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Bill Detail: HB21-1233

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Title Conservation Easement Tax Credit Modifications
Status House Committee on Agriculture, Livestock, & Water Refer Unamended to Finance (04/05/2021)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors D. Roberts (D)
P. Will (R)
Senate Sponsors K. Donovan (D)
F. Winter (D)
House Committee Agriculture, Livestock, and Water
Senate Committee
Date Introduced 03/19/2021
Summary

The bill makes the following changes affecting claims for an
income tax credit allowed for the donation of a perpetual conservation
easement in gross (tax credit):
  • Specifies that the division of conservation can be a holder
of a conservation easement in gross;

  • Eliminates a requirement that amounts deducted for federal
income tax purposes for the donation of a conservation
easement be added back for purposes of calculating
Colorado taxable income;
  • Modifies the definition of taxpayer to clarify the
applicability of the tax credit to donations made by certain
nonprofit and governmental entities;
  • Modifies the process for filing conservation easement tax
credit certificates with income tax returns;
  • Eliminates the authority of the executive director of the
department of revenue to require additional information
regarding the amount and validity of tax credits and to
resolve disputes regarding the credits;
  • Establishes a process for the department of revenue to track
the transfer of and certify the ownership of tax credits;
  • Modifies the formula used to calculate the amount of the
tax credit;
  • Modifies the manner in which the amount of a tax credit is
allocated among owners, partners, members, or
shareholders of certain legal entities;
  • Modifies certain provisions regarding the number of tax
credits that may be claimed and the manner of claiming the
credits;
  • Eliminates the requirement that the donor of an easement
is the tax matters representative for purposes of resolving
issues and disputes relating to a transferred credit; and
  • Eliminates obsolete reporting requirements.

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Fiscal Notes Fiscal Notes (04/08/2021) (most recent)  
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