HOUSE BILL 24-1295
BY REPRESENTATIVE(S) Titone and Herod, Amabile, Bacon, Bird,
Boesenecker, Duran, English, Froelich, Hamrick, Hernandez, Jodeh,
Joseph, Kipp, Lieder, Lindsay, Lindstedt, Lukens, Mabrey, McCormick,
McLachlan, Ortiz, Ricks, Sirota, Snyder, Valdez, Velasco, Willford,
Woodrow, McCluskie, Marvin, Story;
also SENATOR(S) Fenberg and Coleman, Bridges, Buckner, Cutter,
Gonzales, Jaquez Lewis, Michaelson Jenet, Priola, Sullivan.
C
ONCERNING COMMUNITY REVITALIZATION INCENTIVES FOR THE SUPPORT
OF CREATIVE INDUSTRIES
, AND, IN CONNECTION THEREWITH ,
EXTENDING THE COMMUNITY GRANT REVITALIZATION PROGRAM ,
CREATING AN INCOME TAX CREDIT FOR EXPENSES INCURRED IN
COMPLETING INFRASTRUCTURE THAT SUPPORTS CREATIVE
INDUSTRIES AND CREATIVE INDUSTRY WORKERS
, AND MAKING AN
APPROPRIATION
.
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. In Colorado Revised Statutes, 23-15-102, amend
(1)(a) as follows:
23-15-102. Legislative declaration. (1) The general assembly
NOTE: This bill has been prepared for the signatures of the appropriate legislative
officers and the Governor. To determine whether the Governor has signed the bill
or taken other action on it, please consult the legislative status sheet, the legislative
history, or the Session Laws.
________
Capital letters or bold & italic numbers indicate new material added to existing law; dashes
through words or numbers indicate deletions from existing law and such material is not part of
the act. hereby finds and declares that:
(a) It is the intent of the general assembly to create the Colorado
educational and cultural facilities authority to lend money to educational
institutions and cultural institutions; to authorize the authority to acquire,
construct, reconstruct, repair, alter, improve, extend, own, lease, and
dispose of properties to the end that the authority may be able to promote
the welfare of the people of this state; to authorize the authority to
administer the Colorado education savings program; to permit the bonds or
certificates of participation of the authority and the bonds or certificates of
participation of other issuers to be designated as Colorado education
savings bonds or certificates; and to vest such authority with powers to
enable such authority to accomplish such purposes; It is not the intent of the
general assembly to authorize the authority to operate any such educational
or cultural facility.
SECTION 2. In Colorado Revised Statutes, 23-15-103, amend
(8.5)(a)(I)(A) and (8.5)(a)(II)(A) as follows:
23-15-103. Definitions. As used in this article, unless the context
otherwise requires:
(8.5) (a) (I) (A) "Facility", in the case of a participating educational
institution, means any structure or building suitable for use as a housing
facility, an instructional facility, an administration building, a research
facility, a laboratory, a maintenance, storage, or utility facility, an
auditorium, a dining hall, a food service and preparation facility, a mental
or physical health-care facility, a recreational facility,
A HOTEL, or a student
center facility or any other structure or facility required or useful for the
operation of an educational institution, including, but not limited to:
Offices, parking lots and garages,
EATING OR DRINKING ESTABLISHMENTS ,
GIFT SHOPS, LODGING, and other supporting service structures; any
equipment, furnishings, and appurtenances necessary or useful in the
operation of a participating educational institution; and the acquisition,
preparation, and development of all real and personal property necessary or
convenient as a site or sites for any such structure or facility.
(II) (A) "Facility", in the case of a cultural institution, means any
property that is suitable for the particular purposes of a cultural institution,
including, without limitation, any such property suitable for use as or in
PAGE 2-HOUSE BILL 24-1295 connection with the operation of any one or more of the following: An
administrative facility, an aquarium, an assembly hall, an auditorium, a
botanical garden, an exhibition or performance hall or structure, a gallery,
a greenhouse, a library, a museum, a scientific laboratory,
A FILM CENTER,
A HOTEL, a housing facility that serves the cultural needs of its residents and
is being financed as part of a multistate program of financing educational
or cultural facilities under this article, a theater, or a zoological facility; and
also including, without limitation, the books, works of art or music, and the
animal, plant, or aquatic life or other items contained therein for display,
exhibition, or performance. The term "facility" includes any other structure
or facility required or useful for the operation of a cultural institution
including, but not limited to, offices, parking lots and garages,
EATING OR
DRINKING ESTABLISHMENTS
, GIFT SHOPS, LODGING, and other supporting
service structures; any equipment, furnishings, and appurtenances necessary
or useful in the operation of a cultural institution; and the acquisition,
preparation, and development of all real and personal property necessary or
convenient as a site or sites for any such structure or facility. The term
"facility" also includes buildings on the national register of historic places
which are owned and
OR operated by nonprofit OR GOVERNMENTAL entities,
INCLUDING THE AUTHORITY.
SECTION 3. In Colorado Revised Statutes, 23-15-107, amend (1)
introductory portion, (1)(v), and (2); and add (1)(w) as follows:
23-15-107. General powers of the authority. (1) In addition to
any other powers granted to the authority by this article 15, the authority
shall have
HAS the following powers:
(v) To designate as Colorado education savings bonds or certificates
the bonds or certificates of participation of issuers other than the authority
if the issuer has applied for such designation and the authority has
determined that such instruments satisfy the criteria established in section
23-15-110.5 (2);
AND
(w) TO ESTABLISH AND ADMINISTER ONE OR MORE FUNDS FOR
LOANS
, REVOLVING LOANS, OR GRANTS TO SUPPORT CAPITAL PROJECTS FOR
FACILITIES
, AS WELL AS OPERATIONS, MAINTENANCE, PROGRAMMING AND
OTHER ENDEAVORS
, FOR CULTURAL INSTITUTIONS AND EDUCATIONAL
INSTITUTIONS FROM ANY SOURCES THAT MAY BE AVAILABLE TO THE
AUTHORITY FOR ITS GENERAL PURPOSES
, INCLUDING BUT NOT LIMITED TO
PAGE 3-HOUSE BILL 24-1295 NET FACILITY REVENUES, GRANTS, GIFTS, OR FEES.
