Colorado 2024 Regular Session

Colorado House Bill HB1314 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. 24-1007.01 Pierce Lively x2059
1	8		HOUSE BILL 24-1314
2		-	~~BY REPRESENTATIVE(S) Lukens and Martinez, Bird, Daugherty,~~
3		-	~~Hamrick, Joseph, Kipp, Lieder, Ricks, Woodrow, McCluskie;~~
4		-	~~also SENATOR(S) Gonzales and Will, Buckner, Cutter, Fields, Hansen,~~
5		-	~~Priola.~~
	9	+	House Committees Senate Committees
	10	+	Finance Finance
	11	+	Appropriations Appropriations
	12	+	A BILL FOR AN ACT
6	13		C
7		-	ONCERNING EXPANDING THE INCOME TAX CREDIT FOR QUALIFIED COSTS
8		-	INCURRED IN PRESERVATION OF HISTORIC STRUCTURES
9		-	, AND, IN
10		-	CONNECTION THEREWITH
11		-	, MAKING AN APPROPRIATION.
12		-
13		-	Be it enacted by the General Assembly of the State of Colorado:
14		-	SECTION 1. In Colorado Revised Statutes, 39-22-514.5, amend
15		-	(2)(j)(I), (2)(l)(I), (2)(n), (3), (5)(a) introductory portion, (5.5)(a)(I),
16		-	(5.5)(a)(II), (6)(c), (7)(a), (7)(a.5), (7)(b), (8)(a), (8)(b) introductory portion,
17		-	(8)(c)(II), (8)(c)(IV)(B), (11), (12)(a) introductory portion, (12)(a)(III),
18		-	(12)(b), and (14); repeal (5.5)(b) and (8)(f); and add (5)(b.5), (8)(c)(V),
19		-	(12)(a.5), (16), and (17) as follows:
20		-	39-22-514.5. Tax credit for qualified costs incurred in
21		-	preservation of historic structures - commercial historic preservation
22		-	tax credit program cash fund - short title - definitions. (2) Definitions.
23		-	As used in this section, unless the context otherwise requires:
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. (j) "Qualified commercial structure" means an income producing or
32		-	commercial property located in Colorado that is:
33		-	(I) At least fifty THIRTY years old; and
34		-	(l) "Qualified residential structure" means a nonincome producing
35		-	and owner-occupied residential property located in Colorado that is:
36		-	(I) At least fifty THIRTY years old; and
	14	+	ONCERNING EXPANDING THE INCOME TAX CREDIT FOR QUALIFIED101
	15	+	COSTS INCURRED IN PRESER VATION OF HISTORIC
	16	+	STRUCTURES,102
	17	+	AND, IN CONNECTION THEREWITH, MAKING AN APPROPRIATION.103
	18	+	Bill Summary
	19	+	(Note: This summary applies to this bill as introduced and does
	20	+	not reflect any amendments that may be subsequently adopted. If this bill
	21	+	passes third reading in the house of introduction, a bill summary that
	22	+	applies to the reengrossed version of this bill will be available at
	23	+	http://leg.colorado.gov
	24	+	.)
	25	+	The bill modifies the income tax credit for qualified costs incurred
	26	+	in preservation of historic structures (credit) by:
	27	+	! Modifying the requirement that a qualified commercial or
	28	+	residential structure be at least 50 years old to instead
	29	+	require a qualified commercial or residential structure to be
	30	+	SENATE
	31	+	3rd Reading Unamended
	32	+	May 7, 2024
	33	+	SENATE
	34	+	2nd Reading Unamended
	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	+	Lukens and Martinez, Bird, Daugherty, Hamrick, Joseph, Kipp, Lieder, McCluskie, Ricks,
	44	+	Woodrow
	45	+	SENATE SPONSORSHIP
	46	+	Gonzales and Will, Buckner, Cutter, Fields, Hansen, Priola
	47	+	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
	48	+	Capital letters or bold & italic numbers indicate new material to be added to existing law.
	49	+	Dashes through the words or numbers indicate deletions from existing law. 30 years old;
	50	+	! Extending the period for which a taxpayer may claim the
	51	+	credit through income tax years commencing prior to
	52	+	January 1, 2037;
	53	+	! Extending the period for which the Colorado office of
	54	+	economic development may reserve the credit through
	55	+	December 31, 2032;
	56	+	! Limiting the credit to apply to past rehabilitation
	57	+	expenditures that occurred 12, rather than 24, months prior
	58	+	to the submission of an application for the credit on or after
	59	+	January 1, 2026;
	60	+	! Preventing a person from submitting an application for the
	61	+	credit on or after January 1, 2025, in connection with an
	62	+	already completed rehabilitation project;
	63	+	! Increasing the amount of the credit that may be awarded for
	64	+	residential rehabilitation expenditures from $50,000 to
	65	+	$100,000, beginning with credits that are awarded on or
	66	+	after January 1, 2025;
	67	+	! Removing the 5% increase in the percentage of applicable
	68	+	rehabilitation expenses incurred in a rehabilitation in a
	69	+	disaster area under the credit for rehabilitations made in
	70	+	connection with an application for the credit submitted on
	71	+	or after January 1, 2025;
	72	+	! For tax years commencing on or after January 1, 2027,
	73	+	allowing the credit for qualified residential structures to be
	74	+	refundable rather than able to be carried forward; and
	75	+	! For calendar years commencing on or after January 1,
	76	+	2025, but before January 1, 2030, establishing a second
	77	+	income tax credit pool of $5 million annually that is
	78	+	reserved for an owner of a qualified commercial structure
	79	+	that is rehabilitated so that at least 50% of the square
	80	+	footage of the qualified commercial structure will be net
	81	+	new housing rental units, and, if the qualified commercial
	82	+	structure is subject to a deed restriction that requires the
	83	+	owner to lease rental housing to individuals with an income
	84	+	below a certain amount, the taxpayer claiming the credit
	85	+	may claim 5% more of the qualified expenditures.
	86	+	Be it enacted by the General Assembly of the State of Colorado:1
	87	+	SECTION 1. In Colorado Revised Statutes, 39-22-514.5, amend2
	88	+	(2)(j)(I), (2)(l)(I), (2)(n), (3), (5)(a) introductory portion, (5.5)(a)(I),3
	89	+	(5.5)(a)(II),
	90	+	(6)(c), (7)(a), (7)(a.5), (7)(b), (8)(a), (8)(b) introductory4
	91	+	1314-2- portion, (8)(c)(II), (8)(c)(IV)(B), (11), (12)(a) introductory portion,1
	92	+	(12)(a)(III), (12)(b), and (14); repeal (5.5)(b) and (8)(f); and add (5)(b.5),2
	93	+	(8)(c)(V), (12)(a.5), (16), and (17) as follows:3
	94	+	39-22-514.5. Tax credit for qualified costs incurred in4
	95	+	preservation of historic structures - commercial historic preservation5
	96	+	tax credit program cash fund - short title - definitions.6
	97	+	(2) Definitions. As used in this section, unless the context otherwise7
	98	+	requires:8
	99	+	(j) "Qualified commercial structure" means an income producing9
	100	+	or commercial property located in Colorado that is:10
	101	+	(I) At least fifty THIRTY years old; and11
	102	+	(l) "Qualified residential structure" means a nonincome producing12
	103	+	and owner-occupied residential property located in Colorado that is:13
	104	+	(I) At least fifty THIRTY years old; and14
37	105		(n) "Rehabilitation plan"
38		-	OR "PLAN" means construction plans and
39		-	specifications for the proposed rehabilitation of a qualified structure that is
40		-	ARE in sufficient detail to enable the office or the reviewing entity, as
41		-	applicable, to evaluate whether the structure is in compliance with the
42		-	standards developed under subsection (4) of this section.
43		-	(3) General provisions. For income tax years commencing on or
44		-	after January 1, 2016, but prior to January 1, 2030
45		-	JANUARY 1, 2037, there
46		-	shall be allowed a credit with respect to the income taxes imposed pursuant
47		-	to this article 22 to each owner of a qualified structure that complies with
48		-	the requirements of this section.
49		-	(5) Submission by owner of application and rehabilitation plan.
