Colorado 2024 Regular Session

Colorado Senate Bill SB126 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. 24-0505.01 Jed Franklin x5484
1	8		SENATE BILL 24-126
2		-	BY SENATOR(S) Will and Winter F., Pelton R., Roberts, Bridges, Cutter,
3		-	Fields, Gardner, Hansen, Kirkmeyer, Kolker, Liston, Lundeen, Marchman,
4		-	Priola, Rodriguez, Smallwood, Zenzinger, Fenberg;
5		-	also REPRESENTATIVE(S) Lukens and Lynch, Armagost, Hartsook,
6		-	Martinez, Velasco, Amabile, Bird, Boesenecker, Brown, Daugherty, Duran,
7		-	English, Hamrick, Jodeh, Joseph, Lieder, Lindstedt, Marvin, Mauro,
8		-	McCormick, McLachlan, Ricks, Snyder, Soper, Story, Taggart, Weinberg,
9		-	Young, McCluskie.
	9	+	Senate Committees House Committees
	10	+	Agriculture & Natural Resources Agri culture, Water & Natural Resources
	11	+	Finance Finance
	12	+	Appropriations Appropriations
	13	+	A BILL FOR AN ACT
10	14		C
11		-	ONCERNING THE CONSERVATION EASEMENT INCOME TAX CREDIT , AND, IN
12		-	CONNECTION THEREWITH
13		-	, EXTENDING THE CONSERVATION EASEMENT
14		-	OVERSIGHT COMMISSION AND THE CERTIFIED HOLDER PROGRAM
15		-	INDEFINITELY
16		-	, INCREASING THE LIMIT ON CONSERVATION EASEMENT
17		-	INCOME TAX CREDITS AVAILABLE TO DONORS IN ONE CALENDAR
18		-	YEAR
19		-	, ALLOWING MULTIPLE TRANSFERS OF CONSERVATION
20		-	EASEMENT INCOME TAX CREDITS
21		-	, AND MAKING AN APPROPRIATION .
22		-
23		-	Be it enacted by the General Assembly of the State of Colorado:
	15	+	ONCERNING THE CONSERVATION EASEMENT INCOME TAX CREDIT ,101
	16	+	AND, IN CONNECTION THEREWITH , EXTENDING THE102
	17	+	CONSERVATION EASEMENT OV ERSIGHT COMMISSION AND THE103
	18	+	CERTIFIED HOLDER PROGRAM INDEFINITELY , INCREASING THE104
	19	+	LIMIT ON CONSERVATION EA SEMENT INCOME TAX CREDITS105
	20	+	AVAILABLE TO DONORS IN ONE CALENDAR YEAR ,
	21	+	ALLOWING106
	22	+	MULTIPLE TRANSFERS OF CONSERVATION EASEMENT INCOME107
	23	+	TAX CREDITS, AND MAKING AN APPROPRIATION .108
	24	+	Bill Summary
	25	+	(Note: This summary applies to this bill as introduced and does
	26	+	not reflect any amendments that may be subsequently adopted. If this bill
	27	+	passes third reading in the house of introduction, a bill summary that
	28	+	applies to the reengrossed version of this bill will be available at
	29	+	HOUSE
	30	+	3rd Reading Unamended
	31	+	May 7, 2024
	32	+	HOUSE
	33	+	Amended 2nd Reading
	34	+	May 6, 2024
	35	+	SENATE
	36	+	3rd Reading Unamended
	37	+	April 17, 2024
	38	+	SENATE
	39	+	Amended 2nd Reading
	40	+	April 16, 2024
	41	+	SENATE SPONSORSHIP
	42	+	Will and Winter F., Pelton R., Roberts, Bridges, Cutter, Fenberg, Fields, Hansen, Kolker,
	43	+	Marchman, Priola, Rodriguez
	44	+	HOUSE SPONSORSHIP
	45	+	Lukens and Lynch, Armagost, Hartsook, Martinez, Velasco, Amabile, Bird, Boesenecker,
	46	+	Brown, Daugherty, Duran, English, Hamrick, Jodeh, Joseph, Lieder, Lindstedt, Marvin,
	47	+	Mauro, McCluskie, McCormick, McLachlan, Ricks, Snyder, Soper, Story, Taggart,
	48	+	Weinberg, Young
	49	+	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
	50	+	Capital letters or bold & italic numbers indicate new material to be added to existing law.
	51	+	Dashes through the words or numbers indicate deletions from existing law. http://leg.colorado.gov.)
	52	+	Under current law, the conservation easement oversight
	53	+	commission (commission) and the certified holder program (program) are
	54	+	repealed on July 1, 2026. The bill eliminates the repeal dates to extend the
	55	+	commission and program indefinitely.
	56	+	There is currently a cap of $45 million for the total value of
	57	+	conservation easement income tax credits (credits) that may be claimed
	58	+	by and credited to donors of a conservation easement in one calendar
	59	+	year. Credits filed after the cap is reached are placed on a wait list for the
	60	+	next calendar year. The bill increases the cap to $75 million beginning in
	61	+	calendar year 2025.
	62	+	Current law provides that partnerships, S corporations, or other
	63	+	similar entities (pass-through entities) may not be transferees of a credit.
	64	+	The bill allows pass-through entities to be transferees of a credit
	65	+	beginning on January 1, 2025. The bill also allows insurance companies
	66	+	to purchase credits to offset insurance premium taxes.
	67	+	Currently, a credit may be transferred once, in whole or in part,
	68	+	from a donor to a transferee. The bill allows a transferee to transfer a
	69	+	credit to a subsequent transferee beginning with the income tax year
	70	+	starting on January 1, 2025.
	71	+	Be it enacted by the General Assembly of the State of Colorado:1
24	72		SECTION 1. Legislative declaration. (1) The general assembly
25		-	hereby finds and declares that:
26		-	NOTE: This bill has been prepared for the signatures of the appropriate legislative
27		-	officers and the Governor. To determine whether the Governor has signed the bill
28		-	or taken other action on it, please consult the legislative status sheet, the legislative
29		-	history, or the Session Laws.
30		-	________
31		-	Capital letters or bold & italic numbers indicate new material added to existing law; dashes
32		-	through words or numbers indicate deletions from existing law and such material is not part of
33		-	the act. (a) Over the last sixty years, Colorado families have conserved over
34		-	three million three hundred thousand acres of working farms, ranches, and
35		-	private lands across the state;
36		-	(b) Since 2000, Colorado has proactively invested in conservation
37		-	through the conservation easement tax credit program;
38		-	(c) The conservation easement tax credit program incentivizes
39		-	private landowners to voluntarily protect their properties, which creates
40		-	public benefits to Colorado's lands, waters, wildlife, and people.
41		-	(d) The benefits of conservation are unique and wide-ranging.
42		-	Conservation has contributed significantly to the protection of wildlife
43		-	habitat, critical wetlands, urban open space, and working farms and ranches.
