HOUSE BILL 24-1314
BY REPRESENTATIVE(S) Lukens and Martinez, Bird, Daugherty,
Hamrick, Joseph, Kipp, Lieder, Ricks, Woodrow, McCluskie;
also SENATOR(S) Gonzales and Will, Buckner, Cutter, Fields, Hansen,
Priola.
C
ONCERNING EXPANDING THE INCOME TAX CREDIT FOR QUALIFIED COSTS
INCURRED IN PRESERVATION OF HISTORIC STRUCTURES
, AND, IN
CONNECTION THEREWITH
, MAKING AN APPROPRIATION.
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. In Colorado Revised Statutes, 39-22-514.5, amend
(2)(j)(I), (2)(l)(I), (2)(n), (3), (5)(a) introductory portion, (5.5)(a)(I),
(5.5)(a)(II), (6)(c), (7)(a), (7)(a.5), (7)(b), (8)(a), (8)(b) introductory portion,
(8)(c)(II), (8)(c)(IV)(B), (11), (12)(a) introductory portion, (12)(a)(III),
(12)(b), and (14); repeal (5.5)(b) and (8)(f); and add (5)(b.5), (8)(c)(V),
(12)(a.5), (16), and (17) as follows:
39-22-514.5. Tax credit for qualified costs incurred in
preservation of historic structures - commercial historic preservation
tax credit program cash fund - short title - definitions. (2) Definitions.
As used in this section, unless the context otherwise requires:
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. (j) "Qualified commercial structure" means an income producing or
commercial property located in Colorado that is:
(I) At least fifty THIRTY years old; and
(l) "Qualified residential structure" means a nonincome producing
and owner-occupied residential property located in Colorado that is:
(I) At least fifty THIRTY years old; and
(n) "Rehabilitation plan"
OR "PLAN" means construction plans and
specifications for the proposed rehabilitation of a qualified structure that is
ARE in sufficient detail to enable the office or the reviewing entity, as
applicable, to evaluate whether the structure is in compliance with the
standards developed under subsection (4) of this section.
(3) General provisions. For income tax years commencing on or
after January 1, 2016, but prior to January 1, 2030
JANUARY 1, 2037, there
shall be allowed a credit with respect to the income taxes imposed pursuant
to this article 22 to each owner of a qualified structure that complies with
the requirements of this section.
(5) Submission by owner of application and rehabilitation plan.
(a) The owner shall submit an application and rehabilitation plan to either
the office for a qualified commercial structure or to the reviewing entity for
a qualified residential structure, along with an estimate of the qualified
rehabilitation expenditures under the rehabilitation plan. The
IF AN
APPLICATION AND REHABILITATION PLAN IS FOR A QUALIFIED COMMERCIAL
STRUCTURE
, THE OWNER SHALL SPECIFY WHETHER THE OWNER IS SEEKING
TO RESERVE A CREDIT ALLOWED PURSUANT TO SUBSECTION
(12)(a) OF THIS
SECTION OR A CREDIT ALLOWED PURSUANT TO SUBSECTION
(12)(a.5) OF THIS
SECTION
, AND AN OWNER MAY ONLY APPLY FOR ONE OF THESE TWO CREDITS
FOR A SINGLE QUALIFIED REHABILITATION PLAN AS DESCRIBED IN
SUBSECTION
(7) OF THIS SECTION. AN owner, at the owner's own risk, may
incur qualified rehabilitation expenditures no earlier than twenty-four
months prior to the submission of the application and rehabilitation plan
THAT AN OWNER SUBMITS PRIOR TO JANUARY 1, 2026, AND NO EARLIER
THAN TWELVE MONTHS PRIOR TO THE SUBMISSION OF THE APPLICATION AND
REHABILITATION PLAN THAT AN OWNER SUBMITS ON OR AFTER
JANUARY 1,
PAGE 2-HOUSE BILL 24-1314 2026, but only if satisfactory documentation is submitted to the office or the
reviewing entity, as applicable, indicating the condition of the qualified
structure prior to commencement of the rehabilitation, including but not
limited to photographs of the qualified structure and written declarations
from persons knowledgeable about the qualified structure. An owner may
submit an application and rehabilitation plan and may commence
rehabilitation before the property:
(b.5) O
N OR AFTER JANUARY 1, 2025, AN OWNER SHALL NOT SUBMIT
AN APPLICATION AND REHABILITATI ON PLAN FOR AN ALREADY COMPLETED
REHABILITATION PROJECT
.
