us-co/statute/39/39-22-507.6 — Credits against corporate tax - investment in certain property

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us-co/statute/39/39-22-507.6 — Credits against corporate tax - investment in certain property - repeal · Axiom

(1) Except as otherwise provided in this section, there shall be allowed to any person as a credit against the tax imposed by part 3 of this article 22, for income tax years commencing on or after January 1, 1988, but prior to January 1, 2023, an amount equal to the total of:

(a)Investment tax credit carryovers claimed by such person…#

(a) Investment tax credit carryovers claimed by such person for such taxable year; and

(b)Ten percent of that part of the credit that would have…#

(b) Ten percent of that part of the credit that would have been allowed for the same income tax year by section 38 of the internal revenue code, as determined under the provisions of subsection (a) of section 46 of the internal revenue code without regard to the limitations imposed by said section 38, had section 49 of the internal revenue code not been enacted, to the extent such part of such credit is determined by reference to property which is used in Colorado. The references in this paragraph (b) to sections 38, 46, and 49 of the internal revenue code mean sections 38, 46, and 49 of the internal revenue code as they existed immediately prior to the enactment of the federal Revenue Reconciliation Act of 1990.

(2) The executive director shall promulgate regulations which will prescribe the extent to which property must be used in Colorado to qualify for the credit allowed under the provisions of subsection (1) of this section, which regulations shall include a method or methods of determining what portion of the property shall qualify in the case of property which is used both within and without Colorado.

(3) The credit allowed by this section for any income tax year shall not exceed the taxpayer's actual tax liability for the income tax year to the extent that the liability does not exceed one thousand dollars.

(4) In the case of a controlled group of corporations, as defined in section 1563 (a) of the internal revenue code, the one thousand dollars specified in subsection (3) of this section shall be apportioned among the members of the controlled group as they may elect. The election shall apply to the income tax year of the members of the controlled group ending with or including a common December 31. Should such members fail to agree on an allocation of the one thousand dollars, said one thousand dollars shall be divided equally among all members of the controlled group.

(5) If the amount of the credit allowed by paragraph (b) of subsection (1) of this section exceeds the amount of the limitation imposed by subsection (3) of this section reduced by the credit allowed by paragraph (a) of subsection (1) of this section for any income tax year, referred to in this subsection (5) as the unused credit year, such excess shall be an investment tax credit carryover to each of the three income tax years following the unused credit year.

(6) The limitations on the credits allowed by this section shall be reduced by any credit allowed by section 39-22-507.5 for the same tax year.

(7) This section is repealed, effective July 1, 2027.

in view

Whole section

Encodings · 3

federal_credit_percentageCO 39 § 39-22-507.6 · parameter

Colo. Rev. Stat. § 39-22-507.6(1)(b)

name: federal_credit_percentage
kind: parameter
dtype: Rate
source: Colo. Rev. Stat. § 39-22-507.6(1)(b)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us-co/statute/39/39-22-507.6
          excerpt: Ten percent of that part of the credit
versions:
  - effective_from: '1988-01-01'
    formula: '0.10'

annual_credit_liability_limitCO 39 § 39-22-507.6 · parameter

Colo. Rev. Stat. § 39-22-507.6(3)

name: annual_credit_liability_limit
kind: parameter
dtype: Money
unit: USD
source: Colo. Rev. Stat. § 39-22-507.6(3)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us-co/statute/39/39-22-507.6
          excerpt: does not exceed one thousand dollars
versions:
  - effective_from: '1988-01-01'
    formula: '1000'

carryover_yearsCO 39 § 39-22-507.6 · parameter

Colo. Rev. Stat. § 39-22-507.6(5)

name: carryover_years
kind: parameter
dtype: Count
source: Colo. Rev. Stat. § 39-22-507.6(5)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-22-507.6
          excerpt: each of the three income tax years following
versions:
  - effective_from: '1988-01-01'
    formula: '3'

▸rulespec code

Shown source

statutes/39/39-22-507.6.yaml

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Rules

federal_credit_percentage

Parameter

source: Colo. Rev. Stat. § 39-22-507.6(1)(b)

- name: federal_credit_percentage
  kind: parameter
  dtype: Rate
  source: Colo. Rev. Stat. § 39-22-507.6(1)(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us-co/statute/39/39-22-507.6
            excerpt: Ten percent of that part of the credit
  versions:
    - effective_from: '1988-01-01'
      formula: '0.10'

annual_credit_liability_limit

Parameter

source: Colo. Rev. Stat. § 39-22-507.6(3)

- name: annual_credit_liability_limit
  kind: parameter
  dtype: Money
  unit: USD
  source: Colo. Rev. Stat. § 39-22-507.6(3)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us-co/statute/39/39-22-507.6
            excerpt: does not exceed one thousand dollars
  versions:
    - effective_from: '1988-01-01'
      formula: '1000'

carryover_years

Parameter

source: Colo. Rev. Stat. § 39-22-507.6(5)

- name: carryover_years
  kind: parameter
  dtype: Count
  source: Colo. Rev. Stat. § 39-22-507.6(5)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-22-507.6
            excerpt: each of the three income tax years following
  versions:
    - effective_from: '1988-01-01'
      formula: '3'

▸citations (4)

References

This rule cites 4 other rules.

CO 39 § 38inferredCO › Statutes › Title 39 › § 38
CO 39 § 38inferredCO › Statutes › Title 39 › § 38
CO 39 § 38inferredCO › Statutes › Title 39 › § 38
CO 39 § 39-22-507.5inferredCO › Statutes › Title 39 › § 39-22-507.5