(2) The authority shall not have HAS the power to operate a facility
as a business, EITHER DIRECTLY OR INDIRECTLY THROUGH CONTRACTS FOR
THE MANAGEMENT AND OPERATION OF A FACILITY
, or other than
as a lessee
or lessor. I
F THE AUTHORITY OPERATES A FACILITY, THE AUTHORITY MUST
DIRECT ALL NET REVENUE FROM THE FACILITY TO THE PURPOSES SET FORTH
IN THIS ARTICLE
15. IN ORDER TO ISOLATE OPERATING RISK ON A
PROJECT
-BY-PROJECT BASIS, THE AUTHORITY HAS THE POWER TO ESTABLISH,
OR ADOPT A RESOLUTION APPROVING THE ESTABLISHMENT OF , ONE OR MORE
SUBSIDIARY CONTROLLED ENTITIES
. SUCH A CONTROLLED ENTITY ENJOYS
AND IS ENTITLED TO THE SAME POWERS
, PRIVILEGES, AND IMMUNITIES AS
THE AUTHORITY SO LONG AS
:
(a) T
HE CONTROLLED ENTITY IS A NONPROFIT CORPORATION , LIMITED
LIABILITY COMPANY
, LIMITED LIABILITY LIMITED PARTNERSHIP, OR OTHER
ENTITY FORMED PURSUANT TO STATE LAW AND THE AUTHORITY IS THE SOLE
MEMBER OR PARTNER OF THE ENTITY
;
(b) T
HE AUTHORITY APPOINTS THE GOVERNING BODY OF OR AN
AGENT TO OVERSEE THE CONTROLLED ENTITY AND MAY REMOVE A MEMBER
OF THE GOVERNING BODY OR AGENT
;
(c) A
NY REVENUE OF THE CONTROLLED ENTITY THAT IS NOT
REQUIRED TO PAY ITS EXPENSES AND OBLIGATIONS AND TO FUND RESERVES
FOR SUCH EXPENSES AND OBLIGATIONS AND
, UPON DISSOLUTION OF THE
CONTROLLED ENTITY
, ANY ASSETS OF THE CONTROLLED ENTITY NOT
REQUIRED TO PAY ITS EXPENSES AND OBLIGATIONS MUST BE DISTRIBUTED TO
OR AT THE DIRECTION OF THE AUTHORITY AND SHALL NOT BE USED FOR OR
ACCRUE TO THE BENEFIT OF ANY PRIVATE INTERESTS
; AND
(d) THE AUTHORITY MAY LOAN PROCEEDS FROM BONDS ISSUED BY
THE AUTHORITY TO THE CONTROLLED ENTITY
.
SECTION 4. In Colorado Revised Statutes, 24-48.5-317, amend
(2)(a)(V), (2)(a)(VI), (4) introductory portion, (8)(a), and (9); repeal (2)(b);
and add (2)(a)(VII) as follows:
24-48.5-317. Community revitalization grants - fund - reporting
- compliance with federal requirements - legislative declaration -
PAGE 4-HOUSE BILL 24-1295 definitions - repeal. (2) (a) The community revitalization grant program
is hereby established in the division. The purpose of the grant program is to
provide state assistance in the form of grant awards to finance various
projects across the state that are intended to create or revitalize mixed-use
commercial centers. The grant program is intended to support creative
projects in these commercial centers that would combine revitalized or
newly constructed commercial spaces with public or community spaces
including but not limited to such projects as:
(V) The renovation or refurbishment of vacant or blighted property
for creative industries, economic development, or historic preservation
purposes; and
(VI) Child care centers; AND
(VII) PROJECTS THAT ARE ELIGIBLE FOR FUNDING UNDER THE SPACE
TO CREATE
COLORADO PROGRAM ADMINISTERED BY THE DIVISION .
(b) All grants awarded under this section must be encumbered notlater than December 31, 2022.
(4) On or before September 1, 2021, DECEMBER 1, 2024, the
director of the division, in consultation with the director of the division of
local government, or their designees, shall adopt policies, procedures, and
guidelines for the grant program that include without limitation:
(8) (a) On or before November 1, 2022
NOVEMBER 1, 2024, and on
or before November 1, 2023 NOVEMBER 1, 2026, the division shall publish
a report summarizing the use of all of the money that was awarded as grants
under the grant program in the preceding fiscal year. At a minimum, the
report shall specify the amount of grant money distributed to each grant
recipient and a description of each grant recipient's use of the grant money.
The report must be posted on the website of the office of economic
development created in section 24-48.5-101.
(9) This section is
WILL BE repealed effective January 1, 2025 IF ALL
MONEY TRANSFERRED OR OTHERWISE CREDITED TO THE COMMUNITY
REVITALIZATION FUND PURSUANT TO THIS SECTION IS EXPENDED
. THE
DIRECTOR OF THE DIVISION SHALL NOTIFY THE REVISOR OF STATUTES IN
WRITING OF THE DATE WHEN THE CONDITION SPECIFIED IN THIS SUBSECTION
PAGE 5-HOUSE BILL 24-1295 (9) HAS OCCURRED BY E -MAILING THE NOTICE TO
REVISOROFSTATUTES
.GA@COLEG.GOV. THIS SECTION IS REPEALED ,
EFFECTIVE UPON THE DATE IDENTIFIED IN THE NOTICE THAT ALL MONEY
TRANSFERRED OR OTHERWISE CREDITED TO THE COMMUNITY
REVITALIZATION FUND PURSUANT TO THIS SECTION IS EXPENDED
, OR, IF THE
NOTICE DOES NOT SPECIFY THAT DATE
, UPON THE DATE OF THE NOTICE TO
THE REVISOR OF STATUTES
.
SECTION 5. In Colorado Revised Statutes, 24-75-402, amend
(5)(ccc) and (5)(ddd); and add (5)(kkk) as follows:
24-75-402. Cash funds - limit on uncommitted reserves -
reduction in the amount of fees - exclusions - definitions.
(5) Notwithstanding any provision of this section to the contrary, the
following cash funds are excluded from the limitations specified in this
section:
(ccc) The wildfire resiliency code board cash fund created in section
24-33.5-1236 (8); and
(ddd) The closed landfill remediation grant program fund created in
section 30-20-124 (8);
AND
(kkk) THE COMMUNITY REVITALIZATION TAX CREDIT PROGRAM CASH
FUND CREATED IN SECTION
39-22-569 (13).
SECTION 6. In Colorado Revised Statutes, add 39-22-569 as
follows:
39-22-569. Community revitalization tax credit - community
revitalization tax credit program cash fund - tax preference
performance statement - legislative declaration - definitions - repeal.
