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Legislative Year: 2024 Change
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Bill Detail: SB24-085

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Title Sales & Use Tax Rebate for Digital Asset Purchases
Status Senate Committee on Business, Labor, & Technology Postpone Indefinitely (04/30/2024)
Bill Subjects
  • State Government
House Sponsors J. Parenti (D)
R. Weinberg (R)
Senate Sponsors K. Priola (D)
J. Buckner (D)
House Committee
Senate Committee Business, Labor and Technology
Date Introduced 01/24/2024
Summary

For the state fiscal year beginning July 1, 2026, and for each state
fiscal year thereafter through the state fiscal year beginning July 1, 2033,
the bill allows a data center business or a data center operator (taxpayer)
to claim a rebate for all state sales and use tax that the taxpayer paid for
construction materials or data center equipment that is for the
construction or operation of an eligible data center.
To be eligible to claim a sales and use tax rebate, a taxpayer is
required to obtain certification from the Colorado office of economic
development (office) stating that the data center is an eligible data center
and that the taxpayer may claim a rebate of state sales and use tax
(certification). An eligible data center is defined as a data center that
creates a specified number of jobs, generates a specified amount of
revenue, and requires a specified amount of power. The sales and use tax
rebate is allowed only for the sale, storage, or use of construction
materials or data center equipment that occurs on or after the date that the
taxpayer obtains certification from the office.
When a taxpayer believes that the data center that will be identified
in a sales and use tax rebate application satisfies the criteria to be an
eligible data center, the taxpayer may apply to the office for the
certification. The taxpayer must demonstrate in the certification
application that the data center is an eligible data center, and the taxpayer
is required to submit any documentation or proof that the office deems
necessary to determine whether a data center satisfies the criteria to be an
eligible data center.
Before issuing a certification, the office shall provide the
application to the Colorado economic development commission
(commission) to determine whether the data center satisfies the criteria to
be an eligible data center, and the commission shall approve or deny the
certification. When approving an application for certification as an
eligible data center, the commission may limit a certification by
specifying that an eligible data center may claim a rebate only up to a
specified dollar amount based on specified economic development
priorities. The commission may issue certification for up to 3 data centers
to claim a sales and use tax rebate in any fiscal year.
If the commission determines that a data center satisfies the criteria
to be an eligible data center, the office is required to notify the department
of revenue (department) and issue a certification to the taxpayer.
To claim a sales and use tax rebate, a taxpayer must submit a
rebate application and a copy of the certification from the office to the
department. A taxpayer is required to submit certain documentation with
the application.
The bill allows a taxpayer to assign a certification to specified
types of parties after it is awarded.
The bill requires the office and the department to prepare an
annual report including information regarding eligible data centers and
state sales and use tax rebates allowed. The office is required to submit
the report to the finance committees of the house of representatives and
senate.
1

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