44		-	(e) The conservation easement tax credit program has aided
45		-	Colorado in reducing its carbon emissions and accomplishing its
46		-	biodiversity goals, while supporting rural economic resiliency, benefiting
47		-	all Coloradans;
48		-	(f) In pursuit of greater equity in conservation, it is crucial to
49		-	enhance programs that promote public benefits for all Coloradans; and
50		-	(g) Equity in conservation requires ongoing collaboration with
51		-	private landowners, state and federal public land managers, and counties
52		-	and municipalities. Underscoring and investing in the inclusion of
53		-	underserved communities, tribes, and historically marginalized land
54		-	interests will further amplify these efforts.
55		-	(2) Therefore, it is in the best interests of Coloradans to enhance the
56		-	conservation easement tax credit program.
57		-	SECTION 2. In Colorado Revised Statutes, 12-15-103, amend (1)
58		-	introductory portion, (1)(a), (1)(d) introductory portion, and (1)(d)(I);
59		-	repeal (8); and add (1)(d)(III) as follows:
60		-	12-15-103. Conservation easement oversight commission -
61		-	created. (1) There is created in the division a conservation easement
62		-	oversight commission, referred to in this article 15 as the "commission".
63		-	The commission is a type 2 entity, as defined in section 24-1-105, and
64		-	PAGE 2-SENATE BILL 24-126 exercises its powers and performs its duties and functions under the
65		-	division. The commission consists of eight NINE members as follows:
66		-	(a) One member representing the great outdoors Colorado program,
67		-	appointed by and serving as an advisory, nonvoting member at the pleasure
68		-	of the state board of the great outdoors Colorado trust fund established in
69		-	article XXVII of the state constitution; ONE VOTING MEMBER REPRESENTING
70		-	THE GREAT OUTDOORS
71		-	COLORADO TRUST FUND, APPOINTED BY AND SERVING
72		-	AT THE PLEASURE OF THE EXECUTIVE DIRECTOR OF THE STATE BOARD OF THE
73		-	GREAT OUTDOORS
74		-	COLORADO TRUST FUND;
75		-	(d) Three
76		-	FOUR voting members appointed by the governor as
77		-	follows:
78		-	(I) Two voting representatives of certified conservation easement
79		-	holders; and
80		-	(III) A VOTING INDIVIDUAL WHO MEETS THE DEFINITION OF
81		-	"SOCIALLY DISADVANTAGED FARMER OR RANCHER " IN 7 U.S.C. SEC. 2279.
82		-	(8) This section is repealed, effective July 1, 2026.
83		-	SECTION 3. In Colorado Revised Statutes, 12-15-104, repeal (13)
84		-	as follows:
85		-	12-15-104. Certification of conservation easement holders - rules
86		-	- definition. (13) This section is repealed, effective July 1, 2026.
87		-	SECTION 4. In Colorado Revised Statutes, 12-15-105, amend
88		-	(1)(c) and (3) as follows:
89		-	12-15-105. Conservation easement tax credit certificates - rules.
90		-	(1) The division shall receive tax credit certificate applications from and
91		-	issue certificates to landowners for income tax credits for conservation
92		-	easements donated on or after January 1, 2011, in accordance with section
93		-	39-22-522 (2.5) and this article 15. Nothing in this section restricts or limits
94		-	the authority of the division to enforce this article 15. The division may
95		-	promulgate rules in accordance with article 4 of title 24 for the issuance of
96		-	the certificates. In promulgating rules, the division may include provisions
97		-	governing:
98		-	PAGE 3-SENATE BILL 24-126 (c) The notification to the public regarding the aggregate amount of
99		-	tax credit certificates that have been issued and that are on the wait list
100		-	pursuant to section 39-25-522 (2.5);
101		-	(3) The division shall not issue tax credit certificates that in
102		-	aggregate exceed the limit set forth in section 39-22-522 (2.5) during a
	73	+	2
	74	+	hereby finds and declares that: 3
	75	+	(a) Over the last sixty years, Colorado families have conserved4
	76	+	over three million three hundred thousand acres of working farms,5
	77	+	ranches, and private lands across the state; 6
	78	+	(b) Since 2000, Colorado has proactively invested in conservation7
	79	+	through the conservation easement tax credit program;8
	80	+	(c) The conservation easement tax credit program incentivizes9
	81	+	private landowners to voluntarily protect their properties, which creates10
	82	+	public benefits to Colorado's lands, waters, wildlife, and people. 11
	83	+	(d) The benefits of conservation are unique and wide-ranging.12
	84	+	Conservation has contributed significantly to the protection of wildlife13
	85	+	126-2- habitat, critical wetlands, urban open space, and working farms and1
	86	+	ranches.2
	87	+	(e) The conservation easement tax credit program has aided3
	88	+	Colorado in reducing its carbon emissions and accomplishing its4
	89	+	biodiversity goals, while supporting rural economic resiliency, benefiting5
	90	+	all Coloradans;6
	91	+	(f) In pursuit of greater equity in conservation, it is crucial to7
	92	+	enhance programs that promote public benefits for all Coloradans; and8
	93	+	(g) Equity in conservation requires ongoing collaboration with9
	94	+	private landowners, state and federal public land managers, and counties10
	95	+	and municipalities. Underscoring and investing in the inclusion of11
	96	+	underserved communities, tribes, and historically marginalized land12
	97	+	interests will further amplify these efforts.13
	98	+	(2) Therefore, it is in the best interests of Coloradans to enhance14
	99	+	the conservation easement tax credit program.15
	100	+	SECTION 2. In Colorado Revised Statutes, 12-15-103, amend16
	101	+	(1) introductory portion, (1)(a), (1)(d) introductory portion, and (1)(d)(I);17
	102	+	repeal (8); and add (1)(d)(III) as follows:18
	103	+	12-15-103. Conservation easement oversight commission -19
	104	+	created. (1) There is created in the division a conservation easement20
	105	+	oversight commission, referred to in this article 15 as the "commission".21
	106	+	The commission is a type 2 entity, as defined in section 24-1-105, and22
	107	+	exercises its powers and performs its duties and functions under the23
	108	+	division. The commission consists of eight NINE members as follows:24
	109	+	(a) One member representing the great outdoors Colorado25
	110	+	program, appointed by and serving as an advisory, nonvoting member at26
	111	+	the pleasure of the state board of the great outdoors Colorado trust fund27
	112	+	126
	113	+	-3- established in article XXVII of the state constitution; ONE VOTING1
	114	+	MEMBER REPRESENTING THE GREAT OUTDOORS COLORADO TRUST FUND,2
	115	+	APPOINTED BY AND SERVING AT THE PLEASURE OF THE EXECUTIVE3
	116	+	DIRECTOR OF THE STATE BOARD OF THE GREAT OUTDOORS COLORADO4
	117	+	TRUST FUND;5
	118	+	(d) Three FOUR voting members appointed by the governor as6
	119	+	follows:7
	120	+	(I) Two voting representatives of certified conservation easement8
	121	+	holders; and9
	122	+	(III) A
	123	+	VOTING INDIVIDUAL WHO MEETS THE DEFINITION OF
	124	+	10
	125	+	"
	126	+	SOCIALLY DISADVANTAGED FARMER OR RANCHER " IN 7 U.S.C. SEC. 2279.