(1) Tax preference performance statement. I
N ACCORDANCE WITH
SECTION
39-21-304 (1), WHICH REQUIRES EACH BILL THAT CREATES A NEW
TAX EXPENDITURE TO INCLUDE A TAX PREFERENCE PERFORMANCE
STATEMENT AS PART OF A STATUTORY LEGISLATIVE DECLARATION
, THE
GENERAL ASSEMBLY FINDS AND DECLARES THAT
:
(a) T
HE GENERAL LEGISLATIVE PURPOSES OF THE TAX CREDIT
ALLOWED BY THIS SECTION ARE
:
PAGE 6-HOUSE BILL 24-1295 (I) TO INDUCE CERTAIN DESIGNATED BEHAVIOR BY TAXPAYERS ; AND
(II) TO PROVIDE TAX RELIEF FOR CERTAIN BUSINESSES OR
INDIVIDUALS
;
(b) T
HE SPECIFIC LEGISLATIVE PURPOSE OF THE TAX CREDIT
ALLOWED BY THIS SECTION IS TO REVITALIZE COMMUNITIES BY PROVIDING
FINANCIAL SUPPORT AND A FINANCIAL INCENTIVE FOR CAPITAL
IMPROVEMENT PROJECTS IN CREATIVE DISTRICTS THAT SUPPORT CREATIVE
INDUSTRIES AND CREATIVE INDUSTRY WORKERS BY PROVIDING AFFORDABLE
HOUSING AND LIVE
-WORK SPACES FOR SUCH WORKERS AND OTHER
MIXED
-USE AND CREATIVE-USE SPACES FOR BOTH SUCH WORKERS AND THE
GENERAL PUBLIC THAT ENJOYS AND BENEFITS FROM THEIR WORK
.
(c) T
HE GENERAL ASSEMBLY AND THE STATE AUDITOR SHALL
MEASURE THE EFFECTIVENESS OF THE TAX CREDIT IN ACHIEVING THE
PURPOSES SPECIFIED IN SUBSECTIONS
(2)(a) AND (2)(b) OF THIS SECTION
BASED ON THE INFORMATION REQUIRED TO BE MAINTAINED BY AND
REPORTED BY THE OFFICE PURSUANT TO SUBSECTION
(11) OF THIS SECTION.
(2) Definitions. A
S USED IN THIS SECTION, UNLESS THE CONTEXT
OTHERWISE REQUIRES
:
(a) "A
PPLICATION" MEANS AN APPLICATION IN THE FORM AND
MANNER APPROVED BY THE OFFICE FOR THE CREDIT ALLOWED IN THIS
SECTION THAT INCLUDES THE PROJECT PLAN AND ESTIMATED ELIGIBLE
EXPENDITURES
.
(b) "C
REATIVE DISTRICT" HAS THE SAME MEANING AS SET FORTH IN
SECTION
24-48.5-314 (2)(b).
(c) "D
EPARTMENT" MEANS THE DEPARTMENT OF REVENUE .
(d) "E
LIGIBLE EXPENDITURES" MEANS REASONABLE AND NECESSARY
EXPENDITURES
, IN ACCORDANCE WITH GUIDELINES DEVELOPED BY THE
OFFICE
, ACTUALLY PAID BY A TAXPAYER IN COMPLETING AN ELIGIBLE
PROJECT
.
(e) "E
LIGIBLE PROJECT" MEANS A CAPITAL IMPROVEMENT PROJECT
UNDERTAKEN IN THE STATE WITHIN A CREATIVE DISTRICT
, A HISTORIC
PAGE 7-HOUSE BILL 24-1295 DISTRICT, OR A NEIGHBORHOOD COMMERCIAL CENTER OR ON 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
, INCLUDING AFFORDABLE HOUSING AND
LIVE
-WORK SPACES FOR SUCH WORKERS AND OTHER MIXED -USE,
CREATIVE-USE, PERFORMANCE, AND EXHIBITION SPACES FOR SUCH WORKERS
AND FOR THE GENERAL PUBLIC AND THAT IS APPROVED BY THE OFFICE IN
ACCORDANCE WITH THE POLICIES
, PROCEDURES, AND GUIDELINES FOR THE
IMPLEMENTATION AND ADMINISTRATION OF THE TAX CREDIT ALLOWED BY
THIS SECTION ADOPTED BY THE OFFICE PURSUANT TO SUBSECTION
(12) OF
THIS SECTION
.
(f) "O
FFICE" MEANS THE OFFICE OF ECONOMIC DEVELOPMENT .
(g) (I) "Q
UALIFIED APPLICANT" MEANS A PERSON THAT:
(A) H
AS A CONTRACTUAL OR REAL PROPERTY INTEREST IN AN
EXISTING OR PLANNED BUILDING
, STRUCTURE, OR FACILITY THAT IS TO BE
CONSTRUCTED
, REHABILITATED, CONVERTED, REMODELED, OR OTHERWISE
IMPROVED THROUGH THE COMPLETION OF AN ELIGIBLE PROJECT
; AND
(B) MAKES ELIGIBLE EXPENDITURES;
(II) A
QUALIFIED APPLICANT MAY BE A PERSON SUBJECT TO TAX
PURSUANT TO THIS ARTICLE
22 OR A PERSON OR POLITICAL SUBDIVISION OF
THE STATE THAT IS EXEMPT FROM SUCH TAXATION PURSUANT TO SECTION
39-22-112 (1).
(3) Credit allowed. (a) F
OR INCOME TAX YEARS COMMENCING ON
OR AFTER
JANUARY 1, 2026, BUT PRIOR TO JANUARY 1, 2033, A QUALIFIED
APPLICANT IS ALLOWED A CREDIT AGAINST THE INCOME TAXES IMPOSED BY
THIS ARTICLE
22 FOR PLACING AN ELIGIBLE PROJECT IN SERVICE IN AN
AMOUNT SPECIFIED ON THE CREDIT CERTIFICATE ISSUED BY THE OFFICE
PURSUANT TO SUBSECTION
(7) OF THIS SECTION.
(b) I
N ORDER TO CLAIM THE CREDIT ALLOWED PURSUANT TO THIS
SECTION
, THE QUALIFIED APPLICANT MUST SUBMIT AN APPLICATION AS
SPECIFIED IN SUBSECTION
(4) OF THIS SECTION, PLACE THE ELIGIBLE PROJECT
IN SERVICE PRIOR TO
JANUARY 1, 2033, OBTAIN A TAX CREDIT CERTIFICATE
PAGE 8-HOUSE BILL 24-1295 FROM THE OFFICE AS SPECIFIED IN SUBSECTION (7) OF THIS SECTION, AND,
ONCE ISSUED BY THE OFFICE, FILE THE TAX CREDIT CERTIFICATE WITH THE
QUALIFIED APPLICANT
'S INCOME TAX RETURN AS SPECIFIED IN SUBSECTION
(8) OF THIS SECTION.
(4) Application submission and review. (a) A
N APPLICANT MAY
SUBMIT AN APPLICATION TO THE OFFICE ON OR AFTER
JANUARY 1, 2025, BUT
NO LATER THAN
OCTOBER 3, 2029.
