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Bill Detail: SB22-119

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Title Conservation Easement Tax Credit
Status Senate Committee on Appropriations Postpone Indefinitely (05/10/2022)
Bill Subjects
  • Fiscal Policy & Taxes
  • Natural Resources & Environment
House Sponsors
Senate Sponsors F. Winter (D)
C. Simpson (R)
House Committee
Senate Committee Finance
Date Introduced 02/03/2022
Summary

The bill creates 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. A donation is eligible for the new credit
only if the land subject to the donated conservation easement for which
the original credits were disallowed was owned by the landowner, a
family member of the landowner, or a trust or other legal entity controlled
by the landowner or one or more members of the family of the landowner
for not less than 3 consecutive years prior to the date of the 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; except that the fair market value of the land used to
calculate the value of the new credit cannot exceed 250% of the donor's
cost basis in the land subject to the donated conservation easement. 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 the original
credit. 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.

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