| Summary |
The bill modifies the income tax credit for qualified costs incurred
in preservation of historic structures (credit) by:
•
Modifying the requirement that a qualified commercial or
residential structure be at least 50 years old to instead
require a qualified commercial or residential structure to be
30 years old;
•
Extending the period for which a taxpayer may claim the
credit through income tax years commencing prior to
January 1, 2037;
•
Extending the period for which the Colorado office of
economic development may reserve the credit through
December 31, 2032;
•
Limiting the credit to apply to past rehabilitation
expenditures that occurred 12, rather than 24, months prior
to the submission of an application for the credit on or after
January 1, 2026;
•
Preventing a person from submitting an application for the
credit on or after January 1, 2025, in connection with an
already completed rehabilitation project;
•
Increasing the amount of the credit that may be awarded for
residential rehabilitation expenditures from $50,000 to
$100,000, beginning with credits that are awarded on or
after January 1, 2025;
•
Removing the 5% increase in the percentage of applicable
rehabilitation expenses incurred in a rehabilitation in a
disaster area under the credit for rehabilitations made in
connection with an application for the credit submitted on
or after January 1, 2025;
•
For tax years commencing on or after January 1, 2027,
allowing the credit for qualified residential structures to be
refundable rather than able to be carried forward; and
•
For calendar years commencing on or after January 1,
2025, but before January 1, 2030, establishing a second
income tax credit pool of $5 million annually that is
reserved for an owner of a qualified commercial structure
that is rehabilitated so that at least 50% of the square
footage of the qualified commercial structure will be net
new housing rental units, and, if the qualified commercial
structure is subject to a deed restriction that requires the
owner to lease rental housing to individuals with an income
below a certain amount, the taxpayer claiming the credit
may claim 5% more of the qualified expenditures.
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