(b) T
HE OFFICE SHALL REVIEW ALL SUBMITTED APPLICATIONS TO :
(I) D
ETERMINE WHETHER THE APPLICANT IS A QUALIFIED APPLICANT ;
(II) D
ETERMINE WHETHER THE APPLICATION IS COMPLETE AND
INCLUDES A PROPERTY ADDRESS
, LEGAL DESCRIPTION, OR OTHER SPECIFIC
LOCATION IDENTIFIER
;
(III) M
AKE A PRELIMINARY DETERMINATION WHETHER THE PROJECT
PLAN IS A PLAN FOR AN ELIGIBLE PROJECT BASED ON THE POLICIES AND
PROCEDURES DEVELOPED BY THE OFFICE PURSUANT TO SUBSECTION
(12) OF
THIS SECTION
;
(IV) D
ETERMINE WHETHER THE ELIGIBLE PROJECT IS ENTITLED TO A
TAX CREDIT RESERVATION AS SPECIFIED IN SUBSECTION
(6) OF THIS SECTION;
(V) O
NCE THE ELIGIBLE PROJECT IS PLACED IN SERVICE , MAKE A
FINAL DETERMINATION WHETHER THE PROJECT IS AN ELIGIBLE PROJECT
BASED ON THE POLICIES AND PROCEDURES DEVELOPED BY THE OFFICE
PURSUANT TO SUBSECTION
(12) OF THIS SECTION; AND
(VI) IF THE PROJECT IS AN ELIGIBLE PROJECT, REVIEW THE CERTIFIED
ELIGIBLE EXPENDITURES AND
, IF APPROVED, ISSUE A CREDIT CERTIFICATE TO
THE QUALIFIED APPLICANT
, AS SPECIFIED IN SUBSECTION (7) OF THIS
SECTION
.
(c) T
HE OFFICE SHALL MAKE THE DETERMINATIONS SPECIFIED IN
SUBSECTIONS
(4)(b)(I) TO (4)(b)(V) OF THIS SECTION WITHIN NINETY DAYS
OF THE DATE THE OFFICE RECEIVES THE APPLICATION
.
(d) (I) I
F THE OFFICE DETERMINES THAT AN APPLICATION IS
PAGE 9-HOUSE BILL 24-1295 INCOMPLETE OR THAT IT IS UNABLE TO MAKE THE DETERMINATIONS
SPECIFIED IN SUBSECTIONS
(4)(b)(I) TO (4)(b)(V) OF THIS SECTION, THE
OFFICE SHALL NOTIFY THE APPLICANT IN WRITING OF THE OFFICE
'S DECISION
AND SHALL REMOVE THE APPLICATION FROM THE REVIEW PROCESS
.
(II) I
F AN APPLICANT RESUBMITS AN APPLICATION , THE OFFICE MAY
CHARGE A NEW APPLICATION FEE IN AN AMOUNT SPECIFIED IN SUBSECTION
(5) OF THIS SECTION.
(5) Application and issuance fees. (a) (I) F
OR AN APPLICATION FOR
WHICH THE AMOUNT OF THE TAX CREDIT REQUESTED BY AN APPLICANT
PURSUANT TO THIS SECTION IS TWO HUNDRED FIFTY THOUSAND DOLLARS OR
MORE
, THE OFFICE MAY IMPOSE A REASONABLE APPLICATION FEE ON AN
APPLICANT THAT DOES NOT EXCEED FIVE HUNDRED DOLLARS
.
(II)
FOR AN APPLICATION FOR WHICH THE AMOUNT OF THE TAX
CREDIT REQUESTED BY AN APPLICANT PURSUANT TO THIS SECTION IS LESS
THAN TWO HUNDRED FIFTY THOUSAND DOLLARS
, THE OFFICE MAY IMPOSE
A REASONABLE APPLICATION FEE ON AN APPLICANT THAT DOES NOT EXCEED
TWO HUNDRED DOLLARS
.
(b) T
HE OFFICE MAY IMPOSE ON A QUALIFIED APPLICANT A
REASONABLE ISSUANCE FEE OF UP TO THREE PERCENT OF THE AMOUNT OF
THE TAX CREDIT SPECIFIED ON THE TAX CREDIT CERTIFICATE ISSUED BY THE
OFFICE AS SPECIFIED IN SUBSECTION
(7) OF THIS SECTION, WHICH MUST BE
PAID BEFORE THE TAX CREDIT CERTIFICATE IS ISSUED TO THE QUALIFIED
APPLICANT
.
(c) A
NY FEE REVENUE COLLECTED PURSUANT TO THIS SUBSECTION
(5) MUST BE CREDITED TO THE COMMUNITY REVITALIZATION TAX CREDIT
PROGRAM CASH FUND CREATED IN SUBSECTION
(13) OF THIS SECTION AND
APPLIED TO THE ADMINISTRATION OF THE TAX CREDIT CREATED BY THIS
SECTION
.
(6) Tax credit reservation. (a) B
ASED ON THE FACTORS SPECIFIED
IN SUBSECTION
(6)(d) OF THIS SECTION, THE OFFICE MAY DETERMINE THAT
A QUALIFIED APPLICANT IS ENTITLED TO A TAX CREDIT RESERVATION IN
ACCORDANCE WITH THE PROVISIONS OF THIS SECTION
. THE OFFICE SHALL
ISSUE TAX CREDIT RESERVATIONS SUBJECT TO THE LIMITATIONS SET FORTH
IN THIS SUBSECTION
(6) AND IN ACCORDANCE WITH THE POLICIES AND
PAGE 10-HOUSE BILL 24-1295 PROCEDURES ESTABLISHED PURSUANT TO SUBSECTION (12) OF THIS SECTION.
T
HE OFFICE SHALL NOT ISSUE TAX CREDIT RESERVATIONS AFTER JANUARY
1, 2030.
(b) I
F THE OFFICE RESERVES A TAX CREDIT FOR THE BENEFIT OF A
QUALIFIED APPLICANT
, THE OFFICE SHALL NOTIFY THE QUALIFIED APPLICANT
IN WRITING OF THE RESERVATION AND THE AMOUNT RESERVED
. THE
RESERVATION OF A TAX CREDIT BY THE OFFICE FOR A QUALIFIED APPLICANT
DOES NOT ENTITLE THE QUALIFIED APPLICANT TO ISSUANCE OF A CREDIT
CERTIFICATE UNTIL THE QUALIFIED APPLICANT COMPLIES WITH ALL THE
OTHER REQUIREMENTS SPECIFIED IN THIS SECTION FOR THE ISSUANCE OF THE
TAX CREDIT
. WHEN THE OFFICE APPROVES A TAX CREDIT RESERVATION , THE
OFFICE MAY ALSO IMPOSE ADDITIONAL REQUIREMENTS
, WHICH A QUALIFIED
APPLICANT SHALL SATISFY AS PART OF COMPLETING THE ELIGIBLE PROJECT
,
BEFORE A TAX CREDIT CERTIFICATE IS ISSUED TO THE QUALIFIED APPLICANT .
(c) (I) S
UBJECT TO THE LIMITATIONS IN THIS SUBSECTION (6)(c), IF
APPROVED
, THE OFFICE MAY ISSUE A TAX CREDIT RESERVATION TO A
QUALIFIED APPLICANT FOR A SINGLE ELIGIBLE PROJECT IN AN AMOUNT
EQUAL TO THE LESSER OF TWENTY
-FIVE PERCENT OF THE QUALIFIED
APPLICANT
'S ESTIMATED ELIGIBLE EXPENDITURES OR THREE MILLION
DOLLARS
.