	127	+	11
	128	+	(8) This section is repealed, effective July 1, 2026.12
	129	+	SECTION 3. In Colorado Revised Statutes, 12-15-104, repeal13
	130	+	(13) as follows:14
	131	+	12-15-104. Certification of conservation easement holders -15
	132	+	rules - definition. (13) This section is repealed, effective July 1, 2026.16
	133	+	SECTION 4. In Colorado Revised Statutes, 12-15-105, amend17
	134	+	(1)(c) and (3) as follows:18
	135	+	12-15-105. Conservation easement tax credit certificates -19
	136	+	rules. (1) The division shall receive tax credit certificate applications20
	137	+	from and issue certificates to landowners for income tax credits for21
	138	+	conservation easements donated on or after January 1, 2011, in22
	139	+	accordance with section 39-22-522 (2.5) and this article 15. Nothing in23
	140	+	this section restricts or limits the authority of the division to enforce this24
	141	+	article 15. The division may promulgate rules in accordance with article25
	142	+	4 of title 24 for the issuance of the certificates. In promulgating rules, the26
	143	+	division may include provisions governing:27
	144	+	126
	145	+	-4- (c) The notification to the public regarding the aggregate amount1
	146	+	of tax credit certificates that have been issued and that are on the wait list2
	147	+	pursuant to section 39-25-522 (2.5);3
	148	+	(3) The division shall not issue tax credit certificates that in4
	149	+	aggregate exceed the limit set forth in section 39-22-522 (2.5) during a5
103	150		particular calendar year. T
104	151		HE DIVISION MAY ISSUE MULTIPLE TAX CREDIT
105		-	CERTIFICATES FOR A SINGLE CONSERVATION EASEMENT AS REQUIRED BY
106		-	SECTION
107		-	39-22-522.
108		-	SECTION 5. In Colorado Revised Statutes, 12-15-106, amend (10)
109		-	as follows:
110		-	12-15-106. Conservation easement tax credit certificate
111		-	application process - definitions - rules. (10) If the director and the
112		-	commission do not identify any potential deficiencies with an application,
113		-	the director and the commission shall approve the application, and the
114		-	division shall issue a tax credit certificate to the landowner pursuant to
115		-	section 12-15-105 in a timely manner so that the number of days between
116		-	the date a completed application is received by the division and the date the
117		-	tax credit certificate is issued does not exceed one hundred twenty days.
118		-	Once a tax credit certificate is issued, the landowner may claim and use the
119		-	tax credit subject to any other applicable procedures and requirements under
120		-	title 39. T
121		-	HE DEADLINE PRESCRIBED BY THIS SUBSECTION (10) MAY BE
122		-	EXTENDED UPON MUTUAL AGREEMENT OF THE DIRECTOR
123		-	, THE COMMISSION,
124		-	AND THE LANDOWNER .
125		-	SECTION 6. In Colorado Revised Statutes, 38-30.5-103, add (7)
126		-	as follows:
127		-	38-30.5-103. Nature of conservation easements in gross. (7) A
128		-	CONSERVATION EASEMENT IN GROSS IS A REAL PROPERTY INTEREST AS
129		-	DEFINED IN SECTION
130		-	38-30.5-102 THAT IS TO BE CREATED, ADMINISTERED,
131		-	STEWARDED, ENFORCED, MODIFIED, AND TERMINATED PURSUANT TO THIS
132		-	ARTICLE
133		-	30.5 AND, AS APPLICABLE, SECTION 39-22-522.
134		-	SECTION 7. In Colorado Revised Statutes, 39-22-522, amend
135		-	(2)(a), (2)(b), (2.5), (4)(a)(II.7), (4)(b)(II)(D), (5)(b)(II), (5)(b)(III), and
136		-	(7.5)(a); and add (4)(a)(II.8), (4)(b)(II)(E), (13), (14), and (15) as follows:
137		-	PAGE 4-SENATE BILL 24-126 39-22-522. Credit against tax - conservation easements -
138		-	definitions. (2) (a) For income tax years commencing on or after January
139		-	1, 2000, but prior to January 1, 2014, and, with regard to any credit over the
140		-	amount of one hundred thousand dollars, for income tax years commencing
141		-	on or after January 1, 2003,
142		-	BUT BEFORE JANUARY 1, 2032, subject to the
143		-	provisions of subsections (4) and (6) of this section, there shall be allowed
144		-	a credit with respect to the income taxes imposed by this article to each
145		-	taxpayer who donates during the taxable year all or part of the value of a
146		-	perpetual conservation easement in gross created pursuant to article 30.5 of
147		-	title 38. C.R.S.
148		-	upon real property the taxpayer owns to a governmental
149		-	entity or a charitable organization described in section 38-30.5-104 (2).
150		-	C.R.S.
151		-	The credit shall only be allowed for a donation that is eligible to
152		-	qualify as a qualified conservation contribution pursuant to section 170 (h)
153		-	of the internal revenue code, as amended, and any federal regulations
154		-	promulgated in connection with such section. The amount of the credit shall
155		-	not include the value of any portion of an easement on real property located
156		-	in another state.
157		-	(b) For income tax years commencing on or after January 1, 2014,
158		-	BUT BEFORE JANUARY 1, 2032, and, with regard to any credit over the
159		-	amount of one hundred thousand dollars, for income tax years commencing
160		-	on or after January 1, 2003,
161		-	BUT BEFORE JANUARY 1, 2032, subject to the
162		-	provisions of subsections (4) and (6) of this section, there shall be allowed
163		-	a credit with respect to the income taxes imposed by this article to each
164		-	taxpayer who donates during the taxable year all or part of the value of a
165		-	perpetual conservation easement in gross created pursuant to article 30.5 of
166		-	title 38. C.R.S.
167		-	upon real property the taxpayer owns to a governmental
168		-	entity or a charitable organization described in section 38-30.5-104 (2).
169		-	C.R.S.
170		-	The credit shall only be allowed for a donation that meets the
171		-	requirements of section 170 of the federal "Internal Revenue Code of
172		-	1986", as amended, and any federal regulations promulgated in accordance
173		-	with such section. The amount of the credit shall not include the value of
174		-	any portion of an easement on real property located in another state.