(5.5) Issuance of tax credit certificate for qualified residential
structures - rules. (a) (I) Following the completion of a rehabilitation of
a qualified residential structure, the owner shall notify the reviewing entity
that the rehabilitation has been completed and shall certify that the qualified
rehabilitation expenditures incurred in connection with the rehabilitation
plan. The owner shall also provide the reviewing entity with a cost and
expense certification for the total qualified rehabilitation expenditures and
the total amount of tax credits for which the owner is eligible. The
reviewing entity shall review the documentation of the rehabilitation and
verify its compliance with the rehabilitation plan. Except as otherwise
provided in subsection (5.5)(a)(II)
SUBSECTIONS (5.5)(a)(II) AND
(5.5)(a)(III) of this section, within ninety days after receipt of the foregoing documentation from the owner the reviewing entity shall issue a tax credit certificate in an amount equal to twenty percent of the actual qualified rehabilitation expenditures; except that the amount of the tax credit certificate
AWARDED FOR TAX YEARS COMMENCING BEFORE JANUARY 1,
2025, shall not exceed fifty thousand dollars for each qualified residential
structure, which amount is
THE AMOUNT OF THE TAX CREDIT CERTIFICATE
AWARDED FOR TAX YEARS COMMENCING ON OR AFTER
JANUARY 1, 2025,
SHALL NOT EXCEED ONE HUNDRED T HOUSAND DOLLARS FOR EACH
QUALIFIED RESIDENTIAL STRUCTURE
, AND BOTH THE FIFTY THOUSAND
DOLLAR AND ONE HUNDRED THOUSAND DOLLAR AMOUNTS ARE
to be
calculated over a ten-year rolling period that commences with each change
in ownership of the qualified residential structure.
(II) For income tax years commencing prior to January 1, 2030,
AND
FOR APPLICATIONS SUBMITTED PURSUANT TO SUBSECTION
(5) OF THIS
SECTION PRIOR TO
JANUARY 1, 2025, with respect to a qualified residential
PAGE 3-HOUSE BILL 24-1314 structure located in an area that the president of the United States has
determined to be a major disaster area under section 102 (2) of the federal
"Robert T. Stafford Disaster Relief and Emergency Assistance Act", 42
U.S.C. sec. 5121 et seq., or that is located in an area that the governor has
determined to be a disaster area under the "Colorado Disaster Emergency
Act", part 7 of article 33.5 of title 24, the amount of the tax credit specified
in subsection (5.5)(a)(I) of this section is increased to twenty-five percent
for an application that is filed within six years after the disaster
determination.
(b) Notwithstanding any other provision of law, a taxpayer may
claim the benefits offered by either subsection (5.5)(a)(II) or (5.5)(a)(III) of
this section but shall not claim the benefits offered by both subsections
(5.5)(a)(II) and (5.5)(a)(III) of this section.
(6) Application and issuance fees for qualified commercial
structures. (c) The office may impose on the owner a reasonable issuance
fee of up to three percent of the amount of the tax credit issued, which must
be paid before the tax credit is issued to the owner. With respect to both an
application fee and an issuance fee, the office shall share on an equal basis
any such fees collected with the historical society and the department.
Moneys
MONEY collected from such fees must be CREDITED TO THE
COMMERCIAL HISTORIC PRESERVATION TAX CREDIT PROGRAM CASH FUND
CREATED IN SUBSECTION
(17) OF THIS SECTION AND applied to the
administration of the tax credit created by this section.