(II) E
XCEPT AS PROVIDED IN SUBSECTIONS (6)(c)(III) AND (6)(c)(IV)
OF THIS SECTION, THE AGGREGATE AMOUNT OF ALL TAX CREDIT
RESERVATIONS THAT THE OFFICE MAY ISSUE PURSUANT TO THIS SECTION
MUST NOT EXCEED TEN MILLION DOLLARS IN ANY CALENDAR YEAR PLUS THE
AMOUNT OF ANY PREVIOUSLY ISSUED TAX CREDIT RESERVATIONS THAT
WERE RESCINDED PURSUANT TO SUBSECTION
(7)(a)(II) OF THIS SECTION
FROM PREVIOUS CALENDAR YEARS
.
(III) I
F THE OFFICE'S ISSUANCE OF A TAX CREDIT RESERVATION IN A
CALENDAR YEAR WOULD CAUSE THE OFFICE TO EXCEED THE AGGREGATE
LIMIT SPECIFIED IN SUBSECTION
(6)(c)(II) OF THIS SECTION FOR THAT
CALENDAR YEAR
, THEN THE AGGREGATE AMOUNT OF ALL TAX CREDIT
RESERVATIONS THAT THE OFFICE MAY ISSUE IN THE FOLLOWING CALENDAR
YEAR IS DECREASED BY THE AMOUNT OF THE TAX CREDIT RESERVATIONS
ISSUED IN THE PREVIOUS CALENDAR YEAR THAT EXCEEDED THE LIMITATION
SET FORTH IN SUBSECTION
(6)(c)(II) OF THIS SECTION.
PAGE 11-HOUSE BILL 24-1295 (IV) IF THE OFFICE'S ISSUANCE OF TAX CREDIT RESERVATIONS BY THE
END OF A CALENDAR YEAR IS LESS THAN THE AGGREGATE LIMIT SPECIFIED
IN SUBSECTION
(6)(c)(II) OF THIS SECTION FOR THAT CALENDAR YEAR, THEN
THE AGGREGATE AMOUNT OF TAX CREDIT RESERVATIONS THAT THE OFFICE
MAY ISSUE IN THE NEXT CALENDAR YEAR IS INCREASED BY THE UNRESERVED
AMOUNT FROM THE PREVIOUS CALENDAR YEAR
.
(d) I
N MAKING THE FINAL DETERMINATION OF WHICH PROJECT PLANS
TO ISSUE TAX RESERVATIONS FOR PURSUANT TO THIS SUBSECTION
(6), THE
OFFICE MAY PRIORITIZE ELIGIBLE PROJECT PLANS IN ACCORDANCE WITH
:
(I) T
HE NUMBER OF NEW AFFORDABLE HOUSING UNITS TO BE
CREATED BY THE ELIGIBLE PROJECT
;
(II) T
HE NUMBER OF LIVE-WORK SPACES TO BE CREATED BY THE
ELIGIBLE PROJECT
;
(III) T
HE GEOGRAPHIC DIVERSITY OF THE APPLICATIONS AND
PROJECT PLANS THAT QUALIFIED APPLICANTS HAVE SUBMITTED TO THE
OFFICE
;
(IV) T
HE QUALITY AND ACCESSIBILITY OF MAKERSPACE TO BE
PROVIDED FOR CREATIVE INDUSTRY WORKERS BY THE ELIGIBLE PROJECT
;
(V) D
EMONSTRATION OF COMMUNITY ENGAGEMENT IN IDENTIFYING
HOW THE PROJECT WILL SATISFY UNMET NEEDS AND DRIVE THE LOCAL
CREATIVE ECONOMY
;
(VI) D
EMONSTRATION OF STRONG EVIDENCE THAT THE ELIGIBLE
PROJECT HAS OR CAN ATTRACT DIVERSE SOURCES OF FUNDING AND BROAD
LOCAL GOVERNMENT SUPPORT
;
(VII) D
EMONSTRATION OF HOW THE PROJECT SERVES RURAL ,
UNDER-RESOURCED, OR UNDERSERVED COMMUNITIES ;
(VIII) W
HETHER THE PROJECT PLAN IS RECEIVING PROPERTY TAX
ABATEMENTS
, CREDITS, REBATES, GRANTS, OR OTHER INCENTIVES FROM A
LOCAL TAXING JURISDICTION
;
(IX) W
HETHER THE PROJECT WILL OCCUR WITHOUT THE ISSUANCE
PAGE 12-HOUSE BILL 24-1295 OF A TAX CREDIT PURSUANT TO THIS SECTION;
(X) W
HETHER THE QUALIFIED APPLICANT WILL RECEIVE A FEDERAL
INCENTIVE FOR THE PROJECT
;
(XI) T
HE PROXIMITY OF THE PROJECT TO PUBLIC TRANSPORTATION ;
AND
(XII) THE EXPECTED QUALIFICATION OF THE BUILDING , STRUCTURE,
OR FACILITY THAT IS THE SUBJECT OF THE ELIGIBLE PROJECT FOR A
CERTIFIABLE SUSTAINABLE PROGRAM BOTH BEFORE AND AFTER THE
COMPLETION OF THE PROJECT
.
(7) Deadline for incurring specified amount of estimated eligible
expenditures - proof of compliance - audit of eligible expenditure
certification - issuance of tax credit certificate. (a) (I) A
QUALIFIED
APPLICANT RECEIVING A RESERVATION OF TAX CREDITS PURSUANT TO
SUBSECTION
(6) OF THIS SECTION SHALL INCUR TWENTY PERCENT OR MORE
OF THE ESTIMATED ELIGIBLE EXPENDITURES CONTAINED IN THE APPLICATION
AND PROJECT PLAN NOT LATER THAN EIGHTEEN MONTHS AFTER THE DATE OF
ISSUANCE OF THE WRITTEN NOTICE FROM THE OFFICE TO THE QUALIFIED
APPLICANT GRANTING THE RESERVATION OF A TAX CREDIT
.