175		-	(2.5) Notwithstanding any other provision of this section and the
176		-	requirements of section 12-15-106, for income tax years commencing on or
177		-	after January 1, 2011, a taxpayer conveying a conservation easement and
178		-	claiming a credit pursuant to this section shall, in addition to any other
179		-	requirements of this section and the requirements of section 12-15-106,
180		-	submit a claim for the credit to the division of conservation in the
181		-	PAGE 5-SENATE BILL 24-126 department of regulatory agencies. The division shall issue a certificate for
182		-	the claims received in the order submitted. THE DIVISION MUST PRIORITIZE
183		-	TAX CREDIT APPLICATIONS IN THE ORDER RECEIVED
184		-	. THE DIVISION MUST
185		-	ASSIGN EACH APPLICATION WITH THE DATE AND TIME RECEIVED BASED ON
186		-	THE ORDER IN WHICH A COMPLETED APPLICATION WAS SUBMITTED
187		-	PURSUANT TO SECTION
188		-	12-15-106 (5). INCOMPLETE APPLICATIONS DO NOT
189		-	GET PRIORITY IN THE REVIEW PROCESS
190		-	. DISAPPROVED APPLICATIONS LOSE
191		-	THEIR PRIORITY IN THE REVIEW PROCESS
192		-	. After certificates have been issued
193		-	for credits that exceed an aggregate of twenty-two million dollars for all
194		-	taxpayers for the 2011 and 2012 calendar years, thirty-four million dollars
195		-	for the 2013 calendar year, and
196		-	forty-five million dollars for each OF THE
197		-	2014 TO 2024 calendar year thereafter YEARS, AND FIFTY MILLION DOLLARS
198		-	FOR EACH OF THE
199		-	2025 TO 2031 CALENDAR YEARS, any claims that exceed
200		-	the amount allowed for a specified calendar year shall be placed on a waitlist in the order submitted and a certificate shall be issued for use of the
201		-	credit in the next year for which the division has not issued credit
202		-	certificates in excess of the amounts specified in this subsection (2.5).
203		-	except that no more than fifteen million dollars in claims shall be placed on
204		-	the wait list in any given calendar year. The division shall not issue credit
205		-	certificates that exceed twenty-two million dollars in each of the 2011 and
206		-	2012 calendar years, thirty-four million dollars for the 2013 calendar year,
207		-	and
208		-	forty-five million dollars for each OF THE 2014 TO 2024 calendar year
209		-	thereafter YEARS, AND FIFTY MILLION DOLLARS FOR EACH OF THE 2025
210		-	THROUGH 2031 CALENDAR YEARS. No claim for a credit is allowed for any
211		-	income tax year commencing on or after January 1, 2011, unless a
212		-	certificate has been issued by the division. If all other requirements under
213		-	section 12-15-106 and this section are met, the right to claim the credit is
214		-	vested in the taxpayer at the time a
215		-	THE credit certificate is issued. IN THE
216		-	CASE OF A TAX CREDIT CERTIFICATE ISSUED TO A TAXPAYER WHO FILES AN
217		-	INCOME TAX RETURN FOR A TAX YEAR OTHER THAN A CALENDAR YEAR
218		-	, THE
219		-	CREDIT MUST BE USED IN THE INCOME TAX YEAR THAT BEGINS DURING THE
220		-	CALENDAR YEAR FOR WHICH THE TAX CREDIT CERTIFICATE IS ISSUED
221		-	.
222		-	(4) (a) (II.7) For a conservation easement in gross created in
223		-	accordance with article 30.5 of title 38 that is donated on or after January
224		-	1, 2021, to a governmental entity or a charitable organization described in
225		-	section 38-30.5-104 (2), the credit provided for in subsection (2) of this
226		-	section is an amount equal to:
	152	+	6
	153	+	CERTIFICATES FOR A SINGLE CONSERVATION EASEMENT AS REQUIRED BY7
	154	+	SECTION 39-22-522.8
	155	+	SECTION 5. In Colorado Revised Statutes, 12-15-106, amend9
	156	+	(10) as follows:10
	157	+	12-15-106. Conservation easement tax credit certificate11
	158	+	application process - definitions - rules. (10) If the director and the12
	159	+	commission do not identify any potential deficiencies with an application,13
	160	+	the director and the commission shall approve the application, and the14
	161	+	division shall issue a tax credit certificate to the landowner pursuant to15
	162	+	section 12-15-105 in a timely manner so that the number of days between16
	163	+	the date a completed application is received by the division and the date17
	164	+	the tax credit certificate is issued does not exceed one hundred twenty18
	165	+	days. Once a tax credit certificate is issued, the landowner may claim and19
	166	+	use the tax credit subject to any other applicable procedures and20
	167	+	requirements under title 39. T
	168	+	HE DEADLINE PRESCRIBED BY THIS
	169	+	21
	170	+	SUBSECTION (10) MAY BE EXTENDED UPON MUTUAL AGREEMENT OF THE22
	171	+	DIRECTOR, THE COMMISSION, AND THE LANDOWNER. 23
	172	+	SECTION 6. In Colorado Revised Statutes, 38-30.5-103, add (7)24
	173	+	as follows:25
	174	+	38-30.5-103. Nature of conservation easements in gross. (7) A26
	175	+	CONSERVATION EASEMENT IN GROSS IS A REAL PROPERTY INTEREST AS27
	176	+	126
	177	+	-5- DEFINED IN SECTION 38-30.5-102 THAT IS TO BE CREATED, ADMINISTERED,1
	178	+	STEWARDED, ENFORCED, MODIFIED, AND TERMINATED PURSUANT TO THIS2
	179	+	ARTICLE 30.5 AND, AS APPLICABLE, SECTION 39-22-522.3
	180	+	SECTION 7. In Colorado Revised Statutes, 39-22-522, amend4
	181	+	(2)(a), (2)(b), (2.5), (4)(a)(II.7), (4)(b)(II)(D), (5)(b)(II), (5)(b)(III), and5
	182	+	(7.5)(a); and add (4)(a)(II.8), (4)(b)(II)(E), (12), (13), and (14) as6
	183	+	follows:7
	184	+	39-22-522. Credit against tax - conservation easements -8
	185	+	definitions.9
	186	+	10
	187	+	(2) (a) For income tax years commencing on or after January 1,11
	188	+	2000, but prior to January 1, 2014, and, with regard to any credit over the12
	189	+	amount of one hundred thousand dollars, for income tax years13
	190	+	commencing on or after January 1, 2003,
	191	+	BUT BEFORE JANUARY 1, 2032,
	192	+	14
	193	+	subject to the provisions of subsections (4) and (6) of this section, there15
	194	+	shall be allowed a credit with respect to the income taxes imposed by this16
	195	+	article to each taxpayer who donates during the taxable year all or part of17
	196	+	the value of a perpetual conservation easement in gross created pursuant18
	197	+	to article 30.5 of title 38. C.R.S. upon real property the taxpayer owns to19
	198	+	a governmental entity or a charitable organization described in section20
