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Legislative Year: 2021 Change
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Bill Detail: SB21-033

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Title Conservation Easement Working Group Proposals
Status House Committee on Appropriations Lay Over Unamended - Amendment(s) Failed (06/15/2021)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors D. Roberts (D)
P. Will (R)
Senate Sponsors J. Sonnenberg (R)
F. Winter (D)
House Committee Finance
Senate Committee Finance
Date Introduced 02/16/2021
Summary

A working group was convened over the 2019 interim pursuant to
House Bill 19-1264 to develop proposed statutes to address certain issues
affecting the creation, valuation, tax treatment, and stewardship of

conservation easements in the state. The bill implements the
recommendations of the working group by creating a new state income
tax credit (new credit) for certain taxpayers who were denied state income
tax credits for conservation easements donated between 2000 and 2013
(original credit) if the federal internal revenue service allowed a federal
income tax deduction for the same donation. The amount of the new
credit is based upon the amount of the original credit that could have been
claimed at the time of the original donation based upon the value of the
donation accepted by the internal revenue service. The amount of the new
credit is reduced by any amount that was allowed to be claimed against
Colorado income tax or otherwise reinstated to the claimant of the
original credit. The new credit is not refundable but may be carried
forward or transferred in the same manner as original credits. New credits
allowed count against a portion of the existing cap on the total amount of
original conservation easement credits that may be claimed each year. The
department of revenue is required to make information about the new
credit available online.
The bill establishes a process for applying to the division of
conservation to claim the new credit. If the original credit that was denied
was transferred to another taxpayer as transferee, the bill provides a
process for all parties to the transaction to submit a mutual application to
claim the new credit or, if there is objection, an ombudsman process to
resolve disputes about the distribution of the credit.

Committee Reports
with Amendments
Full Text
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Fiscal Notes Fiscal Notes (07/19/2021) (most recent)  
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