50		-	(a) The owner shall submit an application and rehabilitation plan to either
51		-	the office for a qualified commercial structure or to the reviewing entity for
52		-	a qualified residential structure, along with an estimate of the qualified
53		-	rehabilitation expenditures under the rehabilitation plan. The
54		-	IF AN
55		-	APPLICATION AND REHABILITATION PLAN IS FOR A QUALIFIED COMMERCIAL
56		-	STRUCTURE
57		-	, THE OWNER SHALL SPECIFY WHETHER THE OWNER IS SEEKING
58		-	TO RESERVE A CREDIT ALLOWED PURSUANT TO SUBSECTION
59		-	(12)(a) OF THIS
60		-	SECTION OR A CREDIT ALLOWED PURSUANT TO SUBSECTION
61		-	(12)(a.5) OF THIS
62		-	SECTION
63		-	, AND AN OWNER MAY ONLY APPLY FOR ONE OF THESE TWO CREDITS
64		-	FOR A SINGLE QUALIFIED REHABILITATION PLAN AS DESCRIBED IN
65		-	SUBSECTION
66		-	(7) OF THIS SECTION. AN owner, at the owner's own risk, may
67		-	incur qualified rehabilitation expenditures no earlier than twenty-four
68		-	months prior to the submission of the application and rehabilitation plan
69		-	THAT AN OWNER SUBMITS PRIOR TO JANUARY 1, 2026, AND NO EARLIER
70		-	THAN TWELVE MONTHS PRIOR TO THE SUBMISSION OF THE APPLICATION AND
71		-	REHABILITATION PLAN THAT AN OWNER SUBMITS ON OR AFTER
72		-	JANUARY 1,
73		-	PAGE 2-HOUSE BILL 24-1314 2026, but only if satisfactory documentation is submitted to the office or the
74		-	reviewing entity, as applicable, indicating the condition of the qualified
75		-	structure prior to commencement of the rehabilitation, including but not
76		-	limited to photographs of the qualified structure and written declarations
77		-	from persons knowledgeable about the qualified structure. An owner may
78		-	submit an application and rehabilitation plan and may commence
79		-	rehabilitation before the property:
	106	+	OR "PLAN" means construction plans and15
	107	+	specifications for the proposed rehabilitation of a qualified structure that16
	108	+	is
	109	+	ARE in sufficient detail to enable the office or the reviewing entity, as17
	110	+	applicable, to evaluate whether the structure is in compliance with the18
	111	+	standards developed under subsection (4) of this section.19
	112	+	(3) General provisions. For income tax years commencing on or20
	113	+	after January 1, 2016, but prior to January 1, 2030 JANUARY 1, 2037, there21
	114	+	shall be allowed a credit with respect to the income taxes imposed22
	115	+	pursuant to this article 22 to each owner of a qualified structure that23
	116	+	complies with the requirements of this section.24
	117	+	(5) Submission by owner of application and rehabilitation25
	118	+	plan. (a) The owner shall submit an application and rehabilitation plan26
	119	+	to either the office for a qualified commercial structure or to the27
	120	+	1314
	121	+	-3- reviewing entity for a qualified residential structure, along with an1
	122	+	estimate of the qualified rehabilitation expenditures under the2
	123	+	rehabilitation plan. The IF AN APPLICATION AND REHABILITATION PLAN IS3
	124	+	FOR A QUALIFIED COMMERCIAL STRUCTURE , THE OWNER SHALL SPECIFY4
	125	+	WHETHER THE OWNER IS SEEKING TO RESERVE A CREDIT ALLOWED5
	126	+	PURSUANT TO SUBSECTION (12)(a) OF THIS SECTION OR A CREDIT ALLOWED6
	127	+	PURSUANT TO SUBSECTION (12)(a.5) OF THIS SECTION, AND AN OWNER7
	128	+	MAY ONLY APPLY FOR ONE OF THESE TWO CREDITS FOR A SINGLE8
	129	+	QUALIFIED REHABILITATION PLAN AS DESCRIBED IN SUBSECTION (7) OF9
	130	+	THIS SECTION. AN owner, at the owner's own risk, may incur qualified10
	131	+	rehabilitation expenditures no earlier than twenty-four months prior to the11
	132	+	submission of the application and rehabilitation plan
	133	+	THAT AN OWNER12
	134	+	SUBMITS PRIOR TO JANUARY 1, 2026, AND NO EARLIER THAN TWELVE13
	135	+	MONTHS PRIOR TO THE SUBMISSION OF THE APPLICATION AND14
	136	+	REHABILITATION PLAN THAT AN OWNER SUBMITS ON OR AFTER JANUARY15
	137	+	1,
	138	+	2026, but only if satisfactory documentation is submitted to the office16
	139	+	or the reviewing entity, as applicable, indicating the condition of the17
	140	+	qualified structure prior to commencement of the rehabilitation, including18
	141	+	but not limited to photographs of the qualified structure and written19
	142	+	declarations from persons knowledgeable about the qualified structure.20
	143	+	An owner may submit an application and rehabilitation plan and may21
	144	+	commence rehabilitation before the property: 22
80	145		(b.5) O
81		-	N OR AFTER JANUARY 1, 2025, AN OWNER SHALL NOT SUBMIT
82		-	AN APPLICATION AND REHABILITATI ON PLAN FOR AN ALREADY COMPLETED
83		-	REHABILITATION PROJECT
84		-	.
85		-	(5.5) Issuance of tax credit certificate for qualified residential
86		-	structures - rules. (a) (I) Following the completion of a rehabilitation of
87		-	a qualified residential structure, the owner shall notify the reviewing entity
88		-	that the rehabilitation has been completed and shall certify that the qualified
89		-	rehabilitation expenditures incurred in connection with the rehabilitation
90		-	plan. The owner shall also provide the reviewing entity with a cost and
91		-	expense certification for the total qualified rehabilitation expenditures and
92		-	the total amount of tax credits for which the owner is eligible. The
93		-	reviewing entity shall review the documentation of the rehabilitation and
94		-	verify its compliance with the rehabilitation plan. Except as otherwise
95		-	provided in subsection (5.5)(a)(II)
96		-	SUBSECTIONS (5.5)(a)(II) AND
97		-	(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
98		-	AWARDED FOR TAX YEARS COMMENCING BEFORE JANUARY 1,
99		-	2025, shall not exceed fifty thousand dollars for each qualified residential
100		-	structure, which amount is
101		-	THE AMOUNT OF THE TAX CREDIT CERTIFICATE
102		-	AWARDED FOR TAX YEARS COMMENCING ON OR AFTER
103		-	JANUARY 1, 2025,
104		-	SHALL NOT EXCEED ONE HUNDRED T HOUSAND DOLLARS FOR EACH
105		-	QUALIFIED RESIDENTIAL STRUCTURE
106		-	, AND BOTH THE FIFTY THOUSAND
107		-	DOLLAR AND ONE HUNDRED THOUSAND DOLLAR AMOUNTS ARE
108		-	to be
109		-	calculated over a ten-year rolling period that commences with each change
110		-	in ownership of the qualified residential structure.
111		-	(II) For income tax years commencing prior to January 1, 2030,
	146	+	N OR AFTER JANUARY 1, 2025, AN OWNER SHALL NOT23
	147	+	SUBMIT AN APPLICATION AND REHABILITATION PLAN FOR AN ALREADY24
	148	+	COMPLETED REHABILITATION PROJECT .25
	149	+	(5.5) Issuance of tax credit certificate for qualified residential26
	150	+	structures - rules. (a) (I) Following the completion of a rehabilitation of27
	151	+	1314
	152	+	-4- a qualified residential structure, the owner shall notify the reviewing1
	153	+	entity that the rehabilitation has been completed and shall certify that the2
	154	+	qualified rehabilitation expenditures incurred in connection with the3
	155	+	rehabilitation plan. The owner shall also provide the reviewing entity with4
	156	+	a cost and expense certification for the total qualified rehabilitation5
	157	+	expenditures and the total amount of tax credits for which the owner is6
	158	+	eligible. The reviewing entity shall review the documentation of the7
	159	+	rehabilitation and verify its compliance with the rehabilitation plan.8
	160	+	Except as otherwise provided in subsection (5.5)(a)(II) SUBSECTIONS9
	161	+	(5.5)(a)(II)
	162	+	AND (5.5)(a)(III) of this section, within ninety days after10
	163	+	receipt of the foregoing documentation from the owner the reviewing11
	164	+	entity shall issue a tax credit certificate in an amount equal to twenty12
	165	+	percent of the actual qualified rehabilitation expenditures; except that the13
	166	+	amount of the tax credit certificate
	167	+	AWARDED FOR TAX YEARS14
	168	+	COMMENCING BEFORE JANUARY 1, 2025, shall not exceed fifty thousand15
	169	+	dollars for each qualified residential structure, which amount is
	170	+	THE16
	171	+	AMOUNT OF THE TAX CREDIT CERTIFICATE AWARDED FOR TAX YEARS17
	172	+	COMMENCING ON OR AFTER JANUARY 1, 2025, SHALL NOT EXCEED ONE18
	173	+	HUNDRED THOUSAND DOLLARS FOR EACH QUALIFIED RESIDENTIAL19
	174	+	STRUCTURE, AND BOTH THE FIFTY THOUSAND DOLLAR AND ONE HUNDRED20
	175	+	THOUSAND DOLLAR AMOUNTS ARE to be calculated over a ten-year rolling21
	176	+	period that commences with each change in ownership of the qualified22
	177	+	residential structure.23
	178	+	(II) For income tax years commencing prior to January 1, 2030,24
	179	+	AND FOR APPLICATIONS SUBMITTED PURSUANT TO SUBSECTION (5) OF THIS25
	180	+	SECTION PRIOR TO JANUARY 1, 2025, with respect to a qualified residential26
	181	+	structure located in an area that the president of the United States has27
	182	+	1314
	183	+	-5- determined to be a major disaster area under section 102 (2) of the federal1
	184	+	"Robert T. Stafford Disaster Relief and Emergency Assistance Act", 422
	185	+	U.S.C. sec. 5121 et seq., or that is located in an area that the governor has3
	186	+	determined to be a disaster area under the "Colorado Disaster Emergency4
	187	+	Act", part 7 of article 33.5 of title 24, the amount of the tax credit5
	188	+	specified in subsection (5.5)(a)(I) of this section is increased to6
	189	+	twenty-five percent for an application that is filed within six years after7
	190	+	the disaster determination.8
	191	+	(b) Notwithstanding any other provision of law, a taxpayer may9
	192	+	claim the benefits offered by either subsection (5.5)(a)(II) or (5.5)(a)(III)10
	193	+	of this section but shall not claim the benefits offered by both subsections11
	194	+	(5.5)(a)(II) and (5.5)(a)(III) of this section.12
	195	+	(6) Application and issuance fees for qualified commercial13
	196	+	structures. (c) The office may impose on the owner a reasonable14
	197	+	issuance fee of up to three percent of the amount of the tax credit issued,15
	198	+	which must be paid before the tax credit is issued to the owner. With16
	199	+	respect to both an application fee and an issuance fee, the office shall17
	200	+	share on an equal basis any such fees collected with the historical society18
	201	+	and the department. Moneys MONEY collected from such fees must be19
	202	+	CREDITED TO THE COMMERCIAL HISTORIC PRESERVATION TAX CREDIT20
	203	+	PROGRAM CASH FUND CREATED IN SUBSECTION (17) OF THIS SECTION AND21
	204	+	applied to the administration of the tax credit created by this section.22
	205	+	(7) Reservation of tax credits for qualified rehabilitation plans23
	206	+	for qualified commercial structures. (a) In the case of a qualified24
	207	+	commercial structure, a reservation of tax credits is permitted in25
	208	+	accordance with the provisions of this subsection (7). The office and the26