(7) Reservation of tax credits for qualified rehabilitation plans
for qualified commercial structures. (a) In the case of a qualified
commercial structure, a reservation of tax credits is permitted in accordance
with the provisions of this subsection (7). The office and the historical
society shall review the application and rehabilitation plan for a qualified
commercial structure to determine that the information contained in the
application and plan is complete. If the office and the historical society
determine that the application and rehabilitation plan are complete, the
office shall reserve for the benefit of the owner an allocation of a tax credit
as provided in subsection (12)(a)
OR (12)(a.5) of this section AND
SUBSECTION
(8)(c)(II) OF THIS SECTION, and the office shall notify the owner
in writing of the amount of the reservation. The reservation of tax credits
does not entitle the owner to an issuance of any
A tax credits CREDIT until
the owner complies with all of the other requirements specified in this
PAGE 4-HOUSE BILL 24-1314 section for the issuance of the tax credit. The office must SHALL
SEPARATELY
reserve tax credits ALLOWED PURSUANT TO SUBSECTION (12)(a)
OF THIS SECTION AND TAX CREDITS ALLOWED PURSUANT TO SUBSECTION
(12)(a.5) OF THIS SECTION in the order in which it receives completed
applications and rehabilitation plans
FOR EACH OF THOSE TWO CATEGORIES
OF CREDITS
. The office shall issue any such
A reservation of tax credits
authorized by this subsection (7) within a reasonable time, not to exceed
ninety days after the filing of a completed application and rehabilitation
plan. The office shall stamp each completed application and plan with the
date and time it receives the application and plan and shall review a plan
and application on the basis of the order in which such
THE documents were
submitted by date and time. The office shall only review an application and
plan submitted in connection with a property for which a property address,
legal description, or other specific location is provided in the application
and plan
AND FOR WHICH THE OWNER HAS SPECIFIED THE CATEGORY OF
CREDIT SOUGHT AS REQUIRED BY SUBSECTION
(5)(a) OF THIS SECTION. The
owner shall not request the review of another property for approval in the
place of the property that is the subject of the application and plan. Any
application and plan disapproved by the office will be removed from the
review process, and the office shall notify the owner in writing of the
decision to remove the property from the review process. Disapproved
applications and plans lose their priority in the review process. An owner
may resubmit a disapproved
MODIFIED application and plan, but such A
resubmitted application and plan is deemed to be a new submission for
purposes of the priority procedures described in this subsection (7)(a). If a
resubmitted application and plan are submitted, the office may charge a new
application fee in an amount specified in accordance with subsection (6) of
this section.
(a.5) In the case of any project for a qualified commercial structure
the qualified rehabilitation expenditures for which amount to less than fifty
thousand dollars, if the total number of applications for such projects that
are received but not reserved reach
FOR CREDITS ALLOWED PURSUANT TO
EITHER SUBSECTION
(12)(a) OR (12)(b) OF THIS SECTION REACHES fifteen, innumber the office may suspend the submission of additional applications for
THAT CREDIT FOR such projects until such time as these THE fifteen projects
have been duly reserved or disapproved. The notification period that is
specified in subsection (5)(c) of this section is extended to one hundred
twenty days after receipt of the application and rehabilitation plan for these
THE fifteen projects. Any application for a qualified commercial structure
PAGE 5-HOUSE BILL 24-1314 the qualified rehabilitation expenditures for which amount to fifty thousand
or more dollars is not subject to this subsection (7)(a.5).
(b) If, for any calendar year, the aggregate amount of reservations
for tax credits
ALLOWED PURSUANT TO EITHER SUBSECTION (12)(a) OR
(12)(a.5) OF THIS SECTION THAT the office has approved is equal to the total
amount of tax credits available for reservation
PURSUANT TO THE
APPLICABLE SUBSECTION
(12)(a) OR (12)(a.5) OF THIS SECTION during that
calendar year, the office shall notify all owners who have submitted
applications and rehabilitation plans
FOR RESERVATION OF A TAX CREDIT
ALLOWED PURSUANT TO THE APPLICABLE SUBSECTION
(12)(a) OR (12)(a.5)
OF THIS SECTION then awaiting approval or submitted for approval after the
calculation is made that no additional approvals of applications and plans
for reservations of tax credits will be granted during that calendar year. and
The office shall additionally notify the owner of the priority number given to the owner's application and plan then awaiting approval. The applications and plans will
remain in priority status for two years from the date of the
original application and plan and will be ARE considered for reservations of
tax credits in the priority order established in this subsection (7) in the event
that IF additional credits become available resulting from the rescission of
approvals under subsection (8)(a) of this section or because a new allocation
of tax credits for a calendar year becomes available.
(8) Deadline for incurring specified amount of estimated costs of
rehabilitation - proof of compliance - audit of cost and expense
certification - issuance of tax credit certificate - commercial structures.
(a) Any
AN owner receiving a reservation of tax credits under subsection
(7)(a) of this section shall incur not less than twenty percent of the
estimated costs of rehabilitation contained in the application and
rehabilitation plan not later than eighteen months after the date of issuance
of the written notice from the office to the owner granting the reservation
of tax credits. Any
AN owner receiving a reservation of tax credits shall
submit evidence of compliance with the provisions of this subsection (8)(a).