	199	+	38-30.5-104 (2). C.R.S. The credit shall only be allowed for a donation21
	200	+	that is eligible to qualify as a qualified conservation contribution pursuant22
	201	+	to section 170 (h) of the internal revenue code, as amended, and any23
	202	+	federal regulations promulgated in connection with such section. The24
	203	+	amount of the credit shall not include the value of any portion of an25
	204	+	easement on real property located in another state.26
	205	+	(b) For income tax years commencing on or after January 1, 2014,27
	206	+	126
	207	+	-6- BUT BEFORE JANUARY 1, 2032, and, with regard to any credit over the1
	208	+	amount of one hundred thousand dollars, for income tax years2
	209	+	commencing on or after January 1, 2003,
	210	+	BUT BEFORE JANUARY 1, 2032,
	211	+	3
	212	+	subject to the provisions of subsections (4) and (6) of this section, there4
	213	+	shall be allowed a credit with respect to the income taxes imposed by this5
	214	+	article to each taxpayer who donates during the taxable year all or part of6
	215	+	the value of a perpetual conservation easement in gross created pursuant7
	216	+	to article 30.5 of title 38. C.R.S. upon real property the taxpayer owns to8
	217	+	a governmental entity or a charitable organization described in section9
	218	+	38-30.5-104 (2). C.R.S. The credit shall only be allowed for a donation10
	219	+	that meets the requirements of section 170 of the federal "Internal11
	220	+	Revenue Code of 1986", as amended, and any federal regulations12
	221	+	promulgated in accordance with such section. The amount of the credit13
	222	+	shall not include the value of any portion of an easement on real property14
	223	+	located in another state.15
	224	+	(2.5) Notwithstanding any other provision of this section and the16
	225	+	requirements of section 12-15-106, for income tax years commencing on17
	226	+	or after January 1, 2011, a taxpayer conveying a conservation18
	227	+	easement and claiming a credit pursuant to this section shall, in addition19
	228	+	to any other requirements of this section and the requirements of section20
	229	+	12-15-106, submit a claim for the credit to the division of conservation21
	230	+	in the department of regulatory agencies. The division shall issue a22
	231	+	certificate for the claims received in the order submitted. THE DIVISION23
	232	+	MUST PRIORITIZE TAX CREDIT APPLICATIONS IN THE ORDER RECEIVED . THE24
	233	+	DIVISION MUST ASSIGN EACH APPLICATION WITH THE DATE AND TIME25
	234	+	RECEIVED BASED ON THE ORDER IN WHICH A COMPLETED APPLICATION26
	235	+	WAS SUBMITTED PURSUANT TO SECTION 12-15-106 (5). INCOMPLETE27
	236	+	126
	237	+	-7- APPLICATIONS DO NOT GET PRIORITY IN THE REVIEW PROCESS .1
	238	+	D
	239	+	ISAPPROVED APPLICATIONS LOSE THEIR PRIORITY IN THE REVIEW
	240	+	2
	241	+	PROCESS. After certificates have been issued for credits that exceed an3
	242	+	aggregate of twenty-two million dollars for all taxpayers for the 2011 and4
	243	+	2012 calendar years, thirty-four million dollars for the 2013 calendar year,5
	244	+	and forty-five million dollars for each OF THE 2014 TO 2024 calendar year6
	245	+	thereafter YEARS, AND FIFTY MILLION DOLLARS FOR EACH OF THE7
	246	+	2025
	247	+	TO 2031 CALENDAR YEARS,
	248	+	any claims that exceed the amount8
	249	+	allowed for a specified calendar year shall be placed on a wait list in9
	250	+	the order submitted and a certificate shall be issued for use of the credit10
	251	+	in the next year for which the division has not issued credit certificates in11
	252	+	excess of the amounts specified in this subsection (2.5). except that no12
	253	+	more than fifteen million dollars in claims shall be placed on the wait list13
	254	+	in any given calendar year. The division shall not issue credit certificates14
	255	+	that exceed twenty-two million dollars in each of the 2011 and 201215
	256	+	calendar years, thirty-four million dollars for the 2013 calendar year, and16
	257	+	forty-five million dollars for each
	258	+	OF THE 2014 TO 2024 calendar year
	259	+	17
	260	+	thereafter YEARS, AND FIFTY MILLION DOLLARS FOR EACH OF THE 202518
	261	+	THROUGH 2031 CALENDAR YEARS. No claim for a credit is allowed for any19
	262	+	income tax year commencing on or after January 1, 2011, unless a20
	263	+	certificate has been issued by the division. If all other requirements under21
	264	+	section 12-15-106 and this section are met, the right to claim the credit is22
	265	+	vested in the taxpayer at the time a THE credit certificate is issued. IN THE23
	266	+	CASE OF A TAX CREDIT CERTIFICATE ISSUED TO A TAXPAYER WHO FILES AN24
	267	+	INCOME TAX RETURN FOR A TAX YEAR OTHER THAN A CALENDAR YEAR,25
	268	+	THE CREDIT MUST BE USED IN THE INCOME TAX YEAR THAT BEGINS DURING26
	269	+	THE CALENDAR YEAR FOR WHICH THE TAX CREDIT CERTIFICATE IS ISSUED.27
	270	+	126
	271	+	-8- (4) (a) (II.7) For a conservation easement in gross created in1
	272	+	accordance with article 30.5 of title 38 that is donated on or after January2
	273	+	1, 2021, to a governmental entity or a charitable organization described3
	274	+	in section 38-30.5-104 (2), the credit provided for in subsection (2) of this4
	275	+	section is an amount equal to:5
227	276		(A) F
228	277		OR CONSERVATION EASEMENTS DONATED ON OR AFTER
229		-	PAGE 6-SENATE BILL 24-126 JANUARY 1, 2021, BUT BEFORE JANUARY 1, 2027, ninety percent of the fair
230		-	market value of the donated portion of such conservation easement in gross
231		-	when created; except that in no case shall the credit exceed five million
232		-	dollars per donation; Credits shall be issued in increments of no more than
233		-	one million five hundred thousand dollars per year. Credits for easements
234		-	donated in a prior year are eligible for tax credit certificates in subsequent
235		-	years in order of application and before new applications and those credit
236		-	applications, if any, on the wait list AND
237		-	(B) FOR CONSERVATION EASEMENTS DONATED ON OR AFTER
238		-	JANUARY 1, 2027, EIGHTY PERCENT OF THE FAIR MARKET VALUE OF THE
239		-	DONATED PORTION OF SUCH CONSERVATION EASEMENT IN GROSS WHEN
240		-	CREATED
241		-	; EXCEPT THAT IN NO CASE SHALL THE CREDIT EXCEED FIVE MILLION
242		-	DOLLARS PER DONATION
243		-	.
