASUALTY LOSS IF THE LOSS IS RESTORED BY
744		-	RECONSTRUCTION OR REPLACEMENT WITHIN A REASONABLE PERIOD
745		-	ESTABLISHED BY THE OFFICE
746		-	; OR
747		-	(II) SOLELY BY REASON OF THE DISPOSITION OF A BUILDING ,
748		-	STRUCTURE, OR FACILITY, OR AN INTEREST THEREIN, IF IT IS REASONABLY
749		-	EXPECTED THAT THE BUILDING
750		-	, STRUCTURE, OR FACILITY WILL CONTINUE TO
751		-	BE OPERATED AS AN ELIGIBLE PROJECT FOR THE REMAINDER OF THE
752		-	COMPLIANCE PERIOD
753		-	.
754		-	(c) (I) T
755		-	HE OFFICE SHALL ESTABLISH REPORTING REQUIREMENTS TO
756		-	MONITOR COMPLIANCE WITH THIS SUBSECTION
757		-	(10), INCLUDING
758		-	REQUIREMENTS REGARDING THE REPORTING OF A DISPOSITION OF A
759		-	BUILDING
760		-	, STRUCTURE, OR FACILITY BY THE QUALIFIED APPLICANT AND THE
761		-	REPORTING REQUIRED FOR SUCH A BUILDING
762		-	, STRUCTURE, OR FACILITY FOR
763		-	THE REMAINDER OF THE COMPLIANCE PERIOD
764		-	.
765		-	(II) I
766		-	F A DISPUTE ARISES ABOUT WHETHER A BUILDING , STRUCTURE,
767		-	OR FACILITY IS AN ELIGIBLE PROJECT, THE OFFICE SHALL ADJUDICATE THE
768		-	DISPUTE AND NOTIFY THE DEPARTMENT OF THE RESOLUTION
769		-	.
770		-	(III) N
771		-	OTWITHSTANDING SECTION 39-21-107 (2), IF A BUILDING,
772		-	STRUCTURE, OR FACILITY, OR AN INTEREST THEREIN, IS DISPOSED OF DURING
773		-	ANY TAXABLE YEAR DURING THE COMPLIANCE PERIOD
774		-	, AND THEREAFTER
775		-	THE BUILDING
776		-	, STRUCTURE, OR FACILITY IS NOT AN ELIGIBLE PROJECT:
777		-	(A) T
778		-	HE QUALIFIED APPLICANT SHALL ADD THE FULL AMOUNT OF THE
779		-	CREDIT TO ITS RETURN AS A RECAPTURED CREDIT FOR THE TAXABLE YEAR IN
780		-	WHICH THE CREDIT IS DISALLOWED PURSUANT TO THIS SUBSECTION
781		-	(10)
782		-	PAGE 16-HOUSE BILL 24-1295 NOTWITHSTANDING THE DISPOSITION OF THE QUALIFIED RESIDENTIAL
783		-	STRUCTURE
784		-	;
785		-	(B) T
786		-	HE STATUTORY PERIOD FOR THE ASSESSMENT OF ANY
787		-	DEFICIENCY WITH RESPECT TO THE DISALLOWED CREDIT MUST NOT EXPIRE
788		-	BEFORE THE EXPIRATION OF THREE YEARS FROM THE DATE THE OFFICE IS
789		-	NOTIFIED
790		-	, IN SUCH A MANNER AS THE OFFICE DETERMINES , THAT THE
791		-	STRUCTURE IS NOT A QUALIFIED RESIDENTIAL STRUCTURE
792		-	; AND
793		-	(C) THE DEPARTMENT SHALL ASSESS ANY DEFICIENCY BEFORE THE
794		-	EXPIRATION OF SUCH THREE
795		-	-YEAR PERIOD TOGETHER WITH ANY APPLICABLE
796		-	INTEREST AND PENALTY IMPOSED PURSUANT TO THIS ARTICLE
797		-	22.
798		-	(d) A
799		-	S USED IN THIS SUBSECTION (10), UNLESS THE CONTEXT
800		-	OTHERWISE REQUIRES
801		-	, "COMPLIANCE PERIOD" MEANS THE PERIOD OF FIFTEEN
802		-	YEARS FOLLOWING THE TAXABLE YEAR IN WHICH THE QUALIFIED APPLICANT
803		-	PLACED THE ELIGIBLE PROJECT IN SERVICE
804		-	.