If the office determines that an owner has failed to comply with the
requirements of this subsection (8)(a), the office may rescind the issuance
it previously gave the owner approving the reservation of tax credits and,
if so, the total amount of tax credits made available
PURSUANT TO
SUBSECTION
(12)(a) OR (12)(a.5) OF THIS SECTION, AS APPLICABLE, for the
calendar year for which reservations may be granted must be increased by
the amount of the tax credits rescinded. The office shall promptly notify any
PAGE 6-HOUSE BILL 24-1314 owner whose reservation of tax credits has been rescinded and, upon receipt
of the notice, the owner may submit a new application and plan for which
the office may charge a new application fee in accordance with subsection
(6) of this section.
(b) Following the completion of a rehabilitation of a qualified
commercial structure, the owner shall notify the office that the rehabilitation
has been completed and shall certify the qualified rehabilitation costs and
expenses. The cost and expense certification must be audited by a licensed
certified public accountant that is not affiliated with the owner. THE
APPLICANT SHALL INCLUDE A REVIEW OF THE CERTIFICATION BY A LICENSED
CERTIFIED PUBLIC ACCOUNTANT THAT IS NOT AFFILIATED WITH THE
QUALIFIED APPLICANT
, AND THE REVIEW OF THE CERTIFICATION MUST ALIGN
WITH OFFICE POLICIES FOR CERTIFICATION OF QUALIFIED REHABILITATION
EXPENDITURES
. The office and the historical society shall review the
documentation of the rehabilitation and the historical society shall verify
that the documentation satisfies the rehabilitation plan. Within ninety days
after receipt of such documentation from the owner, the office shall issue
a tax credit certificate in an amount equal to the following subject to
subsection (8)(c) of this section:
(c) Notwithstanding subsection (8)(b) of this section:
(II) The amount of a tax credit certificate to be issued
PURSUANT TO
SUBSECTION
(12)(a) OF THIS SECTION for any one qualified commercial
structure shall not exceed one million dollars, in any one calendar year,
and
THE AMOUNT OF A TAX CREDIT CERTIFICATE TO BE ISSUED PURSUANT TO
SUBSECTION
(12)(a.5) OF THIS SECTION FOR ANY ONE QUALIFIED
REHABILITATION PLAN SHALL NOT EXCEED ONE MILLION FIVE HUNDRED
THOUSAND DOLLARS IN ANY ONE CALENDAR YEAR
; and
(IV) For income tax years commencing on or after January 1, 2020,
with respect to a certified historic structure that is a qualified commercial
structure that is located in a rural community, the tax credit amounts
specified in subsections (8)(b)(I) and (8)(b)(II) of this section must be
increased as follows for an application that is properly filed in accordance
with this section:
(B) The twenty percent credit amount specified in subsection
(8)(b)(II) of this section is increased to thirty percent;
AND
PAGE 7-HOUSE BILL 24-1314 (V) FOR A TAX CREDIT ALLOWED PURSUANT TO SUBSECTION
(12)(a.5) OF THIS SECTION ONLY, IF, DUE TO A REGULATORY REQUIREMENT
OR CONDITION OF FINANCING
, THE QUALIFIED COMMERCIAL STRUCTURE FOR
WHICH THE TAX CREDIT IS CLAIMED IS SUBJECT TO A DEED RESTRICTION
THAT REQUIRES THE OWNER TO LEASE RENTAL HOUSING UNITS IN THE
QUALIFIED COMMERCIAL STRUCTURE ONLY TO INDIVIDUALS OR HOUSEHOLDS
WHOSE INCOME IS BELOW A SPECIFIED AMOUNT
, THEN THE AMOUNT OF THE
TAX CREDIT SPECIFIED IN SUBSECTION
(8)(b) OF THIS SECTION, AS INCREASED
PURSUANT TO SUBSECTION
(8)(c)(III) OR (8)(c)(IV) OF THIS SECTION, IF
APPLICABLE
, IS INCREASED BY AN ADDITIONAL FIVE PERCENT.
(f) Notwithstanding any other provision of law, a taxpayer may
claim the benefits offered by either subsection (8)(c)(III) or (8)(c)(IV) of
this section but shall not claim the benefits offered by both subsections
(8)(c)(III) and (8)(c)(IV) of this section.