	278	+	6
	279	+	J
	280	+	ANUARY 1, 2021, BUT BEFORE JANUARY 1, 2027, ninety percent of the fair
	281	+	7
	282	+	market value of the donated portion of such conservation easement in8
	283	+	gross when created; except that in no case shall the credit exceed five9
	284	+	million dollars per donation; Credits shall be issued in increments of no10
	285	+	more than one million five hundred thousand dollars per year. Credits for11
	286	+	easements donated in a prior year are eligible for tax credit certificates in12
	287	+	subsequent years in order of application and before new applications and13
	288	+	those credit applications, if any, on the wait list AND14
	289	+	(B) F
	290	+	OR CONSERVATION EASEMENTS DONATED ON OR AFTER
	291	+	15
	292	+	J
	293	+	ANUARY 1, 2027,
	294	+	EIGHTY PERCENT OF THE FAIR MARKET VALUE OF16
	295	+	THE DONATED PORTION OF SUCH CONSERVATION EASEMENT IN GROSS17
	296	+	WHEN CREATED; EXCEPT THAT IN NO CASE SHALL THE CREDIT EXCEED FIVE18
	297	+	MILLION DOLLARS PER DONATION .19
244	298		(II.8) C
245	299		REDITS SHALL BE ISSUED IN INCREMENTS OF NO MORE THAN
246		-	ONE MILLION FIVE HUNDRED THOUSAND DOLLARS PER YEAR
247		-	. CREDITS FOR
248		-	EASEMENTS DONATED IN A PRIOR YEAR ARE ELIGIBLE FOR TAX CREDIT
249		-	CERTIFICATES IN SUBSEQUENT YEARS IN ORDER OF APPLICATION
250		-	.
251		-	(b) (II) (D) For income tax years commencing on or after January
	300	+	20
	301	+	ONE MILLION FIVE HUNDRED THOUSAND DOLLARS PER YEAR . CREDITS FOR21
	302	+	EASEMENTS DONATED IN A PRIOR YEAR ARE ELIGIBLE FOR TAX CREDIT22
	303	+	CERTIFICATES IN SUBSEQUENT YEARS IN ORDER OF APPLICATION .23
	304	+	(b) (II) (D) For income tax years commencing on or after January24
252	305		1, 2015,
253	306		BUT BEFORE JANUARY 1, 2027, the total aggregate amount of the
254		-	credit allocated to such owners, partners, members, and shareholders shall
255		-	not exceed five million dollars, and, if any refund is claimed pursuant to
256		-	subsection (5)(b)(I) of this section, the aggregate amount of the refund and
257		-	the credit claimed by such owners, partners, members, and shareholders
258		-	shall not exceed fifty thousand dollars for that income tax year.
	307	+	25
	308	+	credit allocated to such owners, partners, members, and shareholders shall26
	309	+	not exceed five million dollars, and, if any refund is claimed pursuant to27
	310	+	126
	311	+	-9- subsection (5)(b)(I) of this section, the aggregate amount of the refund1
	312	+	and the credit claimed by such owners, partners, members, and2
	313	+	shareholders shall not exceed fifty thousand dollars for that income tax3
	314	+	year.4
259	315		(E) F
260	316		OR INCOME TAX YEARS COMMENCING ON OR AFTER JANUARY
261		-	1, 2027, THE TOTAL AGGREGATE AMOUNT OF THE CREDIT ALLOCATED TO
262		-	SUCH OWNERS
263		-	, PARTNERS, MEMBERS, AND SHAREHOLDERS SHALL NOT
264		-	EXCEED FIVE MILLION DOLLARS
265		-	, AND, IF ANY REFUND IS CLAIMED PURSUANT
266		-	TO SUBSECTION
267		-	(5)(b)(I) OF THIS SECTION, THE AGGREGATE AMOUNT OF THE
268		-	REFUND AND THE CREDIT CLAIMED BY SUCH OWNERS
269		-	, PARTNERS, MEMBERS,
270		-	AND SHAREHOLDERS SHALL NOT EXCEED TWO HUNDRED THOUSAND
271		-	DOLLARS FOR THAT INCOME TAX YEAR
272		-	.
273		-	(5) (b) (II) (A) B
274		-	EFORE JANUARY 1, 2027, a taxpayer may elect to
275		-	claim a refund pursuant to subparagraph (I) of this paragraph (b)
276		-	SUBSECTION (5)(b)(I) OF THIS SECTION only if, based on the financial report
277		-	PAGE 7-SENATE BILL 24-126 prepared by the controller in accordance with section 24-77-106.5, C.R.S.,
278		-	the controller certifies that the amount of state revenues for the state fiscal
279		-	year ending in the income tax year for which the refund is claimed exceeds
280		-	the limitation on state fiscal year spending imposed by section 20 (7)(a) of
281		-	article X of the state constitution and the voters statewide either have not
282		-	authorized the state to retain and spend all of the excess state revenues or
283		-	have authorized the state to retain and spend only a portion of the excess
284		-	state revenues for that fiscal year.
285		-	(B) T
286		-	HIS SUBSECTION (5)(b)(II) IS REPEALED, EFFECTIVE DECEMBER
287		-	31, 2031.
288		-	(III) If any refund is claimed pursuant to subsection (5)(b)(I) of this
289		-	section, then the aggregate amount of the refund and amount of the credit
290		-	used as an offset against income taxes, excluding amounts transferred to or
291		-	used by a transferee, for that income tax year shall not exceed fifty thousand
292		-	dollars for that income tax year
293		-	FOR INCOME TAX YEARS COMMENCING
294		-	BEFORE
295		-	JANUARY 1, 2027, AND SHALL NOT EXCEED TWO HUNDRED
296		-	THOUSAND DOLLARS FOR THAT INCOME TAX YEAR FOR INCOME TAX YEARS
297		-	COMMENCING ON OR AFTER
298		-	JANUARY 1, 2027. In the case of a partnership,
299		-	S corporation, or other similar pass-through entity that donates a
300		-	conservation easement as an entity, if any refund is claimed pursuant to
301		-	subsection (5)(b)(I) of this section, the aggregate amount of the refund and
302		-	the credit claimed by the partners, members, or shareholders of the entity
303		-	shall not exceed the dollar limitation set forth in this subsection (5)(b)(III)
304		-	for that income tax year. Nothing in this subsection (5)(b)(III) shall limit a
305		-	taxpayer's ability to claim a credit against taxes due in excess of fifty
306		-	thousand dollars
307		-	FOR TAX YEARS COMMENCING BEFORE JANUARY 1, 2027,
308		-	AND TWO HUNDRED THOUSAND DOLLARS FOR TAX YEARS COMMENCING ON
309		-	OR AFTER
310		-	JANUARY 1, 2027, in accordance with subsection (4) of this
311		-	section.
312		-	(7.5) (a) For income tax years commencing on or after January 1,
313		-	2021, in lieu of a credit with respect to the income taxes imposed by this
314		-	article 22, there is allowed a transferable expense amount to each qualified
315		-	entity that donates during the taxable year all or part of the value of a
316		-	perpetual conservation easement in gross created pursuant to article 30.5 of
317		-	title 38 upon real property the qualified entity owns to a governmental entity
318		-	or a charitable organization described in section 38-30.5-104 (2). A
319		-	transferable expense amount shall be treated in all manners as a tax credit
320		-	PAGE 8-SENATE BILL 24-126 for purposes of this section, including provisions governing the amount,
321		-	valuation, and transfer of a tax credit; except that the transferable expense
322		-	amount may only be transferred to a transferee to be claimed by the
323		-	transferee as a credit pursuant to this section. A qualified entity may transfer
324		-	a transferable expense amount to be claimed as a credit by a transferee
325		-	pursuant to this section regardless of whether the qualified entity receives
326		-	value in exchange for the transfer.
