Colorado Department of Revenue Revises Proposed Rule on the Income Tax Credit for Environmental Remediation of Contaminated Land and Extends Time for Comment

On March 14, we alerted you that the Department of Revenue Division of Taxation (the “Department”) was 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. Please refer to our March 14 Brownfields Law Alert for a summary of the proposed rule.

On May 2, the Department held a rulemaking hearing with respect to the proposed rule and is proposing amendments. The amendments now would allow credits claimed for tax years prior to January 1, 2023, to be carried forward to subsequent tax years. In addition, the amendments would allow credits to be transferred to trusts and estates, in addition to individuals and C corporations.

The Department is allowing comments on the proposed amendments until May 18, 2018, at 5:00 p.m. Comments may be submitted to dor_taxrules@state.co.us.

Please contact Polly Jessen or Bill Silberstein if you have any questions about the proposed rule or if we may assist you in commenting.