(11) Residential and commercial. (a) F OR TAX YEARS
COMMENCING PRIOR TO
JANUARY 1, 2027, the entire tax credit to be issued
under this section for either a qualified residential structure or a qualified
commercial structure may be claimed by the owner in the taxable year in
which the certified rehabilitation is placed in service. If the amount of the
credit allowed under this section exceeds the amount of income taxes
otherwise due on the income of the owner in the income tax year for which
the credit is being claimed, the amount of the credit not used as an offset
against income taxes in said income tax year may be carried forward as a
credit against subsequent years' income tax liability for a period not to
exceed ten years and will be applied to the earliest income tax years
possible. Any amount of the credit that is not used after such period shall
not be refunded to the owner.
(b) (I) F
OR TAX YEARS COMMENCING ON OR AFTER JANUARY 1, 2027,
THE ENTIRE TAX CREDIT TO BE ISSUED UNDER THIS SECTION FOR EITHER A
QUALIFIED RESIDENTIAL STRUCTURE OR A QUALIFIED COMMERCIAL
STRUCTURE MAY BE CLAIMED BY THE OWNER IN THE TAX YEAR IN WHICH THE
CERTIFIED REHABILITATION IS PLACED IN SERVICE
.
(II) I
F THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SECTION
FOR A QUALIFIED COMMERCIAL STRUCTURE
, BUT NOT A QUALIFIED
RESIDENTIAL STRUCTURE
, EXCEEDS THE AMOUNT OF INCOME TAXES
OTHERWISE DUE ON THE INCOME OF THE OWNER IN THE INCOME TAX YEAR
PAGE 8-HOUSE BILL 24-1314 FOR WHICH THE CREDIT IS BEING CLAIMED, THE AMOUNT OF THE CREDIT NOT
USED AS AN OFFSET AGAINST INCOME TAXES IN SAID INCOME TAX YEAR MAY
BE CARRIED FORWARD AS A CREDIT AGAINST SUBSEQUENT YEARS
' INCOME
TAX LIABILITY FOR A PERIOD NOT TO EXCEED TEN YEARS AND SHALL BE
APPLIED TO THE EARLIEST INCOME TAX YEARS POSSIBLE
. ANY AMOUNT OF
THE CREDIT THAT IS NOT USED AFTER SUCH PERIOD SHALL NOT BE REFUNDED
TO THE OWNER
.
(III) I
F THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SECTION
FOR A QUALIFIED RESIDENTIAL STRUCTURE
, BUT NOT A QUALIFIED
COMMERCIAL STRUCTURE
, 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
, THE AMOUNT
OF THE CREDIT NOT USED AS AN OFFSET AGAINST INCOME TAXES IN THE
INCOME TAX YEAR IS REFUNDED TO THE QUALIFIED APPLICANT
.
(12) Limit on aggregate amount of all tax credits that may be
reserved for qualified commercial structures - assignability and
transferability of tax credits for qualified commercial structures - tax
preference performance statement - legislative declaration. (a) Except
as otherwise provided in this subsection (12)
SUBSECTIONS (12)(a.5) AND
(12)(b) OF THIS SECTION, the aggregate amount of all tax credits in any tax
CALENDAR year that may be reserved for qualified commercial structures by
the office upon the certification of all rehabilitation plans under subsection
(7)(a) of this section for such structures must not exceed:
(III) For qualified commercial structures estimating qualified
rehabilitation expenditures in any amount, ten million dollars in the
aggregate for each of the 2020 through 2029
2032 calendar years, in
addition to the amount of any previously reserved tax credits that were
rescinded under subsection (8)(a) of this section during the applicable
calendar year; except that the aggregate amount of the ten million dollars
in tax credits in any tax year that may be reserved by the office must be
equally split between qualified commercial structures for which the
estimated qualified rehabilitation expenditures are equal to or less than two
million dollars and qualified commercial structures for which the estimated
qualified rehabilitation expenditures are in excess of two million dollars.