327		-	(13) A
328		-	NY TRANSFEREE WHO IS SUBJECT TO THE TAX ON INSURANCE
329		-	PREMIUMS ESTABLISHED BY SECTIONS
330		-	10-3-209, 10-5-111, AND 10-6-128,
331		-	AND WHO IS THEREFORE EXEMPT FROM THE PAYMENT OF INCOME TAX AND
332		-	WHO IS OTHERWISE ELIGIBLE TO CLAIM A TAX CREDIT PURSUANT TO THIS
333		-	SECTION MAY CLAIM THE TAX CREDIT AND CARRY THE TAX CREDIT FORWARD
334		-	AGAINST THE INSURANCE PREMIUM TAX TO THE SAME EXTENT AS THE
335		-	TRANSFEREE WOULD HAVE BEEN ABLE TO CLAIM OR CARRY FORWARD THE
336		-	TAX CREDIT AGAINST INCOME TAX
337		-	. ALL OTHER PROVISIONS OF THIS SECTION
338		-	WITH RESPECT TO THE TAX CREDIT
339		-	, INCLUDING THE AMOUNT AND
340		-	ALLOCATION OF THE TAX CREDIT AND THE YEARS FOR WHICH THE TAX
341		-	CREDIT MAY BE CLAIMED SHALL APPLY TO A TAX CREDIT CLAIMED PURSUANT
342		-	TO THIS SECTION
343		-	.
344		-	(14) F
345		-	OR ANY CONSERVATION EASEMENT GRANTED ON OR AFTER
346		-	JANUARY 1, 2025, THE CONSERVATION EASEMENT MAY INCLUDE A
347		-	PROVISION PROVIDING THAT IF TECHNOLOGICAL OR LEGAL CHANGES ALLOW
348		-	AN EXPANDED USE OF WIND AND SOLAR POWER GENERATION
349		-	, TRANSMISSION,
350		-	AND STORAGE TO BE COMPATIBLE WITH THE PROTECTION OF CONSERVATION
351		-	VALUES CONSIDERED AS A WHOLE AND PURSUANT TO SECTION
352		-	170(h) OF THE
353		-	INTERNAL REVENUE CODE AND ANY FEDERAL REGULATIONS PROMULGATED
354		-	IN CONNECTION WITH SUCH SECTION
355		-	, THEN THE HOLDER OF THE
356		-	CONSERVATION EASEMENT MAY
357		-	, IN ITS SOLE DISCRETION , APPROVE
358		-	EXPANDED WIND AND SOLAR POWER GENERATION
359		-	, TRANSMISSION, OR
360		-	STORAGE THAT IS COMPATIBLE WITH AND DOES NOT DIMINISH OR IMPAIR
361		-	CONSERVATION VALUES
362		-	.
363		-	(15) T
	317	+	5
	318	+	1,
	319	+	2027,
	320	+	THE TOTAL AGGREGATE AMOUNT OF THE CREDIT ALLOCATED6
	321	+	TO SUCH OWNERS, PARTNERS, MEMBERS, AND SHAREHOLDERS SHALL NOT7
	322	+	EXCEED FIVE MILLION DOLLARS , AND, IF ANY REFUND IS CLAIMED8
	323	+	PURSUANT TO SUBSECTION (5)(b)(I) OF THIS SECTION, THE AGGREGATE9
	324	+	AMOUNT OF THE REFUND AND THE CREDIT CLAIMED BY SUCH OWNERS ,10
	325	+	PARTNERS, MEMBERS, AND SHAREHOLDERS SHALL NOT EXCEED TWO11
	326	+	HUNDRED THOUSAND DOLLARS FOR THAT INCOME TAX YEAR .12
	327	+	(5) (b) (II) (A) BEFORE JANUARY 1, 2027, a taxpayer may elect to13
	328	+	claim a refund pursuant to subparagraph (I) of this paragraph (b)14
	329	+	SUBSECTION (5)(b)(I) OF THIS SECTION only if, based on the financial15
	330	+	report prepared by the controller in accordance with section 24-77-106.5,16
	331	+	C.R.S., the controller certifies that the amount of state revenues for the17
	332	+	state fiscal year ending in the income tax year for which the refund is18
	333	+	claimed exceeds the limitation on state fiscal year spending imposed by19
	334	+	section 20 (7)(a) of article X of the state constitution and the voters20
	335	+	statewide either have not authorized the state to retain and spend all of the21
	336	+	excess state revenues or have authorized the state to retain and spend only22
	337	+	a portion of the excess state revenues for that fiscal year.23
	338	+	(B) THIS SUBSECTION (5)(b)(II) IS REPEALED, EFFECTIVE24
	339	+	DECEMBER 31, 2031.25
	340	+	(III) If any refund is claimed pursuant to subsection (5)(b)(I) of26
	341	+	this section, then the aggregate amount of the refund and amount of the27
	342	+	126
	343	+	-10- credit used as an offset against income taxes, excluding amounts1
	344	+	transferred to or used by a transferee, for that income tax year shall not2
	345	+	exceed fifty thousand dollars for that income tax year
	346	+	FOR INCOME TAX
	347	+	3
	348	+	YEARS COMMENCING BEFORE JANUARY 1, 2027, AND SHALL NOT EXCEED4
	349	+	TWO HUNDRED THOUSAND DOLLARS FOR THAT INCOME TAX YEAR FOR5
	350	+	INCOME TAX YEARS COMMENCING ON OR AFTER JANUARY 1, 2027. In6
	351	+	the case of a partnership, S corporation, or other similar pass-through7
	352	+	entity that donates a conservation easement as an entity, if any refund is8
	353	+	claimed pursuant to subsection (5)(b)(I) of this section, the aggregate9
	354	+	amount of the refund and the credit claimed by the partners, members, or10
	355	+	shareholders of the entity shall not exceed the dollar limitation set forth11
	356	+	in this subsection (5)(b)(III) for that income tax year. Nothing in this12
	357	+	subsection (5)(b)(III) shall limit a taxpayer's ability to claim a credit13
	358	+	against taxes due in excess of fifty thousand dollars
	359	+	FOR TAX YEARS
	360	+	14
	361	+	COMMENCING BEFORE JANUARY 1, 2027, AND TWO HUNDRED THOUSAND15
	362	+	DOLLARS FOR TAX YEARS COMMENCING ON OR AFTER JANUARY 1, 2027, 16
	363	+	in accordance with subsection (4) of this section.17
	364	+	18
	365	+	(7.5) (a) For income tax years commencing on or after January 1,19
	366	+	2021, in lieu of a credit with respect to the income taxes imposed by20
	367	+	this article 22, there is allowed a transferable expense amount to each21
	368	+	qualified entity that donates during the taxable year all or part of the value22
	369	+	of a perpetual conservation easement in gross created pursuant to article23
	370	+	30.5 of title 38 upon real property the qualified entity owns to a24
	371	+	governmental entity or a charitable organization described in section25
	372	+	38-30.5-104 (2). A transferable expense amount shall be treated in all26
	373	+	manners as a tax credit for purposes of this section, including provisions27