(II) A
QUALIFIED APPLICANT FOR WHOM THE OFFICE HAS RESERVED
A TAX CREDIT SHALL SUBMIT EVIDENCE OF COMPLIANCE WITH THE
PROVISIONS OF SUBSECTION
(7)(a)(I) OF THIS SECTION. IF THE OFFICE
DETERMINES THAT A QUALIFIED APPLICANT HAS FAILED TO COMPLY WITH
THE REQUIREMENTS OF SUBSECTION
(7)(a)(I) OF THIS SECTION, THE OFFICE
SHALL PROMPTLY NOTIFY THE QUALIFIED APPLICANT AND MAY RESCIND THE
ISSUANCE OF THE WRITTEN NOTICE IT PREVIOUSLY GAVE THE QUALIFIED
APPLICANT GRANTING THE RESERVATION OF A TAX CREDIT
. IF THE OFFICE SO
RESCINDS AN ISSUANCE OF THE WRITTEN NOTICE
, THE QUALIFIED APPLICANT
MAY SUBMIT A NEW APPLICATION
, PROJECT PLAN, AND ESTIMATE OF
ELIGIBLE EXPENDITURES FOR WHICH THE OFFICE MAY CHARGE A NEW
APPLICATION FEE IN ACCORDANCE WITH SUBSECTION
(5) OF THIS SECTION,
AND THE TOTAL AMOUNT OF TAX CREDITS MADE AVAILABLE FOR
RESERVATION IN THE CALENDAR YEAR DURING WHICH THE OFFICE RESCINDS
THE ISSUANCE OF WRITTEN NOTICE MUST INCREASE BY THE AMOUNT OF THE
TAX CREDIT RESERVED IN THE WRITTEN NOTICE
.
PAGE 13-HOUSE BILL 24-1295 (b) AFTER A QUALIFIED APPLICANT COMPLETES A PROJECT , THE
QUALIFIED APPLICANT SHALL NOTIFY THE OFFICE THAT THE PROJECT HAS
BEEN PLACED IN SERVICE AND SHALL CERTIFY THE ELIGIBLE EXPENDITURES
,
AFTER WHICH THE OFFICE SHALL MAKE A FINAL DETERMINATION WHETHER
THE PROJECT IS AN ELIGIBLE PROJECT AS REQUIRED IN SUBSECTION
(4)(b)(V)
OF THIS SECTION. THE APPLICANT SHALL INCLUDE A REVIEW OF THE
CERTIFICATION BY A LICENSED CERTIFIED PUBLIC ACCOUNTANT THAT IS NOT
AFFILIATED WITH THE QUALIFIED APPLICANT THAT ALIGNS WITH OFFICE
POLICIES FOR CERTIFICATION OF ELIGIBLE EXPENDITURES
. THE APPLICANT
SHALL ALSO CERTIFY AND PROVIDE DOCUMENTS DEMONSTRATING THAT THE
APPLICANT SATISFIED ANY ADDITIONAL REQUIREMENTS IMPOSED BY THE
OFFICE PURSUANT TO SUBSECTION
(6) OF THIS SECTION. WITHIN NINETY
DAYS AFTER RECEIPT OF SUCH DOCUMENTATION FROM THE QUALIFIED
APPLICANT
, THE OFFICE SHALL REVIEW THE QUALIFIED APPLICANT 'S
DOCUMENTATION OF CERTIFIED ELIGIBLE EXPENDITURES
, DETERMINE
WHETHER THE DOCUMENTATION SATISFIES THE PROJECT PLAN AND OTHER
REQUIREMENTS
, AND, IF THE OFFICE DETERMINES THAT THE
DOCUMENTATION SATISFIES THE PROJECT PLAN AND OTHER REQUIREMENTS
,
THE OFFICE SHALL ISSUE A TAX CREDIT CERTIFICATE IN THE AMOUNT
SPECIFIED IN THE TAX CREDIT RESERVATION ISSUED TO THE QUALIFIED
APPLICANT PURSUANT TO SUBSECTION
(6) OF THIS SECTION; EXCEPT THAT A
CREDIT CERTIFICATE MAY NOT BE ISSUED FOR ANY INCOME TAX YEAR
COMMENCING BEFORE
JANUARY 1, 2026.
(c) I
F THERE ARE ANY UNRESERVED AMOUNTS OF TAX CREDITS
AVAILABLE UNDER SUBSECTION
(6) OF THIS SECTION, AND IF THE AMOUNT OF
CERTIFIED ELIGIBLE EXPENDITURES INCURRED BY THE QUALIFIED APPLICANT
WOULD HAVE RESULTED IN THE QUALIFIED APPLICANT BEING ISSUED A TAX
CREDIT CERTIFICATE THAT EXCEEDS THE AMOUNT OF THE TAX CREDIT
RESERVATION ISSUED TO THE QUALIFIED APPLICANT
, THE QUALIFIED
APPLICANT MAY APPLY TO THE OFFICE FOR THE ISSUANCE OF AN ADDITIONAL
TAX CREDIT CERTIFICATE IN AN AMOUNT EQUAL TO THE DIFFERENCE
BETWEEN THE TAX CREDIT RESERVATION AND WHAT WOULD HAVE BEEN
ISSUED AS A RESULT OF THE CERTIFIED ELIGIBLE EXPENDITURES BY
SUBMITTING AN APPLICATION IN A FORM AND MANNER DETERMINED BY THE
OFFICE
; EXCEPT THAT THE AGGREGATE OF THE TWO TAX CREDIT
CERTIFICATES FOR THE ELIGIBLE PROJECT MAY NOT EXCEED THREE MILLION
DOLLARS
. THE OFFICE SHALL REVIEW THE APPLICATION AS SPECIFIED IN
SUBSECTION
(4) OF THIS SECTION AND, IF APPROVED, SHALL ISSUE A
SEPARATE TAX CREDIT CERTIFICATE AWARDING THE QUALIFIED APPLICANT
PAGE 14-HOUSE BILL 24-1295 THE ADDITIONAL CREDIT.
(8) Filing tax credit certificate with income tax return. (a) I
N
ORDER TO CLAIM THE CREDIT AUTHORIZED BY THIS SECTION
, A QUALIFIED
APPLICANT SHALL FILE THE TAX CREDIT CERTIFICATE ISSUED BY THE OFFICE
PURSUANT TO SUBSECTION
(7) OF THIS SECTION WITH THE QUALIFIED
APPLICANT
'S STATE INCOME TAX RETURN. IF THE QUALIFIED APPLICANT IS
EXEMPT FROM TAX PURSUANT TO SECTION
39-22-112 (1), THE QUALIFIED
APPLICANT SHALL FILE A RETURN PURSUANT TO SECTION
39-22-601 (7)(b).
T
HE AMOUNT OF THE TAX CREDIT THAT A QUALIFIED APPLICANT MAY CLAIM
PURSUANT TO THIS SECTION IS THE AMOUNT STATED ON THE TAX CREDIT
CERTIFICATE
.
(b) A
TAX CREDIT CERTIFICATE ISSUED TO A PARTNERSHIP, A LIMITED
LIABILITY COMPANY TAXED AS A PARTNERSHIP
, OR MULTIPLE OWNERS OF A
PROPERTY MUST BE PASSED THROUGH TO THE PARTNERS
, MEMBERS, OR
OWNERS
, INCLUDING ANY NONPROFIT ENTITY THAT IS A PARTNER , MEMBER,
OR OWNER, RESPECTIVELY, ON A PRO RATA BASIS OR PURSUANT TO AN
EXECUTED AGREEMENT AMONG THE PARTNERS
, MEMBERS, OR OWNERS
DOCUMENTING AN ALTERNATE DISTRIBUTION METHOD
.