	209	+	historical society shall review the application and rehabilitation plan for27
	210	+	1314
	211	+	-6- a qualified commercial structure to determine that the information1
	212	+	contained in the application and plan is complete. If the office and the2
	213	+	historical society determine that the application and rehabilitation plan are3
	214	+	complete, the office shall reserve for the benefit of the owner an4
	215	+	allocation of a tax credit as provided in subsection (12)(a)
	216	+	OR (12)(a.5) of5
	217	+	this section
	218	+	AND SUBSECTION (8)(c)(II) OF THIS SECTION, and the office6
	219	+	shall notify the owner in writing of the amount of the reservation. The7
	220	+	reservation of tax credits does not entitle the owner to an issuance of any
	221	+	8
	222	+	A tax credits CREDIT until the owner complies with all of the other9
	223	+	requirements specified in this section for the issuance of the tax credit.10
	224	+	The office must SHALL SEPARATELY reserve tax credits ALLOWED11
	225	+	PURSUANT TO SUBSECTION (12)(a) OF THIS SECTION AND TAX CREDITS12
	226	+	ALLOWED PURSUANT TO SUBSECTION (12)(a.5) OF THIS SECTION in the13
	227	+	order in which it receives completed applications and rehabilitation plans14
	228	+	FOR EACH OF THOSE TWO CATEGORIES OF CREDITS . The office shall issue15
	229	+	any such
	230	+	A reservation of tax credits authorized by this subsection (7)16
	231	+	within a reasonable time, not to exceed ninety days after the filing of a17
	232	+	completed application and rehabilitation plan. The office shall stamp each18
	233	+	completed application and plan with the date and time it receives the19
	234	+	application and plan and shall review a plan and application on the basis20
	235	+	of the order in which such THE documents were submitted by date and21
	236	+	time. The office shall only review an application and plan submitted in22
	237	+	connection with a property for which a property address, legal23
	238	+	description, or other specific location is provided in the application and24
	239	+	plan
	240	+	AND FOR WHICH THE OWNER HAS SPECIFIED THE CATEGORY OF CREDIT25
	241	+	SOUGHT AS REQUIRED BY SUBSECTION (5)(a) OF THIS SECTION. The owner26
	242	+	shall not request the review of another property for approval in the place27
	243	+	1314
	244	+	-7- of the property that is the subject of the application and plan. Any1
	245	+	application and plan disapproved by the office will be removed from the2
	246	+	review process, and the office shall notify the owner in writing of the3
	247	+	decision to remove the property from the review process. Disapproved4
	248	+	applications and plans lose their priority in the review process. An owner5
	249	+	may resubmit a disapproved MODIFIED application and plan, but such A6
	250	+	resubmitted application and plan is deemed to be a new submission for7
	251	+	purposes of the priority procedures described in this subsection (7)(a). If8
	252	+	a resubmitted application and plan are submitted, the office may charge9
	253	+	a new application fee in an amount specified in accordance with10
	254	+	subsection (6) of this section.11
	255	+	(a.5) In the case of any project for a qualified commercial12
	256	+	structure the qualified rehabilitation expenditures for which amount to13
	257	+	less than fifty thousand dollars, if the total number of applications for14
	258	+	such projects that are received but not reserved reach FOR CREDITS15
	259	+	ALLOWED PURSUANT TO EITHER SUBSECTION (12)(a) OR (12)(b) OF THIS16
	260	+	SECTION REACHES fifteen, in number the office may suspend the17
	261	+	submission of additional applications
	262	+	FOR THAT CREDIT FOR such projects18
	263	+	until such time as these
	264	+	THE fifteen projects have been duly reserved or19
	265	+	disapproved. The notification period that is specified in subsection (5)(c)20
	266	+	of this section is extended to one hundred twenty days after receipt of the21
	267	+	application and rehabilitation plan for these THE fifteen projects. Any22
	268	+	application for a qualified commercial structure the qualified23
	269	+	rehabilitation expenditures for which amount to fifty thousand or more24
	270	+	dollars is not subject to this subsection (7)(a.5).25
	271	+	(b) If, for any calendar year, the aggregate amount of reservations26
	272	+	for tax credits
	273	+	ALLOWED PURSUANT TO EITHER SUBSECTION (12)(a) OR27
	274	+	1314
	275	+	-8- (12)(a.5) OF THIS SECTION THAT the office has approved is equal to the1
	276	+	total amount of tax credits available for reservation
	277	+	PURSUANT TO THE2
	278	+	APPLICABLE SUBSECTION (12)(a) OR (12)(a.5) OF THIS SECTION during that3
	279	+	calendar year, the office shall notify all owners who have submitted4
	280	+	applications and rehabilitation plans
	281	+	FOR RESERVATION OF A TAX CREDIT5
	282	+	ALLOWED PURSUANT TO THE APPLICABLE SUBSECTION (12)(a) OR (12)(a.5)6
	283	+	OF THIS SECTION then awaiting approval or submitted for approval after7
	284	+	the calculation is made that no additional approvals of applications and8
	285	+	plans for reservations of tax credits will be granted during that calendar9
	286	+	year. and
	287	+	The office shall additionally notify the owner of the priority10
	288	+	number given to the owner's application and plan then awaiting approval.11
	289	+	The applications and plans will remain in priority status for two years12
	290	+	from the date of the original application and plan and will be ARE13
	291	+	considered for reservations of tax credits in the priority order established14
	292	+	in this subsection (7) in the event that IF additional credits become15
	293	+	available resulting from the rescission of approvals under subsection16
	294	+	(8)(a) of this section or because a new allocation of tax credits for a17
	295	+	calendar year becomes available.18
	296	+	(8) Deadline for incurring specified amount of estimated costs19
	297	+	of rehabilitation - proof of compliance - audit of cost and expense20
	298	+	certification - issuance of tax credit certificate - commercial21
	299	+	structures. (a) Any AN owner receiving a reservation of tax credits22
	300	+	under subsection (7)(a) of this section shall incur not less than twenty23
	301	+	percent of the estimated costs of rehabilitation contained in the24
	302	+	application and rehabilitation plan not later than eighteen months after the25
	303	+	date of issuance of the written notice from the office to the owner26
	304	+	granting the reservation of tax credits. Any AN owner receiving a27
	305	+	1314
	306	+	-9- reservation of tax credits shall submit evidence of compliance with the1
	307	+	provisions of this subsection (8)(a). If the office determines that an owner2
	308	+	has failed to comply with the requirements of this subsection (8)(a), the3
	309	+	office may rescind the issuance it previously gave the owner approving4
	310	+	the reservation of tax credits and, if so, the total amount of tax credits5
	311	+	made available
	312	+	PURSUANT TO SUBSECTION (12)(a) OR (12)(a.5) OF THIS6
	313	+	SECTION, AS APPLICABLE, for the calendar year for which reservations may7
	314	+	be granted must be increased by the amount of the tax credits rescinded.8
	315	+	The office shall promptly notify any owner whose reservation of tax9
	316	+	credits has been rescinded and, upon receipt of the notice, the owner may10
	317	+	submit a new application and plan for which the office may charge a new11
	318	+	application fee in accordance with subsection (6) of this section.12
	319	+	(b) Following the completion of a rehabilitation of a qualified13
	320	+	commercial structure, the owner shall notify the office that the14
	321	+	rehabilitation has been completed and shall certify the qualified15
	322	+	rehabilitation costs and expenses. The cost and expense certification must
	323	+	16
	324	+	be audited by a licensed certified public accountant that is not affiliated17
	325	+	with the owner. THE APPLICANT SHALL INCLUDE A REVIEW OF THE18
	326	+	CERTIFICATION BY A LICENSED CERTIFIED PUBLIC ACCOUNTANT THAT IS19
	327	+	NOT AFFILIATED WITH THE QUALIFIED APPLICANT, AND THE REVIEW OF THE20
	328	+	CERTIFICATION MUST ALIGN WITH OFFICE POLICIES FOR CERTIFICATION OF21
	329	+	QUALIFIED REHABILITATION EXPENDITURES . The office and the historical22
	330	+	society shall review the documentation of the rehabilitation and the23
	331	+	historical society shall verify that the documentation satisfies the24
	332	+	rehabilitation plan. Within ninety days after receipt of such25
	333	+	documentation from the owner, the office shall issue a tax credit26
	334	+	certificate in an amount equal to the following subject to subsection (8)(c)27
	335	+	1314
	336	+	-10- of this section:1
	337	+	(c) Notwithstanding subsection (8)(b) of this section:2
	338	+	(II) The amount of a tax credit certificate to be issued
	339	+	PURSUANT3
	340	+	TO SUBSECTION (12)(a) OF THIS SECTION for any one qualified commercial4
	341	+	structure shall not exceed one million dollars, in any one calendar year,
	342	+	5
112	343		and
113		-	FOR APPLICATIONS SUBMITTED PURSUANT TO SUBSECTION
114		-	(5) OF THIS
115		-	SECTION PRIOR TO
116		-	JANUARY 1, 2025, with respect to a qualified residential
117		-	PAGE 3-HOUSE BILL 24-1314 structure located in an area that the president of the United States has
118		-	determined to be a major disaster area under section 102 (2) of the federal
119		-	"Robert T. Stafford Disaster Relief and Emergency Assistance Act", 42
120		-	U.S.C. sec. 5121 et seq., or that is located in an area that the governor has
121		-	determined to be a disaster area under the "Colorado Disaster Emergency
122		-	Act", part 7 of article 33.5 of title 24, the amount of the tax credit specified
123		-	in subsection (5.5)(a)(I) of this section is increased to twenty-five percent
124		-	for an application that is filed within six years after the disaster
125		-	determination.
126		-	(b) Notwithstanding any other provision of law, a taxpayer may
127		-	claim the benefits offered by either subsection (5.5)(a)(II) or (5.5)(a)(III) of
128		-	this section but shall not claim the benefits offered by both subsections
129		-	(5.5)(a)(II) and (5.5)(a)(III) of this section.
130		-	(6) Application and issuance fees for qualified commercial
131		-	structures. (c) The office may impose on the owner a reasonable issuance
132		-	fee of up to three percent of the amount of the tax credit issued, which must
133		-	be paid before the tax credit is issued to the owner. With respect to both an
134		-	application fee and an issuance fee, the office shall share on an equal basis
135		-	any such fees collected with the historical society and the department.