(a.5) F
OR CALENDAR YEARS COMMENCING ON OR AFTER JANUARY 1,
2025,
BUT BEFORE JANUARY 1, 2030, IN ADDITION TO THE TAX CREDITS
PAGE 9-HOUSE BILL 24-1314 ALLOWED TO BE RESERVED BY THE OFFICE PURSUANT TO SUBSECTION (12)(a)
OF THIS SECTION, THE OFFICE SHALL SEPARATELY RESERVE CREDITS
PURSUANT TO THIS SUBSECTION
(12)(a.5) FOR AN OWNER OF A QUALIFIED
COMMERCIAL STRUCTURE THAT SUBMITS AN APPLICATION AND
REHABILITATION PLAN FOR REHABILITATION OF THE QUALIFIED COMMERCIAL
STRUCTURE SO THAT AT LEAST FIFTY PERCENT OF THE SQUARE FOOTAGE OF
THE QUALIFIED COMMERCIAL STRUCTURE WILL BE NET NEW RENTAL
HOUSING UNITS
, AS DEFINED BY THE OFFICE . EXCEPT AS OTHERWISE
PROVIDED IN SUBSECTION
(12)(b) OF THIS SECTION, THE AGGREGATE
AMOUNT OF ALL TAX CREDITS IN ANY CALENDAR YEAR THAT MAY BE
RESERVED PURSUANT TO THIS SUBSECTION
(12)(a.5) FOR QUALIFIED
COMMERCIAL STRUCTURES BY THE OFFICE UPON THE CERTIFICATION OF ALL
REHABILITATION PLANS UNDER SUBSECTION
(7)(a) OF THIS SECTION FOR
SUCH STRUCTURES MUST NOT EXCEED FIVE MILLION DOLLARS PER YEAR IN
THE AGGREGATE
, IN ADDITION TO THE AMOUNT OF ANY PREVIOUSLY
RESERVED TAX CREDITS THAT WERE RESCINDED UNDER SUBSECTION
(8)(a)
OF THIS SECTION DURING THE APPLICABLE CALENDAR YEAR .
(b) Notwithstanding any other provision of this subsection (12), if
the entirety of the allowable tax credit amount for any tax CALENDAR year
is not requested and reserved under:
(I) Subsection (12)(a) of this section, the office may use any such
unreserved tax credits in reserving tax credits in another category for that
same income tax
CALENDAR year, and the office may also use any remaining
unreserved tax credits for that tax CALENDAR year in reserving tax credits
in subsequent income tax CALENDAR years; OR
(II) SUBSECTION (12)(a.5) OF THIS SECTION, THE OFFICE SHALL USE
ANY REMAINING UNRESERVED TAX CREDITS FOR THAT CALENDAR YEAR IN
RESERVING TAX CREDITS IN SUBSEQUENT CALENDAR YEARS
.
(14) Deadline for submitting application and rehabilitation plan.
Notwithstanding any other provision of this section, the tax credits
authorized by this section for the substantial rehabilitation of a qualified
structure are not available to an owner of a qualified structure that submits
an application and rehabilitation plan after December 31, 2029.
DECEMBER
31, 2032. No action or inaction on the part of the general assembly has the
effect of limiting or suspending the issuing of tax credits authorized by this
section in any past or future income tax year with respect to a qualified
PAGE 10-HOUSE BILL 24-1314 structure if the owner of the structure submits an application and
rehabilitation plan with the office on or prior to December 31, 2029
DECEMBER 31, 2032, even if the qualified structure is placed into service
after December 31, 2029, DECEMBER 31, 2032. Any tax credits that have
been reserved for a qualified commercial structure in accordance with
subsection (7)(a) of this section and any applicable rules promulgated under
this section prior to December 31, 2029
DECEMBER 31, 2032, may still be
issued by the office through and including December 31, 2032 DECEMBER
31, 2036.
(16) Tax preference performance statement. (a) I
N ACCORDANCE
WITH SECTION
39-21-304 (1), WHICH REQUIRES EACH BILL THAT CREATES A
NEW TAX EXPENDITURE OR EXTENDS AN EXPIRING TAX EXPENDITURE TO
INCLUDE A TAX PREFERENCE PERFORMANCE STATEMENT AS PART OF A
STATUTORY LEGISLATIVE DECLARATION
, THE GENERAL ASSEMBLY DECLARES
THAT THE GENERAL PURPOSES OF THE TAX CREDIT CREATED IN THIS SECTION
ARE TO INDUCE CERTAIN DESIGNATED BEHAVIOR BY TAXPAYERS AND TO
PROVIDE TAX RELIEF FOR CERTAIN BUSINESSES OR INDIVIDUALS
. THE
SPECIFIC PURPOSES OF THE TAX CREDIT ARE TO PROVIDE AN INCENTIVE TO
TAXPAYERS TO REHABILITATE QUALIFIED STRUCTURES IN A WAY THAT
INCREASES THE NUMBER OF NET NEW RENTAL HOUSING UNITS IN THE STATE
AND TO PROVIDE A GREATER INCENTIVE FOR TAXPAYERS WHO DEVELOP
SUCH UNITS FOR RENTAL TO LOW
- AND MODERATE-INCOME RENTERS WHO
NEED AFFORDABLE AND MIDDLE
-INCOME HOUSING.
