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Legislative Year: 2022 Change
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Bill Detail: HB22-1392

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Title Contaminated Land Income Tax & Property Tax Credit
Status Signed by the Speaker of the House (06/01/2022)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors S. Bird (D)
M. Lindsay (D)
Senate Sponsors D. Moreno (D)
House Committee Finance
Senate Committee Finance
Date Introduced 04/20/2022
Summary

Under current law, an affordable housing developer in Colorado

can qualify for state property tax exemptions for 15 years and federal
income tax credits for 30 years. The bill allows affordable housing
projects to receive the Colorado state property tax exemptions for an
extended period of 15 years to match the period available under federal
law.
Under current law, the tax credit for environmental remediation of
contaminated land (commonly referred to as the Brownfield credit) allows
taxpayers to claim income tax credits for voluntary cleanup of
contaminated land, known as brownfield, located in Colorado. Taxpayers
can claim a transferable credit equivalent to 40% of the first $750,000
spent on remediation and 30% of the next $750,000 spent, for a maximum
credit of $525,000 on remediation costs of $1.5 million or more. In
addition, a qualified entity, which is a county, municipality, or private
nonprofit entity, is allowed an essentially identical transferable expense
amount for expenses incurred in performing approved environmental
remediation that can be transferred to a taxpayer as an income tax credit.
The Colorado department of public health and environment (CDPHE) is
authorized to certify a total of $3 million in both tax credits for each
income tax year. The bill:
  • Extends the tax credit, which is set to expire on January 1,
2023, to January 1, 2033, for an additional 10 years;
  • Increases the annual total cap on tax credits from $3
million to $7 million for calendar year 2022 and after;
  • Expands the definition of qualified entity to include
school districts, charter schools, special districts,
institutions of higher education, and other
quasi-governmental entities;
  • Allows a taxpayer whose credit is tied to remediation of a
site in a rural community to claim a credit equivalent to
50% of the first $750,000 spent on remediation and 40% of
the next $750,000 spent;
  • Eliminates some restrictions that taxpayers have on the
transferability of credits, including a restriction that
requires any transfer to occur within the first 2 years of
receiving the tax credit and the requirement that the
transferee certify that the taxpayer satisfied statutory
requirements; and
  • Requires a taxpayer and a transferee of a tax credit or
transferable expense amount to jointly file a copy of the
transfer agreement with CDPHE, specifies that such filing
perfects the transfer, and clarifies that the transferee and
the department of revenue can rely upon the certification by
CDPHE of the ownership and the amount of the tax credit
as being accurate.
1

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (05/03/2022) (most recent)  
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