136		-	Moneys
137		-	MONEY collected from such fees must be CREDITED TO THE
138		-	COMMERCIAL HISTORIC PRESERVATION TAX CREDIT PROGRAM CASH FUND
139		-	CREATED IN SUBSECTION
140		-	(17) OF THIS SECTION AND applied to the
141		-	administration of the tax credit created by this section.
142		-	(7) Reservation of tax credits for qualified rehabilitation plans
143		-	for qualified commercial structures. (a) In the case of a qualified
144		-	commercial structure, a reservation of tax credits is permitted in accordance
145		-	with the provisions of this subsection (7). The office and the historical
146		-	society shall review the application and rehabilitation plan for a qualified
147		-	commercial structure to determine that the information contained in the
148		-	application and plan is complete. If the office and the historical society
149		-	determine that the application and rehabilitation plan are complete, the
150		-	office shall reserve for the benefit of the owner an allocation of a tax credit
151		-	as provided in subsection (12)(a)
152		-	OR (12)(a.5) of this section AND
153		-	SUBSECTION
154		-	(8)(c)(II) OF THIS SECTION, and the office shall notify the owner
155		-	in writing of the amount of the reservation. The reservation of tax credits
156		-	does not entitle the owner to an issuance of any
157		-	A tax credits CREDIT until
158		-	the owner complies with all of the other requirements specified in this
159		-	PAGE 4-HOUSE BILL 24-1314 section for the issuance of the tax credit. The office must SHALL
160		-	SEPARATELY
161		-	reserve tax credits ALLOWED PURSUANT TO SUBSECTION (12)(a)
162		-	OF THIS SECTION AND TAX CREDITS ALLOWED PURSUANT TO SUBSECTION
163		-	(12)(a.5) OF THIS SECTION in the order in which it receives completed
164		-	applications and rehabilitation plans
165		-	FOR EACH OF THOSE TWO CATEGORIES
166		-	OF CREDITS
167		-	. The office shall issue any such
168		-	A reservation of tax credits
169		-	authorized by this subsection (7) within a reasonable time, not to exceed
170		-	ninety days after the filing of a completed application and rehabilitation
171		-	plan. The office shall stamp each completed application and plan with the
172		-	date and time it receives the application and plan and shall review a plan
173		-	and application on the basis of the order in which such
174		-	THE documents were
175		-	submitted by date and time. The office shall only review an application and
176		-	plan submitted in connection with a property for which a property address,
177		-	legal description, or other specific location is provided in the application
178		-	and plan
179		-	AND FOR WHICH THE OWNER HAS SPECIFIED THE CATEGORY OF
180		-	CREDIT SOUGHT AS REQUIRED BY SUBSECTION
181		-	(5)(a) OF THIS SECTION. The
182		-	owner shall not request the review of another property for approval in the
183		-	place of the property that is the subject of the application and plan. Any
184		-	application and plan disapproved by the office will be removed from the
185		-	review process, and the office shall notify the owner in writing of the
186		-	decision to remove the property from the review process. Disapproved
187		-	applications and plans lose their priority in the review process. An owner
188		-	may resubmit a disapproved
189		-	MODIFIED application and plan, but such A
190		-	resubmitted application and plan is deemed to be a new submission for
191		-	purposes of the priority procedures described in this subsection (7)(a). If a
192		-	resubmitted application and plan are submitted, the office may charge a new
193		-	application fee in an amount specified in accordance with subsection (6) of
194		-	this section.
195		-	(a.5) In the case of any project for a qualified commercial structure
196		-	the qualified rehabilitation expenditures for which amount to less than fifty
197		-	thousand dollars, if the total number of applications for such projects that
198		-	are received but not reserved reach
199		-	FOR CREDITS ALLOWED PURSUANT TO
200		-	EITHER SUBSECTION
201		-	(12)(a) OR (12)(b) OF THIS SECTION REACHES fifteen, innumber the office may suspend the submission of additional applications for
202		-	THAT CREDIT FOR such projects until such time as these THE fifteen projects
203		-	have been duly reserved or disapproved. The notification period that is
204		-	specified in subsection (5)(c) of this section is extended to one hundred
205		-	twenty days after receipt of the application and rehabilitation plan for these
206		-	THE fifteen projects. Any application for a qualified commercial structure
207		-	PAGE 5-HOUSE BILL 24-1314 the qualified rehabilitation expenditures for which amount to fifty thousand
208		-	or more dollars is not subject to this subsection (7)(a.5).
209		-	(b) If, for any calendar year, the aggregate amount of reservations
210		-	for tax credits
211		-	ALLOWED PURSUANT TO EITHER SUBSECTION (12)(a) OR
212		-	(12)(a.5) OF THIS SECTION THAT the office has approved is equal to the total
213		-	amount of tax credits available for reservation
214		-	PURSUANT TO THE
215		-	APPLICABLE SUBSECTION
216		-	(12)(a) OR (12)(a.5) OF THIS SECTION during that
217		-	calendar year, the office shall notify all owners who have submitted
218		-	applications and rehabilitation plans
219		-	FOR RESERVATION OF A TAX CREDIT
220		-	ALLOWED PURSUANT TO THE APPLICABLE SUBSECTION
221		-	(12)(a) OR (12)(a.5)
222		-	OF THIS SECTION then awaiting approval or submitted for approval after the
223		-	calculation is made that no additional approvals of applications and plans
224		-	for reservations of tax credits will be granted during that calendar year. and
225		-	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
226		-	remain in priority status for two years from the date of the
227		-	original application and plan and will be ARE considered for reservations of
228		-	tax credits in the priority order established in this subsection (7) in the event
229		-	that IF additional credits become available resulting from the rescission of
230		-	approvals under subsection (8)(a) of this section or because a new allocation
231		-	of tax credits for a calendar year becomes available.
232		-	(8) Deadline for incurring specified amount of estimated costs of
233		-	rehabilitation - proof of compliance - audit of cost and expense
234		-	certification - issuance of tax credit certificate - commercial structures.
235		-	(a) Any
236		-	AN owner receiving a reservation of tax credits under subsection
237		-	(7)(a) of this section shall incur not less than twenty percent of the
238		-	estimated costs of rehabilitation contained in the application and
239		-	rehabilitation plan not later than eighteen months after the date of issuance
240		-	of the written notice from the office to the owner granting the reservation
241		-	of tax credits. Any
242		-	AN owner receiving a reservation of tax credits shall
243		-	submit evidence of compliance with the provisions of this subsection (8)(a).
244		-	If the office determines that an owner has failed to comply with the
245		-	requirements of this subsection (8)(a), the office may rescind the issuance
246		-	it previously gave the owner approving the reservation of tax credits and,
247		-	if so, the total amount of tax credits made available
248		-	PURSUANT TO
249		-	SUBSECTION
250		-	(12)(a) OR (12)(a.5) OF THIS SECTION, AS APPLICABLE, for the
251		-	calendar year for which reservations may be granted must be increased by
252		-	the amount of the tax credits rescinded. The office shall promptly notify any
253		-	PAGE 6-HOUSE BILL 24-1314 owner whose reservation of tax credits has been rescinded and, upon receipt
254		-	of the notice, the owner may submit a new application and plan for which
255		-	the office may charge a new application fee in accordance with subsection
256		-	(6) of this section.
257		-	(b) Following the completion of a rehabilitation of a qualified
258		-	commercial structure, the owner shall notify the office that the rehabilitation
259		-	has been completed and shall certify the qualified rehabilitation costs and
260		-	expenses. The cost and expense certification must be audited by a licensed
261		-	certified public accountant that is not affiliated with the owner. THE
262		-	APPLICANT SHALL INCLUDE A REVIEW OF THE CERTIFICATION BY A LICENSED
263		-	CERTIFIED PUBLIC ACCOUNTANT THAT IS NOT AFFILIATED WITH THE
264		-	QUALIFIED APPLICANT
265		-	, AND THE REVIEW OF THE CERTIFICATION MUST ALIGN
266		-	WITH OFFICE POLICIES FOR CERTIFICATION OF QUALIFIED REHABILITATION
267		-	EXPENDITURES
268		-	. The office and the historical society shall review the
269		-	documentation of the rehabilitation and the historical society shall verify
270		-	that the documentation satisfies the rehabilitation plan. Within ninety days
271		-	after receipt of such documentation from the owner, the office shall issue
272		-	a tax credit certificate in an amount equal to the following subject to
273		-	subsection (8)(c) of this section:
274		-	(c) Notwithstanding subsection (8)(b) of this section:
275		-	(II) The amount of a tax credit certificate to be issued
276		-	PURSUANT TO
277		-	SUBSECTION
278		-	(12)(a) OF THIS SECTION for any one qualified commercial
279		-	structure shall not exceed one million dollars, in any one calendar year,
280		-	and
281		-	THE AMOUNT OF A TAX CREDIT CERTIFICATE TO BE ISSUED PURSUANT TO
282		-	SUBSECTION
283		-	(12)(a.5) OF THIS SECTION FOR ANY ONE QUALIFIED
284		-	REHABILITATION PLAN SHALL NOT EXCEED ONE MILLION FIVE HUNDRED
285		-	THOUSAND DOLLARS IN ANY ONE CALENDAR YEAR
286		-	; and
287		-	(IV) For income tax years commencing on or after January 1, 2020,
288		-	with respect to a certified historic structure that is a qualified commercial
289		-	structure that is located in a rural community, the tax credit amounts
290		-	specified in subsections (8)(b)(I) and (8)(b)(II) of this section must be
291		-	increased as follows for an application that is properly filed in accordance
292		-	with this section:
293		-	(B) The twenty percent credit amount specified in subsection
	344	+	THE AMOUNT OF A TAX CREDIT CERTIFICATE TO BE ISSUED PURSUANT6
	345	+	TO SUBSECTION (12)(a.5) OF THIS SECTION FOR ANY ONE QUALIFIED7
	346	+	REHABILITATION PLAN SHALL NOT EXCEED ONE MILLION FIVE HUNDRED8
	347	+	THOUSAND DOLLARS IN ANY ONE CALENDAR YEAR ;9
	348	+	(IV) For income tax years commencing on or after January 1,10
	349	+	2020, with respect to a certified historic structure that is a qualified11
	350	+	commercial structure that is located in a rural community, the tax credit12
	351	+	amounts specified in subsections (8)(b)(I) and (8)(b)(II) of this section13
	352	+	must be increased as follows for an application that is properly filed in14
	353	+	accordance with this section:15
	354	+	(B) The twenty percent credit amount specified in subsection16
294	355		(8)(b)(II) of this section is increased to thirty percent;
295		-	~~AND~~
296		-	~~PAGE 7-HOUSE BILL 24-1314~~ (V) ~~FOR A TAX CREDIT ALLOWED PURSUANT TO SUBSECTION~~
297		-	~~(12)(~~a~~.5) OF THIS SECTION ONLY, IF, DUE~~ TO ~~A REGULATORY REQUIREMENT~~
298		-	~~OR CONDITION OF FINANCING~~
299		-	, ~~THE QUALIFIED COMMERCIAL STRUCTURE FOR~~
300		-	~~WHICH~~ THE ~~TAX CREDIT IS CLAIMED IS SUBJECT TO A DEED RESTRICTION~~
301		-	~~THAT REQUIRES~~ THE ~~OWNER~~ TO ~~LEASE RENTAL HOUSING UNITS IN THE~~
302		-	~~QUALIFIED COMMERCIAL STRUCTURE ONLY~~ TO ~~INDIVIDUALS OR HOUSEHOLDS~~
303		-	~~WHOSE INCOME IS BELOW A SPECIFIED AMOUNT~~
304		-	~~, THEN THE~~ AMOUNT ~~OF THE~~
305		-	TAX CREDIT SPECIFIED IN SUBSECTION
306		-	~~(8)(b) OF THIS~~ SECTION, AS INCREASED
307		-	~~PURSUANT TO SUBSECTION~~
308		-	~~(8)(c)(III) OR (8)(c)(IV)~~ OF THIS SECTION, IF
309		-	~~APPLICABLE~~
310		-	~~, IS INCREASED BY AN~~ ADDITIONAL FIVE PERCENT.