(b) T
HE GENERAL ASSEMBLY AND THE STATE AUDITOR SHALL
MEASURE THE EFFECTIVENESS OF THE TAX CREDIT IN ACHIEVING THE
PURPOSES SPECIFIED IN SUBSECTION
(16)(a) OF THIS SECTION BASED ON THE
INFORMATION REQUIRED TO BE MAINTAINED AND REPORTED BY THE OFFICE
TO THE STATE AUDITOR PURSUANT TO SUBSECTION
(16)(c) OF THIS SECTION.
(c) T
HE OFFICE SHALL MAINTAIN A DATABASE OF ANY INFORMATION
DETERMINED NECESSARY BY THE OFFICE TO EVALUATE THE EFFECTIVENESS
OF THE INCOME TAX CREDIT ALLOWED IN THIS SECTION IN MEETING THE
PURPOSES SET FORTH IN SUBSECTION
(16)(a) OF THIS SECTION AND SHALL
PROVIDE SUCH INFORMATION
, WHICH MUST INCLUDE THE NUMBER AND
VALUE OF TAX CREDITS CLAIMED PURSUANT TO THIS SECTION
, THE NUMBER
OF NET NEW RENTAL UNITS DEVELOPED
, INCLUDING THE NUMBER OF SUCH
UNITS DEVELOPED FOR RENTAL ONLY TO LOW
- AND MODERATE-INCOME
RENTERS
, THROUGH THE REHABILITATION OF QUALIFIED COMMERCIAL OR
PAGE 11-HOUSE BILL 24-1314 RESIDENTIAL STRUCTURES FOR WHICH TAX CREDITS WERE ALLOWED
PURSUANT TO THIS SECTION
, AND, IF AVAILABLE, ANY OTHER INFORMATION
THAT MAY BE NEEDED
, TO THE STATE AUDITOR AS PART OF THE STATE
AUDITOR
'S EVALUATION OF THE TAX CREDIT REQUIRED BY SECTION
39-21-305.
(17) Commercial historic preservation tax credit program cash
fund. (a) T
HE COMMERCIAL HISTORIC PRESERVATION 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
(6) 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
COMMERCIAL HISTORIC PRESERVATION 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, 2051, TO THE
GENERAL FUND
.
SECTION 2. In Colorado Revised Statutes, 24-75-402, amend
(5)(ccc) and (5)(ddd); and add (5)(fff) 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
PAGE 12-HOUSE BILL 24-1314 section 30-20-124 (8); AND
(fff) THE COMMERCIAL HISTORIC PRESERVATION TAX CREDIT
PROGRAM CASH FUND CREATED IN SECTION
39-22-514.5 (17).
SECTION 3. Appropriation. (1) For the 2024-25 state fiscal year,
$74,244 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 0.4 FTE.
To implement this act, the office may use this appropriation for the
economic development commission - general economic incentives and
marketing.
(2) For the 2024-25 state fiscal year, $54,419 is appropriated to the
department of higher education for use by history Colorado. This
appropriation is from the general fund and is based on an assumption that
the department will require an additional 0.4 FTE. To implement this act,
the department may use this appropriation for the office of archeology and
historic preservation.
SECTION 4. Act subject to petition - effective date. This act
takes effect at 12:01 a.m. on the day following the expiration of the
ninety-day period after final adjournment of the general assembly; except
that, if a referendum petition is filed pursuant to section 1 (3) of article V
of the state constitution against this act or an item, section, or part of this act
within such period, then the act, item, section, or part will not take effect
unless approved by the people at the general election to be held in
PAGE 13-HOUSE BILL 24-1314 November 2024 and, in such case, will take effect on the date of the official
declaration of the vote thereon by the governor.
____________________________ ____________________________
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 14-HOUSE BILL 24-1314