	374	+	126
	375	+	-11- governing the amount, valuation, and transfer of a tax credit; except that1
	376	+	the transferable expense amount may only be transferred to a transferee2
	377	+	to be claimed by the transferee as a credit pursuant to this section. A3
	378	+	qualified entity may transfer a transferable expense amount to be claimed4
	379	+	as a credit by a transferee pursuant to this section regardless of whether5
	380	+	the qualified entity receives value in exchange for the transfer.6
	381	+	(12) A
	382	+	NY TRANSFEREE WHO IS SUBJECT TO THE TAX ON INSURANCE7
	383	+	PREMIUMS ESTABLISHED BY SECTIONS 10-3-209, 10-5-111, AND 10-6-128,8
	384	+	AND WHO IS THEREFORE EXEMPT FROM THE PAYMENT OF INCOME TAX AND9
	385	+	WHO IS OTHERWISE ELIGIBLE TO CLAIM A TAX CREDIT PURSUANT TO THIS10
	386	+	SECTION MAY CLAIM THE TAX CREDIT AND CARRY THE TAX CREDIT11
	387	+	FORWARD AGAINST THE INSURANCE PREMIUM TAX
	388	+	TO THE SAME12
	389	+	EXTENT AS THE TRANSFEREE WOULD HAVE BEEN ABLE TO CLAIM OR CARRY13
	390	+	FORWARD THE TAX CREDIT AGAINST INCOME TAX . ALL OTHER PROVISIONS14
	391	+	OF THIS SECTION WITH RESPECT TO THE TAX CREDIT , INCLUDING THE15
	392	+	AMOUNT AND ALLOCATION OF THE TAX CREDIT AND THE YEARS FOR WHICH16
	393	+	THE TAX CREDIT MAY BE CLAIMED SHALL APPLY TO A TAX CREDIT17
	394	+	CLAIMED PURSUANT TO THIS SECTION .18
	395	+	(13) FOR ANY CONSERVATION EASEMENT GRANTED ON OR AFTER19
	396	+	J
	397	+	ANUARY 1, 2025, THE CONSERVATION EASEMENT
	398	+	MAY INCLUDE A20
	399	+	PROVISION PROVIDING THAT IF TECHNOLOGICAL OR LEGAL CHANGES21
	400	+	ALLOW AN EXPANDED USE OF WIND AND SOLAR POWER GENERATION,22
	401	+	TRANSMISSION, AND STORAGE TO BE COMPATIBLE WITH THE PROTECTION23
	402	+	OF CONSERVATION VALUES CONSIDERED AS A WHOLE AND PURSUANT TO24
	403	+	SECTION 170(h) OF THE INTERNAL REVENUE CODE AND ANY FEDERAL25
	404	+	REGULATIONS PROMULGATED IN CONNECTION WITH SUCH SECTION , THEN26
	405	+	THE HOLDER OF THE CONSERVATION EASEMENT MAY, IN ITS SOLE27
	406	+	126
	407	+	-12- DISCRETION, APPROVE EXPANDED WIND AND SOLAR POWER GENERATION,1
	408	+	TRANSMISSION, OR STORAGE THAT IS COMPATIBLE WITH AND DOES NOT2
	409	+	DIMINISH OR IMPAIR CONSERVATION VALUES .3
	410	+	(14) T
364	411		HIS SECTION IS REPEALED, EFFECTIVE JANUARY 1, 2052.
365		-	SECTION 8. Appropriation. For the 2024-25 state fiscal year,
366		-	$12,925 is appropriated to the department of regulatory agencies for use by
367		-	the division of conservation. This appropriation is from the conservation
368		-	cash fund created in section 12-15-107, C.R.S., and is based on an
369		-	PAGE 9-SENATE BILL 24-126 assumption that the division will require an additional 0.2 FTE. To
370		-	implement this act, the division may use this appropriation for conservation
371		-	easement program costs.
372		-	SECTION 9. Act subject to petition - effective date. This act
373		-	takes effect at 12:01 a.m. on the day following the expiration of the
374		-	ninety-day period after final adjournment of the general assembly; except
375		-	that, if a referendum petition is filed pursuant to section 1 (3) of article V
376		-	of the state constitution against this act or an item, section, or part of this act
377		-	within such period, then the act, item, section, or part will not take effect
378		-	unless approved by the people at the general election to be held in
379		-	PAGE 10-SENATE BILL 24-126 November 2024 and, in such case, will take effect on the date of the official
380		-	declaration of the vote thereon by the governor.
381		-	____________________________ ____________________________
382		-	Steve Fenberg Julie McCluskie
383		-	PRESIDENT OF SPEAKER OF THE HOUSE
384		-	THE SENATE OF REPRESENTATIVES
385		-	____________________________ ____________________________
386		-	Cindi L. Markwell Robin Jones
387		-	SECRETARY OF CHIEF CLERK OF THE HOUSE
388		-	THE SENATE OF REPRESENTATIVES
389		-	APPROVED________________________________________
390		-	(Date and Time)
391		-	_________________________________________
392		-	Jared S. Polis
393		-	GOVERNOR OF THE STATE OF COLORADO
394		-	PAGE 11-SENATE BILL 24-126
	412	+	4
	413	+	SECTION 8. Appropriation. For the 2024-25 state fiscal year,5
	414	+	$12,925 is appropriated to the department of regulatory agencies for use6
	415	+	by the division of conservation. This appropriation is from the7
	416	+	conservation cash fund created in section 12-15-107, C.R.S., and is based8
	417	+	on an assumption that the division will require an additional 0.2 FTE. To9
	418	+	implement this act, the division may use this appropriation for10
	419	+	conservation easement program costs. 11
	420	+	SECTION 9. Act subject to petition - effective date. This act12
	421	+	takes effect at 12:01 a.m. on the day following the expiration of the13
	422	+	ninety-day period after final adjournment of the general assembly; except14
	423	+	that, if a referendum petition is filed pursuant to section 1 (3) of article V15
	424	+	of the state constitution against this act or an item, section, or part of this16
	425	+	act within such period, then the act, item, section, or part will not take17
	426	+	effect unless approved by the people at the general election to be held in18
	427	+	November 2024 and, in such case, will take effect on the date of the19
	428	+	official declaration of the vote thereon by the governor.20
	429	+	126
	430	+	-13-