311		-	(f) Notwithstanding any other provision of law, a taxpayer ~~may~~
312		-	claim the benefits offered by either subsection (8)(c)(III) or (8)(c)(IV) of
313		-	this section but shall not claim the benefits offered by both ~~subsections~~
314		-	(8)(c)(III) and (8)(c)(IV) of this section.
315		-	(11) Residential and commercial. (a) F ~~OR TAX YEARS~~
316		-	~~COMMENCING PRIOR TO~~
317		-	JANUARY 1, 2027, the entire tax credit to be ~~issued~~
318		-	under this section for either a qualified residential structure or a ~~qualified~~
319		-	commercial structure may be claimed by the owner in the taxable year in
320		-	which the certified rehabilitation is placed in service. If the amount of ~~the~~
321		-	credit allowed under this section exceeds the amount of income ~~taxes~~
322		-	otherwise due on the income of the owner in the income tax year ~~for which~~
323		-	the credit is being claimed, the amount of the credit not used as ~~an offset~~
324		-	against income taxes in said income tax year may be ~~carried forward as a~~
325		-	credit against subsequent years' income tax liability for ~~a period not to~~
326		-	exceed ten years and will be applied to the earliest ~~income tax years~~
327		-	possible. Any amount of the credit that is not used after ~~such period shall~~
328		-	not be refunded to the owner.
	356	+	AND17
	357	+	(V) F
	358	+	OR A TAX CREDIT ALLOWED PURSUANT TO SUBSECTION18
	359	+	(12)(a.5)
	360	+	OF THIS SECTION ONLY, IF, DUE TO A REGULATORY REQUIREMENT19
	361	+	OR CONDITION OF FINANCING, THE QUALIFIED COMMERCIAL STRUCTURE20
	362	+	FOR WHICH THE TAX CREDIT IS CLAIMED IS SUBJECT TO A DEED21
	363	+	RESTRICTION THAT REQUIRES THE OWNER TO LEASE RENTAL HOUSING22
	364	+	UNITS IN THE QUALIFIED COMMERCIAL STRUCTURE ONLY TO INDIVIDUALS23
	365	+	OR HOUSEHOLDS WHOSE INCOME IS BELOW A SPECIFIED AMOUNT , THEN24
	366	+	THE AMOUNT OF THE TAX CREDIT SPECIFIED IN SUBSECTION (8)(b) OF THIS25
	367	+	SECTION, AS INCREASED PURSUANT TO SUBSECTION (8)(c)(III) OR26
	368	+	(8)(c)(IV)
	369	+	OF THIS SECTION, IF APPLICABLE, IS INCREASED BY AN27
	370	+	1314
	371	+	-11- ADDITIONAL FIVE PERCENT.1
	372	+	(f) Notwithstanding any other provision of law, a taxpayer may2
	373	+	claim the benefits offered by either subsection (8)(c)(III) or (8)(c)(IV) of3
	374	+	this section but shall not claim the benefits offered by both subsections4
	375	+	(8)(c)(III) and (8)(c)(IV) of this section.5
	376	+	(11) Residential and commercial. (a) F
	377	+	OR TAX YEARS6
	378	+	COMMENCING PRIOR TO JANUARY 1, 2027, the entire tax credit to be issued7
	379	+	under this section for either a qualified residential structure or a qualified8
	380	+	commercial structure may be claimed by the owner in the taxable year in9
	381	+	which the certified rehabilitation is placed in service. If the amount of the10
	382	+	credit allowed under this section exceeds the amount of income taxes11
	383	+	otherwise due on the income of the owner in the income tax year for12
	384	+	which the credit is being claimed, the amount of the credit not used as an13
	385	+	offset against income taxes in said income tax year may be carried14
	386	+	forward as a credit against subsequent years' income tax liability for a15
	387	+	period not to exceed ten years and will be applied to the earliest income16
	388	+	tax years possible. Any amount of the credit that is not used after such17
	389	+	period shall not be refunded to the owner.18
329	390		(b) (I) F
330		-	OR TAX YEARS COMMENCING ON OR AFTER JANUARY 1, ~~2027,~~
331		-	~~THE ENTIRE TAX CREDIT TO BE ISSUED UNDER THIS SECTION FOR EITHER A~~
332		-	~~QUALIFIED RESIDENTIAL STRUCTURE OR A QUALIFIED COMMERCIAL~~
333		-	STRUCTURE ~~MAY BE CLAIMED BY THE OWNER IN THE TAX YEAR IN WHICH THE~~
334		-	~~CERTIFIED REHABILITATION IS PLACED~~ IN ~~SERVICE~~
335		-	.
	391	+	OR TAX YEARS COMMENCING ON OR AFTER JANUARY 1,19
	392	+	2027,
	393	+	THE ENTIRE TAX CREDIT TO BE ISSUED UNDER THIS SECTION FOR20
	394	+	EITHER A QUALIFIED RESIDENTIAL STRUCTURE OR A QUALIFIED21
	395	+	COMMERCIAL STRUCTURE MAY BE CLAIMED BY THE OWNER IN THE TAX22
	396	+	YEAR IN WHICH THE CERTIFIED REHABILITATION IS PLACED IN SERVICE .23
336	397		(II) I
337		-	F THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SECTION
338		-	FOR A QUALIFIED COMMERCIAL STRUCTURE
339		-	, BUT NOT A QUALIFIED
340		-	RESIDENTIAL STRUCTURE
341		-	, EXCEEDS THE AMOUNT OF INCOME TAXES
342		-	OTHERWISE DUE ON THE INCOME OF THE OWNER IN THE INCOME TAX YEAR
343		-	PAGE 8-HOUSE BILL 24-1314 FOR WHICH THE CREDIT IS BEING CLAIMED, THE AMOUNT OF THE CREDIT NOT
344		-	USED AS AN OFFSET AGAINST INCOME TAXES IN SAID INCOME TAX YEAR MAY
345		-	BE CARRIED FORWARD AS A CREDIT AGAINST SUBSEQUENT YEARS
346		-	' INCOME
347		-	TAX LIABILITY FOR A PERIOD NOT TO EXCEED TEN YEARS AND SHALL BE
348		-	APPLIED TO THE EARLIEST INCOME TAX YEARS POSSIBLE
349		-	. ANY AMOUNT OF
350		-	THE CREDIT THAT IS NOT USED AFTER SUCH PERIOD SHALL NOT BE REFUNDED
351		-	TO THE OWNER
352		-	.
	398	+	F THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SECTION24
	399	+	FOR A QUALIFIED COMMERCIAL STRUCTURE , BUT NOT A QUALIFIED25
	400	+	RESIDENTIAL STRUCTURE, EXCEEDS THE AMOUNT OF INCOME TAXES26
	401	+	OTHERWISE DUE ON THE INCOME OF THE OWNER IN THE INCOME TAX YEAR27
	402	+	1314
	403	+	-12- FOR WHICH THE CREDIT IS BEING CLAIMED , THE AMOUNT OF THE CREDIT1
	404	+	NOT USED AS AN OFFSET AGAINST INCOME TAXES IN SAID INCOME TAX2
	405	+	YEAR MAY BE CARRIED FORWARD AS A CREDIT AGAINST SUBSEQUENT3
	406	+	YEARS' INCOME TAX LIABILITY FOR A PERIOD NOT TO EXCEED TEN YEARS4
	407	+	AND SHALL BE APPLIED TO THE EARLIEST INCOME TAX YEARS POSSIBLE .5
	408	+	A
	409	+	NY AMOUNT OF THE CREDIT THAT IS NOT USED AFTER SUCH PERIOD6
	410	+	SHALL NOT BE REFUNDED TO THE OWNER .7
353	411		(III) I
354		-	F THE AMOUNT OF THE CREDIT ALLOWED UNDER ~~THIS SECTION~~
355		-	FOR A QUALIFIED RESIDENTIAL STRUCTURE
356		-	, ~~BUT NOT A QUALIFIED~~
357		-	~~COMMERCIAL STRUCTURE~~
358		-	~~, EXCEEDS~~ THE ~~AMOUNT OF INCOME TAXES~~
359		-	~~OTHERWISE DUE ON THE INCOME~~ OF THE ~~QUALIFIED APPLICANT IN THE~~
360		-	INCOME TAX YEAR ~~FOR WHICH~~ THE ~~CREDIT IS BEING CLAIMED~~
361		-	~~, THE~~ AMOUNT
362		-	~~OF THE CREDIT NOT USED AS AN OFFSET AGAINST INCOME TAXES IN THE~~
363		-	~~INCOME~~ TAX ~~YEAR IS REFUNDED TO THE~~ QUALIFIED ~~APPLICANT~~
364		-	.