(9) Refundability. T
HE ENTIRE TAX CREDIT TO BE ISSUED PURSUANT
TO THIS SECTION MAY BE CLAIMED BY THE QUALIFIED APPLICANT IN THE
TAXABLE YEAR IN WHICH THE ELIGIBLE PROJECT IS PLACED IN SERVICE
. IF
THE AMOUNT OF THE CREDIT ALLOWED PURS UANT TO THIS SECTION EXCEEDS
THE AMOUNT OF INCOME TAXES OTHERWISE DUE ON THE INCOME OF THE
QUALIFIED APPLICANT IN THE INCOME TAX YEAR FOR WHICH THE CREDIT IS
BEING CLAIMED
, OR THE QUALIFIED APPLICANT IS A PERSON WHO IS EXEMPT
FROM TAXATION PURSUANT TO SECTION
39-22-112 (1), NINETY PERCENT OF
THE AMOUNT OF THE CREDIT NOT USED AS AN OFFSET AGAINST INCOME
TAXES IN THE INCOME TAX YEAR IS REFUNDED TO THE QUALIFIED APPLICANT
.
T
HE REMAINDER OF THE CREDIT IS NOT CARRIED FORWARD AND MAY NOT BE
USED BY THE TAXPAYER
.
(10) Compliance monitoring and recapture. (a) E
XCEPT AS
PROVIDED IN SUBSECTION
(10)(b) OF THIS SECTION, IF, AS OF THE LAST DAY
OF ANY TAXABLE YEAR DURING THE COMPLIANCE PERIOD
, THE BUILDING,
STRUCTURE, OR FACILITY THAT IS THE SUBJECT OF AN ELIGIBLE PROJECT IS
NOT BEING USED AS AN ELIGIBLE PROJECT
, THE OFFICE SHALL NOTIFY THE
QUALIFIED APPLICANT AND THE DEPARTMENT THAT THE CREDIT ALLOWED
PAGE 15-HOUSE BILL 24-1295 IN THIS SECTION IS DISALLOWED. THE QUALIFIED APPLICANT SHALL ADD THE
FULL AMOUNT OF THE CREDIT THAT WAS ACTUALLY USED TO OFFSET THE
QUALIFIED APPLICANT
'S INCOME TAX OR REFUNDED TO THE QUALIFIED
APPLICANT TO ITS RETURN AS A RECAPTURED CREDIT FOR THE TAXABLE
YEAR IN WHICH THE CREDIT IS DISALLOWED PURSUANT TO THIS SUBSECTION
(10).
(b) T
HE POTENTIAL INCREASE IN TAX REQUIRED PURSUANT TO
SUBSECTION
(10)(a) OF THIS SECTION DOES NOT APPLY:
(I) I
F A BUILDING, STRUCTURE, OR FACILITY IS NOT AN ELIGIBLE
PROJECT AS A RESULT OF A CASUALTY LOSS IF THE LOSS IS RESTORED BY
RECONSTRUCTION OR REPLACEMENT WITHIN A REASONABLE PERIOD
ESTABLISHED BY THE OFFICE
; OR
(II) SOLELY BY REASON OF THE DISPOSITION OF A BUILDING ,
STRUCTURE, OR FACILITY, OR AN INTEREST THEREIN, IF IT IS REASONABLY
EXPECTED THAT THE BUILDING
, STRUCTURE, OR FACILITY WILL CONTINUE TO
BE OPERATED AS AN ELIGIBLE PROJECT FOR THE REMAINDER OF THE
COMPLIANCE PERIOD
.
(c) (I) T
HE OFFICE SHALL ESTABLISH REPORTING REQUIREMENTS TO
MONITOR COMPLIANCE WITH THIS SUBSECTION
(10), INCLUDING
REQUIREMENTS REGARDING THE REPORTING OF A DISPOSITION OF A
BUILDING
, STRUCTURE, OR FACILITY BY THE QUALIFIED APPLICANT AND THE
REPORTING REQUIRED FOR SUCH A BUILDING
, STRUCTURE, OR FACILITY FOR
THE REMAINDER OF THE COMPLIANCE PERIOD
.
(II) I
F A DISPUTE ARISES ABOUT WHETHER A BUILDING , STRUCTURE,
OR FACILITY IS AN ELIGIBLE PROJECT, THE OFFICE SHALL ADJUDICATE THE
DISPUTE AND NOTIFY THE DEPARTMENT OF THE RESOLUTION
.
(III) N
OTWITHSTANDING SECTION 39-21-107 (2), IF A BUILDING,
STRUCTURE, OR FACILITY, OR AN INTEREST THEREIN, IS DISPOSED OF DURING
ANY TAXABLE YEAR DURING THE COMPLIANCE PERIOD
, AND THEREAFTER
THE BUILDING
, STRUCTURE, OR FACILITY IS NOT AN ELIGIBLE PROJECT:
(A) T
HE QUALIFIED APPLICANT SHALL ADD THE FULL AMOUNT OF THE
CREDIT TO ITS RETURN AS A RECAPTURED CREDIT FOR THE TAXABLE YEAR IN
WHICH THE CREDIT IS DISALLOWED PURSUANT TO THIS SUBSECTION
(10)
PAGE 16-HOUSE BILL 24-1295 NOTWITHSTANDING THE DISPOSITION OF THE QUALIFIED RESIDENTIAL
STRUCTURE
;
(B) T
HE STATUTORY PERIOD FOR THE ASSESSMENT OF ANY
DEFICIENCY WITH RESPECT TO THE DISALLOWED CREDIT MUST NOT EXPIRE
BEFORE THE EXPIRATION OF THREE YEARS FROM THE DATE THE OFFICE IS
NOTIFIED
, IN SUCH A MANNER AS THE OFFICE DETERMINES , THAT THE
STRUCTURE IS NOT A QUALIFIED RESIDENTIAL STRUCTURE
; AND
(C) THE DEPARTMENT SHALL ASSESS ANY DEFICIENCY BEFORE THE
EXPIRATION OF SUCH THREE
-YEAR PERIOD TOGETHER WITH ANY APPLICABLE
INTEREST AND PENALTY IMPOSED PURSUANT TO THIS ARTICLE
22.
(d) A
S USED IN THIS SUBSECTION (10), UNLESS THE CONTEXT
OTHERWISE REQUIRES
, "COMPLIANCE PERIOD" MEANS THE PERIOD OF FIFTEEN
YEARS FOLLOWING THE TAXABLE YEAR IN WHICH THE QUALIFIED APPLICANT
PLACED THE ELIGIBLE PROJECT IN SERVICE
.
