39-22-108.5 Dual Resident Trust Credit.

(1) Limitations. (a) A taxpayer cannot claim both the dual resident trust credit and the credit for tax paid to another state (§39-22-108, C.R.S.) for the same tax year. If a taxpayer qualifies for both credits for the same tax year, the taxpayer shall elect which credit will be claimed on the return. (b) The credit is not available to a trust that became a Colorado resident trust prior to May 26, 2006. (c) The credit is available for tax years beginning on or after January 1, 2006. (d) Any excess credit is not refundable and cannot be carried forward or back to another tax year. (2) Documentation. (a) A taxpayer claiming a dual resident trust credit shall file a copy of the income tax return from the other state(s) with the Department of Revenue at the time of filing the Colorado tax return in which the credit is claimed. (b) A taxpayer who electronically files the Colorado income tax return must include such information from the other state’s tax return as may be required by the Department and submit a written copy of the same to the Department of Revenue upon request. (c) Documentation to support the tax return from another state must also be submitted to the Department of Revenue upon request.