365		-	(12) ~~Limit on aggregate amount of all tax credits that may be~~
366		-	~~reserved for qualified commercial structures - assignability and~~
367		-	~~transferability of tax credits for qualified commercial structures - tax~~
368		-	~~preference performance statement - legislative declaration.~~ (a) ~~Except~~
369		-	~~as otherwise provided~~ in ~~this subsection (12)~~
370		-	~~SUBSECTIONS (12)(a.5) AND~~
371		-	~~(12)(b)~~ OF ~~THIS SECTION, the aggregate amount of all tax credits in any tax~~
372		-	~~CALENDAR year that may be reserved~~ for ~~qualified commercial structures by~~
373		-	~~the office upon the certification of all rehabilitation plans under subsection~~
374		-	(~~7)(a~~) ~~of this section~~ for ~~such~~ structures ~~must not exceed:~~
375		-	~~(III) For qualified commercial structures estimating qualified~~
376		-	~~rehabilitation expenditures in any amount~~, ~~ten million dollars in the~~
377		-	~~aggregate for each of the 2020 through 2029~~
378		-	~~2032 calendar years,~~ in
379		-	~~addition to~~ the ~~amount of any previously reserved tax credits that were~~
380		-	~~rescinded under subsection (8)(a)~~ of ~~this section during~~ the ~~applicable~~
381		-	~~calendar~~ year~~; except~~ that ~~the aggregate amount of~~ the ~~ten million dollars~~
382		-	~~in tax credits in any tax year that may be reserved by the office must be~~
383		-	~~equally split between~~ qualified ~~commercial structures for which the~~
384		-	~~estimated~~ qualified ~~rehabilitation expenditures are equal to or less than two~~
385		-	~~million dollars and~~ qualified ~~commercial structures for which the estimated~~
386		-	~~qualified rehabilitation expenditures are in excess of two~~ million dollars.
	412	+	F THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS8
	413	+	SECTION FOR A QUALIFIED RESIDENTIAL STRUCTURE, BUT NOT A QUALIFIED9
	414	+	COMMERCIAL STRUCTURE , EXCEEDS THE AMOUNT OF INCOME TAXES10
	415	+	OTHERWISE DUE ON THE INCOME OF THE QUALIFIED APPLICANT IN THE11
	416	+	INCOME TAX YEAR FOR WHICH THE CREDIT IS BEING CLAIMED , THE12
	417	+	AMOUNT OF THE CREDIT NOT USED AS AN OFFSET AGAINST INCOME TAXES13
	418	+	IN THE INCOME TAX YEAR IS REFUNDED TO THE QUALIFIED APPLICANT .14
	419	+	(12) Limit on aggregate amount of all tax credits that may be15
	420	+	reserved for qualified commercial structures - assignability and16
	421	+	transferability of tax credits for qualified commercial structures - tax17
	422	+	preference performance statement - legislative declaration.18
	423	+	(a) Except as otherwise provided in this subsection (12)
	424	+	SUBSECTIONS19
	425	+	(12)(a.5)
	426	+	AND (12)(b) OF THIS SECTION, the aggregate amount of all tax20
	427	+	credits in any tax
	428	+	CALENDAR year that may be reserved for qualified21
	429	+	commercial structures by the office upon the certification of all22
	430	+	rehabilitation plans under subsection (7)(a) of this section for such23
	431	+	structures must not exceed:24
	432	+	(III) For qualified commercial structures estimating qualified25
	433	+	rehabilitation expenditures in any amount, ten million dollars in the26
	434	+	aggregate for each of the 2020 through 2029 2032 calendar years, in27
	435	+	1314
	436	+	-13- addition to the amount of any previously reserved tax credits that were1
	437	+	rescinded under subsection (8)(a) of this section during the applicable2
	438	+	calendar year; except that the aggregate amount of the ten million dollars3
	439	+	in tax credits in any tax year that may be reserved by the office must be4
	440	+	equally split between qualified commercial structures for which the5
	441	+	estimated qualified rehabilitation expenditures are equal to or less than6
	442	+	two million dollars and qualified commercial structures for which the7
	443	+	estimated qualified rehabilitation expenditures are in excess of two8
	444	+	million dollars.9
387	445		(a.5) F
388		-	OR CALENDAR YEARS COMMENCING ON OR AFTER JANUARY 1,
389		-	2025,
390		-	BUT BEFORE JANUARY 1, 2030, IN ADDITION TO THE TAX CREDITS
391		-	PAGE 9-HOUSE BILL 24-1314 ALLOWED TO BE RESERVED BY THE OFFICE PURSUANT TO SUBSECTION (12)(a)
392		-	OF THIS SECTION, THE OFFICE SHALL SEPARATELY RESERVE CREDITS
393		-	PURSUANT TO THIS SUBSECTION
394		-	(12)(a.5) FOR AN OWNER OF A QUALIFIED
395		-	COMMERCIAL STRUCTURE THAT SUBMITS AN APPLICATION AND
396		-	REHABILITATION PLAN FOR REHABILITATION OF THE QUALIFIED COMMERCIAL
397		-	STRUCTURE SO THAT AT LEAST FIFTY PERCENT OF THE SQUARE FOOTAGE OF
398		-	THE QUALIFIED COMMERCIAL STRUCTURE WILL BE NET NEW RENTAL
399		-	HOUSING UNITS
400		-	, AS DEFINED BY THE OFFICE . EXCEPT AS OTHERWISE
401		-	PROVIDED IN SUBSECTION
402		-	(12)(b) OF THIS SECTION, THE AGGREGATE
403		-	AMOUNT OF ALL TAX CREDITS IN ANY CALENDAR YEAR THAT MAY BE
404		-	RESERVED PURSUANT TO THIS SUBSECTION
405		-	(12)(a.5) FOR QUALIFIED
406		-	COMMERCIAL STRUCTURES BY THE OFFICE UPON THE CERTIFICATION OF ALL
407		-	REHABILITATION PLANS UNDER SUBSECTION
408		-	(7)(a) OF THIS SECTION FOR
409		-	SUCH STRUCTURES MUST NOT EXCEED FIVE MILLION DOLLARS PER YEAR IN
410		-	THE AGGREGATE
411		-	, IN ADDITION TO THE AMOUNT OF ANY PREVIOUSLY
412		-	RESERVED TAX CREDITS THAT WERE RESCINDED UNDER SUBSECTION
413		-	(8)(a)
414		-	OF THIS SECTION DURING THE APPLICABLE CALENDAR YEAR .
415		-	(b) Notwithstanding any other provision of this subsection (12), if
416		-	the entirety of the allowable tax credit amount for any tax CALENDAR year
417		-	is not requested and reserved under:
418		-	(I) Subsection (12)(a) of this section, the office may use any such
419		-	unreserved tax credits in reserving tax credits in another category for that
420		-	same income tax
421		-	CALENDAR year, and the office may also use any remaining
422		-	unreserved tax credits for that tax CALENDAR year in reserving tax credits
423		-	in subsequent income tax CALENDAR years; OR
424		-	(II) SUBSECTION (12)(a.5) OF THIS SECTION, THE OFFICE SHALL USE
425		-	ANY REMAINING UNRESERVED TAX CREDITS FOR THAT CALENDAR YEAR IN
426		-	RESERVING TAX CREDITS IN SUBSEQUENT CALENDAR YEARS
427		-	.
428		-	(14) Deadline for submitting application and rehabilitation plan.
429		-	Notwithstanding any other provision of this section, the tax credits
430		-	authorized by this section for the substantial rehabilitation of a qualified
431		-	structure are not available to an owner of a qualified structure that submits
432		-	an application and rehabilitation plan after December 31, 2029.
433		-	DECEMBER
434		-	31, 2032. No action or inaction on the part of the general assembly has the
435		-	effect of limiting or suspending the issuing of tax credits authorized by this
436		-	section in any past or future income tax year with respect to a qualified
437		-	PAGE 10-HOUSE BILL 24-1314 structure if the owner of the structure submits an application and
438		-	rehabilitation plan with the office on or prior to December 31, 2029
439		-	DECEMBER 31, 2032, even if the qualified structure is placed into service
440		-	after December 31, 2029, DECEMBER 31, 2032. Any tax credits that have
441		-	been reserved for a qualified commercial structure in accordance with
442		-	subsection (7)(a) of this section and any applicable rules promulgated under
443		-	this section prior to December 31, 2029
444		-	DECEMBER 31, 2032, may still be
445		-	issued by the office through and including December 31, 2032 DECEMBER
446		-	31, 2036.