(11) Reporting. (a) N
O LATER THAN DECEMBER 31, 2027, AND,
NOTWITHSTANDING THE REQUIREMENT IN SECTION 24-1-136 (11)(a)(I), NO
LATER THAN
DECEMBER 31 OF EACH YEAR THEREAFTER THROUGH 2033, THE
OFFICE SHALL PROVIDE A WRITTEN REPORT TO THE GENERAL ASSEMBLY AND
SHALL FURTHER MAKE THE REPORT AVAILABLE TO THE PUBLIC
. IN
CONNECTION WITH TAX CREDITS ISSUED PURSUANT TO THIS SECTION
, THE
REPORT MUST INCLUDE
:
(I) T
HE NUMBER OF ELIGIBLE PROJECTS PLACED IN SERVICE ;
(II) A
DESCRIPTION OF THE USE OR USES OF EACH ELIGIBLE PROJECT
AND A STATEWIDE SUMMARY OF THE NUMBER OF ELIGIBLE PROJECTS FOR
EACH USE
;
(III) F
OR ELIGIBLE PROJECTS THAT CREATE AFFORDABLE HOUSING OR
LIVE
-WORK SPACES FOR CREATIVE INDUSTRY WORKERS , THE NUMBER OF
AFFORDABLE HOUSING OR LIVE
-WORK UNITS PLANNED OR CREATED ;
(IV) T
HE OCCUPANCY RATE OF CREATED AFFORDABLE HOUSING AND
LIVE
-WORK UNITS;
(V) T
HE COUNTIES IN WHICH QUALIFIED COMMERCIAL STRUCTURES
PAGE 17-HOUSE BILL 24-1295 WERE CONVERTED TO QUALIFIED COMMERCIAL RESIDENTIAL STRUCTURES ;
AND
(VI) THE AMOUNT OF ANY DISALLOWED TAX CREDIT RECAPTURED
PURSUANT TO SUBSECTION
(10) OF THIS SECTION.
(b) T
HE OFFICE SHALL, IN A SUFFICIENTLY TIMELY MANNER TO
ALLOW THE DEPARTMENT TO PROCESS RETURNS CLAIMING THE INCOME TAX
CREDIT ALLOWED IN THIS SECTION
, PROVIDE THE DEPARTMENT WITH AN
ELECTRONIC REPORT OF EACH QUALIFIED APPLICANT TO WHICH THE OFFICE
ISSUES A TAX CREDIT CERTIFICATE FOR THE PRECEDING TAX YEAR THAT
INCLUDES THE FOLLOWING INFORMATION
:
(I) T
HE QUALIFIED APPLICANT'S NAME;
(II) T
HE AMOUNT OF THE CREDIT; AND
(III) THE QUALIFIED APPLICANT'S SOCIAL SECURITY NUMBER OR THE
QUALIFIED APPLICANT
'S COLORADO ACCOUNT NUMBER AND FEDERAL
EMPLOYER IDENTIFICATION NUMBER
.
(12) Policies and procedures. (a) T
HE OFFICE MAY CREATE AND
MODIFY POLICIES
, PROCEDURES, AND GUIDELINES AS NECESSARY TO
FURTHER IMPLEMENT THE TAX CREDITS TO BE CLAIMED FOR THE
COMPLETION OF ELIGIBLE PROJECTS PURSUANT TO THIS SECTION AND SHALL
SOLICIT ADVICE FROM THE DEPARTMENT IN CREATING AND MODIFYING SUCH
POLICIES
, PROCEDURES, AND GUIDELINES.
(b) W
ITH RESPECT TO MAKING THE PRELIMINARY DETERMINATION
WHETHER A PROJECT PLAN IS A PLAN FOR AN ELIGIBLE PROJECT PURSUANT
TO SUBSECTION
(4)(b)(III) OF THIS SECTION, THE OFFICE SHALL DEVELOP
STANDARDS THAT INCLUDE
, BUT ARE NOT LIMITED TO:
(I) A
DETAILED COST ESTIMATE FOR THE PROJECT PLAN ;
(II) E
VIDENCE OF SITE CONTROL OF THE SITE WHERE THE PROJECT
WILL OCCUR
; AND
(III) THE FINANCING OR FUNDING THAT IS AVAILABLE FOR THE
PROJECT PLAN
.
PAGE 18-HOUSE BILL 24-1295 (13) Community revitalization tax credit program cash fund.
(a) T
HE COMMUNITY REVITALIZATION TAX CREDIT PROGRAM CASH FUND IS
CREATED IN THE STATE TREASURY
. THE FUND CONSISTS OF GIFTS, GRANTS,
DONATIONS, FEE REVENUE CREDITED TO THE FUND PURSUANT TO
SUBSECTION
(5) OF THIS SECTION, AND ANY OTHER MONEY THAT THE
GENERAL ASSEMBLY MAY APPROPRIATE
, TRANSFER, OR REQUIRE BY LAW TO
BE CREDITED TO THE FUND
.
(b) T
HE STATE TREASURER SHALL CREDIT ALL INTEREST AND INCOME
DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE
COMMUNITY REVITALIZATION TAX CREDIT PROGRAM CASH FUND TO THE
FUND
.
(c) M
ONEY IN THE FUND IS CONTINUOUSLY APPROPRIATED TO THE
OFFICE FOR THE PURPOSE OF ADMINISTERING THE TAX CREDIT ISSUED
PURSUANT TO THIS SECTION
.
(d) T
HE STATE TREASURER SHALL TRANSFER ALL UNEXPENDED AND
UNENCUMBERED MONEY IN THE FUND ON
DECEMBER 31, 2050, TO THE
GENERAL FUND
.
(14) Repeal. T
HIS SECTION IS REPEALED, EFFECTIVE DECEMBER 31,
2050.
SECTION 7. Appropriation. For the 2024-25 state fiscal year,
$102,498 is appropriated to the office of the governor for use by economic
development programs. This appropriation is from the general fund and is
based on an assumption that the office will require an additional 0.8 FTE.
To implement this act, the office may use this appropriation for the council
on creative industries.
SECTION 8. Safety clause. The general assembly finds,
determines, and declares that this act is necessary for the immediate
PAGE 19-HOUSE BILL 24-1295 preservation of the public peace, health, or safety or for appropriations for
the support and maintenance of the departments of the state and state
institutions.
____________________________ ____________________________
Julie McCluskie Steve Fenberg
SPEAKER OF THE HOUSE PRESIDENT OF
OF REPRESENTATIVES THE SENATE
____________________________ ____________________________
Robin Jones Cindi L. Markwell
CHIEF CLERK OF THE HOUSE SECRETARY OF
OF REPRESENTATIVES THE SENATE
APPROVED________________________________________
(Date and Time)
_________________________________________
Jared S. Polis
GOVERNOR OF THE STATE OF COLORADO
PAGE 20-HOUSE BILL 24-1295