805		-	(11) Reporting. (a) N
806		-	O LATER THAN DECEMBER 31, 2027, AND,
807		-	NOTWITHSTANDING THE REQUIREMENT IN SECTION 24-1-136 (11)(a)(I), NO
808		-	LATER THAN
809		-	DECEMBER 31 OF EACH YEAR THEREAFTER THROUGH 2033, THE
810		-	OFFICE SHALL PROVIDE A WRITTEN REPORT TO THE GENERAL ASSEMBLY AND
811		-	SHALL FURTHER MAKE THE REPORT AVAILABLE TO THE PUBLIC
812		-	. IN
813		-	CONNECTION WITH TAX CREDITS ISSUED PURSUANT TO THIS SECTION
814		-	, THE
815		-	REPORT MUST INCLUDE
816		-	:
817		-	(I) T
818		-	HE NUMBER OF ELIGIBLE PROJECTS PLACED IN SERVICE ;
819		-	(II) A
820		-	DESCRIPTION OF THE USE OR USES OF EACH ELIGIBLE PROJECT
821		-	AND A STATEWIDE SUMMARY OF THE NUMBER OF ELIGIBLE PROJECTS FOR
822		-	EACH USE
823		-	;
824		-	(III) F
825		-	OR ELIGIBLE PROJECTS THAT CREATE AFFORDABLE HOUSING OR
826		-	LIVE
827		-	-WORK SPACES FOR CREATIVE INDUSTRY WORKERS , THE NUMBER OF
828		-	AFFORDABLE HOUSING OR LIVE
829		-	-WORK UNITS PLANNED OR CREATED ;
830		-	(IV) T
831		-	HE OCCUPANCY RATE OF CREATED AFFORDABLE HOUSING AND
832		-	LIVE
833		-	-WORK UNITS;
834		-	(V) T
835		-	HE COUNTIES IN WHICH QUALIFIED COMMERCIAL STRUCTURES
836		-	PAGE 17-HOUSE BILL 24-1295 WERE CONVERTED TO QUALIFIED COMMERCIAL RESIDENTIAL STRUCTURES ;
837		-	AND
838		-	(VI) THE AMOUNT OF ANY DISALLOWED TAX CREDIT RECAPTURED
839		-	PURSUANT TO SUBSECTION
840		-	(10) OF THIS SECTION.
841		-	(b) T
842		-	HE OFFICE SHALL, IN A SUFFICIENTLY TIMELY MANNER TO
843		-	ALLOW THE DEPARTMENT TO PROCESS RETURNS CLAIMING THE INCOME TAX
844		-	CREDIT ALLOWED IN THIS SECTION
845		-	, PROVIDE THE DEPARTMENT WITH AN
846		-	ELECTRONIC REPORT OF EACH QUALIFIED APPLICANT TO WHICH THE OFFICE
847		-	ISSUES A TAX CREDIT CERTIFICATE FOR THE PRECEDING TAX YEAR THAT
848		-	INCLUDES THE FOLLOWING INFORMATION
849		-	:
850		-	(I) T
851		-	HE QUALIFIED APPLICANT'S NAME;
852		-	(II) T
853		-	HE AMOUNT OF THE CREDIT; AND
854		-	(III) THE QUALIFIED APPLICANT'S SOCIAL SECURITY NUMBER OR THE
855		-	QUALIFIED APPLICANT
856		-	'S COLORADO ACCOUNT NUMBER AND FEDERAL
857		-	EMPLOYER IDENTIFICATION NUMBER
858		-	.
859		-	(12) Policies and procedures. (a) T
860		-	HE OFFICE MAY CREATE AND
861		-	MODIFY POLICIES
862		-	, PROCEDURES, AND GUIDELINES AS NECESSARY TO
863		-	FURTHER IMPLEMENT THE TAX CREDITS TO BE CLAIMED FOR THE
864		-	COMPLETION OF ELIGIBLE PROJECTS PURSUANT TO THIS SECTION AND SHALL
865		-	SOLICIT ADVICE FROM THE DEPARTMENT IN CREATING AND MODIFYING SUCH
866		-	POLICIES
867		-	, PROCEDURES, AND GUIDELINES.
868		-	(b) W
869		-	ITH RESPECT TO MAKING THE PRELIMINARY DETERMINATION
870		-	WHETHER A PROJECT PLAN IS A PLAN FOR AN ELIGIBLE PROJECT PURSUANT
871		-	TO SUBSECTION
872		-	(4)(b)(III) OF THIS SECTION, THE OFFICE SHALL DEVELOP
873		-	STANDARDS THAT INCLUDE
874		-	, BUT ARE NOT LIMITED TO:
875		-	(I) A
876		-	DETAILED COST ESTIMATE FOR THE PROJECT PLAN ;
877		-	(II) E
878		-	VIDENCE OF SITE CONTROL OF THE SITE WHERE THE PROJECT
879		-	WILL OCCUR
880		-	; AND
881		-	(III) THE FINANCING OR FUNDING THAT IS AVAILABLE FOR THE
882		-	PROJECT PLAN
883		-	.
884		-	PAGE 18-HOUSE BILL 24-1295 (13) Community revitalization tax credit program cash fund.
885		-	(a) T
886		-	HE COMMUNITY REVITALIZATION TAX CREDIT PROGRAM CASH FUND IS
887		-	CREATED IN THE STATE TREASURY
888		-	. THE FUND CONSISTS OF GIFTS, GRANTS,
889		-	DONATIONS, FEE REVENUE CREDITED TO THE FUND PURSUANT TO
890		-	SUBSECTION
891		-	(5) OF THIS SECTION, AND ANY OTHER MONEY THAT THE
892		-	GENERAL ASSEMBLY MAY APPROPRIATE
893		-	, TRANSFER, OR REQUIRE BY LAW TO
894		-	BE CREDITED TO THE FUND
895		-	.