	446	+	OR CALENDAR YEARS COMMENCING ON OR AFTER JANUARY10
	447	+	1,
	448	+	2025, BUT BEFORE JANUARY 1, 2030, IN ADDITION TO THE TAX CREDITS11
	449	+	ALLOWED TO BE RESERVED BY THE OFFICE PURSUANT TO SUBSECTION12
	450	+	(12)(a)
	451	+	OF THIS SECTION, THE OFFICE SHALL SEPARATELY RESERVE13
	452	+	CREDITS PURSUANT TO THIS SUBSECTION (12)(a.5) FOR AN OWNER OF A14
	453	+	QUALIFIED COMMERCIAL STRUCTURE THAT SUBMITS AN APPLICATION AND15
	454	+	REHABILITATION PLAN FOR REHABILITATION OF THE QUALIFIED16
	455	+	COMMERCIAL STRUCTURE SO THAT AT LEAST FIFTY PERCENT OF THE17
	456	+	SQUARE FOOTAGE OF THE QUALIFIED COMMERCIAL STRUCTURE WILL BE18
	457	+	NET NEW RENTAL HOUSING UNITS, AS DEFINED BY THE OFFICE. EXCEPT AS19
	458	+	OTHERWISE PROVIDED IN SUBSECTION (12)(b) OF THIS SECTION, THE20
	459	+	AGGREGATE AMOUNT OF ALL TAX CREDITS IN ANY CALENDAR YEAR THAT21
	460	+	MAY BE RESERVED PURSUANT TO THIS SUBSECTION (12)(a.5) FOR22
	461	+	QUALIFIED COMMERCIAL STRUCTURES BY THE OFFICE UPON THE23
	462	+	CERTIFICATION OF ALL REHABILITATION PLANS UNDER SUBSECTION (7)(a)24
	463	+	OF THIS SECTION FOR SUCH STRUCTURES MUST NOT EXCEED FIVE MILLION25
	464	+	DOLLARS PER YEAR IN THE AGGREGATE , IN ADDITION TO THE AMOUNT OF26
	465	+	ANY PREVIOUSLY RESERVED TAX CREDITS THAT WERE RESCINDED UNDER27
	466	+	1314
	467	+	-14- SUBSECTION (8)(a) OF THIS SECTION DURING THE APPLICABLE CALENDAR1
	468	+	YEAR.2
	469	+	(b) Notwithstanding any other provision of this subsection (12),3
	470	+	if the entirety of the allowable tax credit amount for any tax CALENDAR4
	471	+	year is not requested and reserved under:5
	472	+	(I) Subsection (12)(a) of this section, the office may use any such6
	473	+	unreserved tax credits in reserving tax credits in another category for that7
	474	+	same income tax CALENDAR year, and the office may also use any8
	475	+	remaining unreserved tax credits for that tax CALENDAR year in reserving9
	476	+	tax credits in subsequent income tax CALENDAR years; OR10
	477	+	(II) S
	478	+	UBSECTION (12)(a.5) OF THIS SECTION, THE OFFICE SHALL USE11
	479	+	ANY REMAINING UNRESERVED TAX CREDITS FOR THAT CALENDAR YEAR IN12
	480	+	RESERVING TAX CREDITS IN SUBSEQUENT CALENDAR YEARS .13
	481	+	(14) Deadline for submitting application and rehabilitation14
	482	+	plan. Notwithstanding any other provision of this section, the tax credits15
	483	+	authorized by this section for the substantial rehabilitation of a qualified16
	484	+	structure are not available to an owner of a qualified structure that17
	485	+	submits an application and rehabilitation plan after December 31, 2029.
	486	+	18
	487	+	D
	488	+	ECEMBER 31, 2032. No action or inaction on the part of the general19
	489	+	assembly has the effect of limiting or suspending the issuing of tax credits20
	490	+	authorized by this section in any past or future income tax year with21
	491	+	respect to a qualified structure if the owner of the structure submits an22
	492	+	application and rehabilitation plan with the office on or prior to December
	493	+	23
	494	+	31, 2029 DECEMBER 31, 2032, even if the qualified structure is placed24
	495	+	into service after December 31, 2029, DECEMBER 31, 2032. Any tax25
	496	+	credits that have been reserved for a qualified commercial structure in26
	497	+	accordance with subsection (7)(a) of this section and any applicable rules27
	498	+	1314
	499	+	-15- promulgated under this section prior to December 31, 2029 DECEMBER1
	500	+	31,
	501	+	2032, may still be issued by the office through and including2
	502	+	December 31, 2032
	503	+	DECEMBER 31, 2036.3
447	504		(16) Tax preference performance statement. (a) I
448		-	N ACCORDANCE
449		-	WITH SECTION
450		-	39-21-304 (1), WHICH REQUIRES EACH BILL THAT CREATES A
451		-	NEW TAX EXPENDITURE OR EXTENDS AN EXPIRING TAX EXPENDITURE TO
452		-	INCLUDE A TAX PREFERENCE PERFORMANCE STATEMENT AS PART OF A
453		-	STATUTORY LEGISLATIVE DECLARATION
454		-	, THE GENERAL ASSEMBLY DECLARES
455		-	THAT THE GENERAL PURPOSES OF THE TAX CREDIT CREATED IN THIS SECTION
456		-	ARE TO INDUCE CERTAIN DESIGNATED BEHAVIOR BY TAXPAYERS AND TO
457		-	PROVIDE TAX RELIEF FOR CERTAIN BUSINESSES OR INDIVIDUALS
458		-	. THE
459		-	SPECIFIC PURPOSES OF THE TAX CREDIT ARE TO PROVIDE AN INCENTIVE TO
460		-	TAXPAYERS TO REHABILITATE QUALIFIED STRUCTURES IN A WAY THAT
461		-	INCREASES THE NUMBER OF NET NEW RENTAL HOUSING UNITS IN THE STATE
462		-	AND TO PROVIDE A GREATER INCENTIVE FOR TAXPAYERS WHO DEVELOP
463		-	SUCH UNITS FOR RENTAL TO LOW
464		-	- AND MODERATE-INCOME RENTERS WHO
465		-	NEED AFFORDABLE AND MIDDLE
466		-	-INCOME HOUSING.
	505	+	N4
	506	+	ACCORDANCE WITH SECTION 39-21-304 (1), WHICH REQUIRES EACH BILL5
	507	+	THAT CREATES A NEW TAX EXPENDITURE OR EXTENDS AN EXPIRING TAX6
	508	+	EXPENDITURE TO INCLUDE A TAX PREFERENCE PERFORMANCE STATEMENT7
	509	+	AS PART OF A STATUTORY LEGISLATIVE DECLARATION , THE GENERAL8
	510	+	ASSEMBLY DECLARES THAT THE GENERAL PURPOSES OF THE TAX CREDIT9
	511	+	CREATED IN THIS SECTION ARE TO INDUCE CERTAIN DESIGNATED BEHAVIOR10
	512	+	BY TAXPAYERS AND TO PROVIDE TAX RELIEF FOR CERTAIN BUSINESSES OR11
	513	+	INDIVIDUALS. THE SPECIFIC PURPOSES OF THE TAX CREDIT ARE TO PROVIDE12
	514	+	AN INCENTIVE TO TAXPAYERS TO REHABILITATE QUALIFIED STRUCTURES13
	515	+	IN A WAY THAT INCREASES THE NUMBER OF NET NEW RENTAL HOUSING14
	516	+	UNITS IN THE STATE AND TO PROVIDE A GREATER INCENTIVE FOR15
	517	+	TAXPAYERS WHO DEVELOP SUCH UNITS FOR RENTAL TO LOW - AND16
	518	+	MODERATE-INCOME RENTERS WHO NEED AFFORDABLE AND17
	519	+	MIDDLE-INCOME HOUSING.18
467	520		(b) T
468		-	HE GENERAL ASSEMBLY AND THE STATE AUDITOR SHALL
469		-	MEASURE THE EFFECTIVENESS OF THE TAX CREDIT IN ACHIEVING THE
470		-	PURPOSES SPECIFIED IN SUBSECTION
471		-	(16)(a) OF THIS SECTION BASED ON THE
472		-	INFORMATION REQUIRED TO BE MAINTAINED AND REPORTED BY THE OFFICE
473		-	TO THE STATE AUDITOR PURSUANT TO SUBSECTION
474		-	(16)(c) OF THIS SECTION.
	521	+	HE GENERAL ASSEMBLY AND THE STATE AUDITOR SHALL19
	522	+	MEASURE THE EFFECTIVENESS OF THE TAX CREDIT IN ACHIEVING THE20
	523	+	PURPOSES SPECIFIED IN SUBSECTION (16)(a) OF THIS SECTION BASED ON21
	524	+	THE INFORMATION REQUIRED TO BE MAINTAINED AND REPORTED BY THE22
	525	+	OFFICE TO THE STATE AUDITOR PURSUANT TO SUBSECTION (16)(c) OF THIS23
	526	+	SECTION.24
475	527		(c) T
476		-	HE OFFICE SHALL MAINTAIN A DATABASE OF ANY INFORMATION
477		-	DETERMINED NECESSARY BY THE OFFICE TO EVALUATE THE EFFECTIVENESS
478		-	OF THE INCOME TAX CREDIT ALLOWED IN THIS SECTION IN MEETING THE
479		-	PURPOSES SET FORTH IN SUBSECTION
480		-	(16)(a) OF THIS SECTION AND SHALL
481		-	PROVIDE SUCH INFORMATION
482		-	, WHICH MUST INCLUDE THE NUMBER AND
483		-	VALUE OF TAX CREDITS CLAIMED PURSUANT TO THIS SECTION
484		-	, THE NUMBER
485		-	OF NET NEW RENTAL UNITS DEVELOPED
486		-	, INCLUDING THE NUMBER OF SUCH
487		-	UNITS DEVELOPED FOR RENTAL ONLY TO LOW
488		-	- AND MODERATE-INCOME
489		-	RENTERS
490		-	, THROUGH THE REHABILITATION OF QUALIFIED COMMERCIAL OR
491		-	PAGE 11-HOUSE BILL 24-1314 RESIDENTIAL STRUCTURES FOR WHICH TAX CREDITS WERE ALLOWED
492		-	PURSUANT TO THIS SECTION
493		-	, AND, IF AVAILABLE, ANY OTHER INFORMATION
494		-	THAT MAY BE NEEDED
495		-	, TO THE STATE AUDITOR AS PART OF THE STATE
496		-	AUDITOR
497		-	'S EVALUATION OF THE TAX CREDIT REQUIRED BY SECTION
498		-	39-21-305.
