The Department of Revenue Division of Taxation (the "Department") is soliciting public comments on a new rule for the income tax credit on environmental remediation of contaminated land found in Colorado Revised Statutes §39-22-526. This rule seeks to clarify requirements relating to the filing and transfer of the credit. The Department invites the public to review and comment on the proposed rule through Wednesday, March 21, 2018.
During the 2014 legislative session, the General Assembly passed Senate Bill 14-073, which re-established an income tax credit of up to $525,000 for approved environmental remediation of contaminated land. The credit is available to taxpayers and may be transferred to another taxpayer. So-called “qualified entities” such as counties, home rule counties, cities, towns, home rule cities, and private nonprofit entities also may transfer a similar “transferrable expense amount” to a taxpayer for use as a tax credit regardless of whether the qualifying entity receives value.
Among other things, the proposed rule:
Review Senate Bill 14-073 and the draft rule. If you have an issue you would like the Department to consider addressing in the draft rule or comments on content in the current draft of the rule, you may submit comments to firstname.lastname@example.org
Please contact Polly Jessen or Bill Slberstein if you have any questions about the proposed rule or if we may assist you in commenting.
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