896		-	(b) T
897		-	HE STATE TREASURER SHALL CREDIT ALL INTEREST AND INCOME
898		-	DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE
899		-	COMMUNITY REVITALIZATION TAX CREDIT PROGRAM CASH FUND TO THE
900		-	FUND
901		-	.
902		-	(c) M
903		-	ONEY IN THE FUND IS CONTINUOUSLY APPROPRIATED TO THE
904		-	OFFICE FOR THE PURPOSE OF ADMINISTERING THE TAX CREDIT ISSUED
905		-	PURSUANT TO THIS SECTION
906		-	.
907		-	(d) T
908		-	HE STATE TREASURER SHALL TRANSFER ALL UNEXPENDED AND
909		-	UNENCUMBERED MONEY IN THE FUND ON
910		-	DECEMBER 31, 2050, TO THE
911		-	GENERAL FUND
912		-	.
913		-	(14) Repeal. T
914		-	HIS SECTION IS REPEALED, EFFECTIVE DECEMBER 31,
915		-	2050.
916		-	SECTION 7. Appropriation. For the 2024-25 state fiscal year,
917		-	$102,498 is appropriated to the office of the governor for use by economic
918		-	development programs. This appropriation is from the general fund and is
919		-	based on an assumption that the office will require an additional 0.8 FTE.
920		-	To implement this act, the office may use this appropriation for the council
921		-	on creative industries.
922		-	SECTION 8. Safety clause. The general assembly finds,
923		-	determines, and declares that this act is necessary for the immediate
924		-	PAGE 19-HOUSE BILL 24-1295 preservation of the public peace, health, or safety or for appropriations for
925		-	the support and maintenance of the departments of the state and state
926		-	institutions.
927		-	____________________________ ____________________________
928		-	Julie McCluskie Steve Fenberg
929		-	SPEAKER OF THE HOUSE PRESIDENT OF
930		-	OF REPRESENTATIVES THE SENATE
931		-	____________________________ ____________________________
932		-	Robin Jones Cindi L. Markwell
933		-	CHIEF CLERK OF THE HOUSE SECRETARY OF
934		-	OF REPRESENTATIVES THE SENATE
935		-	APPROVED________________________________________
936		-	(Date and Time)
937		-	_________________________________________
938		-	Jared S. Polis
939		-	GOVERNOR OF THE STATE OF COLORADO
940		-	PAGE 20-HOUSE BILL 24-1295
	830	+	HE FINANCING OR FUNDING THAT IS AVAILABLE FOR THE24
	831	+	PROJECT PLAN.25
	832	+	(13) Community revitalization tax credit program cash fund.26
	833	+	(a) THE COMMUNITY REVITALIZATION TAX CREDIT PROGRAM CASH FUND27
	834	+	1295
	835	+	-24- IS CREATED IN THE STATE TREASURY. THE FUND CONSISTS OF GIFTS,1
	836	+	GRANTS, DONATIONS, FEE REVENUE CREDITED TO THE FUND PURSUANT TO2
	837	+	SUBSECTION (5) OF THIS SECTION, AND ANY OTHER MONEY THAT THE3
	838	+	GENERAL ASSEMBLY MAY APPROPRIATE, TRANSFER, OR REQUIRE BY LAW4
	839	+	TO BE CREDITED TO THE FUND.5
	840	+	(b) THE STATE TREASURER SHALL CREDIT ALL INTEREST AND6
	841	+	INCOME DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE7
	842	+	COMMUNITY REVITALIZATION TAX CREDIT PROGRAM CASH FUND TO THE8
	843	+	FUND.9
	844	+	(c) MONEY IN THE FUND IS CONTINUOUSLY APPROPRIATED TO THE10
	845	+	OFFICE FOR THE PURPOSE OF ADMINISTERING THE TAX CREDIT ISSUED11
	846	+	PURSUANT TO THIS SECTION.12
	847	+	(d) THE STATE TREASURER SHALL TRANSFER ALL UNEXPENDED13
	848	+	AND UNENCUMBERED MONEY IN THE FUND ON DECEMBER 31, 2050, TO14
	849	+	THE GENERAL FUND.15
	850	+	(14) Repeal. T HIS SECTION IS REPEALED, EFFECTIVE DECEMBER16
	851	+	31,
	852	+	2050.17SECTION 7. Appropriation. For the 2024-25 state fiscal year,18
	853	+	$102,498 is appropriated to the office of the governor for use by19
	854	+	economic development programs. This appropriation is from the general20
	855	+	fund and is based on an assumption that the office will require an21
	856	+	additional 0.8 FTE. To implement this act, the office may use this22
	857	+	appropriation for the council on creative industries.23
	858	+	SECTION 8. Safety clause. The general assembly finds,24
	859	+	determines, and declares that this act is necessary for the immediate25
	860	+	preservation of the public peace, health, or safety or for appropriations for26
	861	+	1295
	862	+	-25- the support and maintenance of the departments of the state and state1
	863	+	institutions.2
	864	+	1295
	865	+	-26-