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Extension Of Certain Unused Tax Credits

Concerning the extension of the period for which unused and expiring Colorado job growth incentive and enterprise zone income tax credits may be carried forward to subsequent years, and, in connection therewith, making an appropriation.
2022 Regular Session
Fiscal Policy & Taxes
State Revenue & Budget
Bill Summary

Joint Budget Committee. The bill allows a taxpayer who operates in a strategic industry disproportionately impacted by the COVID-19 pandemic and who experienced significant financial hardship due to the COVID-19 pandemic to apply to the economic development commission (commission) for a 5-year extension of the allowable carry-forward period for unused Colorado job growth incentive tax credits and unused enterprise zone tax credits that would otherwise expire between January 1, 2021, and December 31, 2025; except that the tax credit for contributions to enterprise zone administrators to implement economic development plans is not eligible for the 5-year carry-forward extension. The bill requires the commission, in consultation with the office of economic development, to establish a process for accepting, reviewing, and approving one-time applications by taxpayers for the extended carry-forward period subject to taxpayers meeting certain eligibility requirements. The bill caps the total amount of tax credits allowed to be carried forward in the extended period at zero dollars for the first 2 years in the 5-year period, $10 million for the third year in the 5-year period and, $15 million per year for the fourth and fifth years .

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)


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Bill Text