499		-	(17) Commercial historic preservation tax credit program cash
500		-	fund. (a) T
501		-	HE COMMERCIAL HISTORIC PRESERVATION TAX CREDIT PROGRAM
502		-	CASH FUND IS CREATED IN THE STATE TREASURY
503		-	. THE FUND CONSISTS OF
504		-	GIFTS
505		-	, GRANTS, DONATIONS, FEE REVENUE CREDITED TO THE FUND
506		-	PURSUANT TO SUBSECTION
507		-	(6) OF THIS SECTION, AND ANY OTHER MONEY
508		-	THAT THE GENERAL ASSEMBLY MAY APPROPRIATE
509		-	, TRANSFER, OR REQUIRE
510		-	BY LAW TO BE CREDITED TO THE FUND
511		-	.
512		-	(b) T
513		-	HE STATE TREASURER SHALL CREDIT ALL INTEREST AND INCOME
514		-	DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE
515		-	COMMERCIAL HISTORIC PRESERVATION TAX CREDIT PROGRAM CASH FUND TO
516		-	THE FUND
517		-	.
518		-	(c) M
519		-	ONEY IN THE FUND IS CONTINUOUSLY APPROPRIATED TO THE
520		-	OFFICE FOR THE PURPOSE OF ADMINISTERING THE TAX CREDIT ISSUED
521		-	PURSUANT TO THIS SECTION
522		-	.
523		-	(d) T
524		-	HE STATE TREASURER SHALL TRANSFER ALL UNEXPENDED AND
525		-	UNENCUMBERED MONEY IN THE FUND ON
526		-	DECEMBER 31, 2051, TO THE
527		-	GENERAL FUND
528		-	.
529		-	SECTION 2. In Colorado Revised Statutes, 24-75-402, amend
530		-	(5)(ccc) and (5)(ddd); and add (5)(fff) as follows:
531		-	24-75-402. Cash funds - limit on uncommitted reserves -
532		-	reduction in the amount of fees - exclusions - definitions.
533		-	(5) Notwithstanding any provision of this section to the contrary, the
534		-	following cash funds are excluded from the limitations specified in this
535		-	section:
536		-	(ccc) The wildfire resiliency code board cash fund created in section
537		-	24-33.5-1236 (8); and
538		-	(ddd) The closed landfill remediation grant program fund created in
539		-	PAGE 12-HOUSE BILL 24-1314 section 30-20-124 (8); AND
540		-	(fff) THE COMMERCIAL HISTORIC PRESERVATION TAX CREDIT
541		-	PROGRAM CASH FUND CREATED IN SECTION
542		-	39-22-514.5 (17).
543		-	SECTION 3. Appropriation. (1) For the 2024-25 state fiscal year,
544		-	$74,244 is appropriated to the office of the governor for use by economic
545		-	development programs. This appropriation is from the general fund and is
546		-	based on an assumption that the office will require an additional 0.4 FTE.
547		-	To implement this act, the office may use this appropriation for the
548		-	economic development commission - general economic incentives and
549		-	marketing.
550		-	(2) For the 2024-25 state fiscal year, $54,419 is appropriated to the
551		-	department of higher education for use by history Colorado. This
552		-	appropriation is from the general fund and is based on an assumption that
553		-	the department will require an additional 0.4 FTE. To implement this act,
554		-	the department may use this appropriation for the office of archeology and
555		-	historic preservation.
556		-	SECTION 4. Act subject to petition - effective date. This act
557		-	takes effect at 12:01 a.m. on the day following the expiration of the
558		-	ninety-day period after final adjournment of the general assembly; except
559		-	that, if a referendum petition is filed pursuant to section 1 (3) of article V
560		-	of the state constitution against this act or an item, section, or part of this act
561		-	within such period, then the act, item, section, or part will not take effect
562		-	unless approved by the people at the general election to be held in
563		-	PAGE 13-HOUSE BILL 24-1314 November 2024 and, in such case, will take effect on the date of the official
564		-	declaration of the vote thereon by the governor.
565		-	____________________________ ____________________________
566		-	Julie McCluskie Steve Fenberg
567		-	SPEAKER OF THE HOUSE PRESIDENT OF
568		-	OF REPRESENTATIVES THE SENATE
569		-	____________________________ ____________________________
570		-	Robin Jones Cindi L. Markwell
571		-	CHIEF CLERK OF THE HOUSE SECRETARY OF
572		-	OF REPRESENTATIVES THE SENATE
573		-	APPROVED________________________________________
574		-	(Date and Time)
575		-	_________________________________________
576		-	Jared S. Polis
577		-	GOVERNOR OF THE STATE OF COLORADO
578		-	PAGE 14-HOUSE BILL 24-1314
	528	+	HE OFFICE SHALL MAINTAIN A DATABASE OF ANY25
	529	+	INFORMATION DETERMINED NECESSARY BY THE OFFICE TO EVALUATE THE26
	530	+	EFFECTIVENESS OF THE INCOME TAX CREDIT ALLOWED IN THIS SECTION IN27
	531	+	1314
	532	+	-16- MEETING THE PURPOSES SET FORTH IN SUBSECTION (16)(a) OF THIS1
	533	+	SECTION AND SHALL PROVIDE SUCH INFORMATION , WHICH MUST INCLUDE2
	534	+	THE NUMBER AND VALUE OF TAX CREDITS CLAIMED PURSUANT TO THIS3
	535	+	SECTION, THE NUMBER OF NET NEW RENTAL UNITS DEVELOPED , INCLUDING4
	536	+	THE NUMBER OF SUCH UNITS DEVELOPED FOR RENTAL ONLY TO LOW - AND5
	537	+	MODERATE-INCOME RENTERS, THROUGH THE REHABILITATION OF6
	538	+	QUALIFIED COMMERCIAL OR RESIDENTIAL STRUCTURES FOR WHICH TAX7
	539	+	CREDITS WERE ALLOWED PURSUANT TO THIS SECTION , AND, IF AVAILABLE,8
	540	+	ANY OTHER INFORMATION THAT MAY BE NEEDED , TO THE STATE AUDITOR9
	541	+	AS PART OF THE STATE AUDITOR 'S EVALUATION OF THE TAX CREDIT10
	542	+	REQUIRED BY SECTION 39-21-305.11
	543	+	(17) Commercial historic preservation tax credit program12
	544	+	cash fund. (a) THE COMMERCIAL HISTORIC PRESERVATION TAX CREDIT13
	545	+	PROGRAM CASH FUND IS CREATED IN THE STATE TREASURY . THE FUND14
	546	+	CONSISTS OF GIFTS, GRANTS, DONATIONS, FEE REVENUE CREDITED TO THE15
	547	+	FUND PURSUANT TO SUBSECTION (6) OF THIS SECTION, AND ANY OTHER16
	548	+	MONEY THAT THE GENERAL ASSEMBLY MAY APPROPRIATE, TRANSFER, OR17
	549	+	REQUIRE BY LAW TO BE CREDITED TO THE FUND .18
	550	+	(b) THE STATE TREASURER SHALL CREDIT ALL INTEREST AND19
	551	+	INCOME DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE20
	552	+	COMMERCIAL HISTORIC PRESERVATION TAX CREDIT PROGRAM CASH FUND21
	553	+	TO THE FUND.22
	554	+	(c) MONEY IN THE FUND IS CONTINUOUSLY APPROPRIATED TO THE23
	555	+	OFFICE FOR THE PURPOSE OF ADMINISTERING THE TAX CREDIT ISSUED24
	556	+	PURSUANT TO THIS SECTION.25
	557	+	(d) THE STATE TREASURER SHALL TRANSFER ALL UNEXPENDED26
	558	+	AND UNENCUMBERED MONEY IN THE FUND ON DECEMBER 31, 2051, TO27
	559	+	1314
	560	+	-17- THE GENERAL FUND.1
	561	+	SECTION 2. In Colorado Revised Statutes, 24-75-402, amend2
	562	+	(5)(ccc) and (5)(ddd); and add (5)(eee) as follows:3
	563	+	24-75-402. Cash funds - limit on uncommitted reserves -4
	564	+	reduction in the amount of fees - exclusions - definitions.5
	565	+	(5) Notwithstanding any provision of this section to the contrary, the6
	566	+	following cash funds are excluded from the limitations specified in this7
	567	+	section:8
	568	+	(ccc) The wildfire resiliency code board cash fund created in9
	569	+	section 24-33.5-1236 (8); and10
	570	+	(ddd) The closed landfill remediation grant program fund created11
	571	+	in section 30-20-124 (8); AND12
	572	+	(eee) THE COMMERCIAL HISTORIC PRESERVATION TAX CREDIT13
	573	+	PROGRAM CASH FUND CREATED IN SECTION 39-22-514.5 (17).14
	574	+	SECTION 3. Appropriation. (1) For the 2024-25 state fiscal15
	575	+	year, $74,244 is appropriated to the office of the governor for use by16
	576	+	economic development programs. This appropriation is from the general17
	577	+	fund and is based on an assumption that the office will require an18
	578	+	additional 0.4 FTE. To implement this act, the office may use this19
	579	+	appropriation for the economic development commission - general20
	580	+	economic incentives and marketing.21
	581	+	(2) For the 2024-25 state fiscal year, $54,419 is appropriated to22
	582	+	the department of higher education for use by history Colorado. This23
	583	+	appropriation is from the general fund and is based on an assumption that24
	584	+	the department will require an additional 0.4 FTE. To implement this act,25
	585	+	the department may use this appropriation for the office of archeology26
	586	+	and historic preservation.27
	587	+	1314
	588	+	-18- SECTION 4. Act subject to petition - effective date. This act1
	589	+	takes effect at 12:01 a.m. on the day following the expiration of the2
	590	+	ninety-day period after final adjournment of the general assembly; except3
	591	+	that, if a referendum petition is filed pursuant to section 1 (3) of article V4
	592	+	of the state constitution against this act or an item, section, or part of this5
	593	+	act within such period, then the act, item, section, or part will not take6
	594	+	effect unless approved by the people at the general election to be held in7
	595	+	November 2024 and, in such case, will take effect on the date of the8
	596	+	official declaration of the vote thereon by the governor.9
	597	+	1314
	598	+	-19-