us-co/statute/39/39-22-5403 — Credit against tax - middle-income housing developments

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us-co/statute/39/39-22-5403 — Credit against tax - middle-income housing developments · Axiom

(1) For the income tax years during the credit period, a qualified taxpayer is allowed a credit against the income taxes imposed by this article 22 in an amount determined by the authority pursuant to this part 54.

(2) The authority may allocate a credit to the owner of a qualified development by issuing an allocation certificate to the owner. The authority may determine the time at which it will issue an allocation certificate. The authority shall determine the amount of the credit. All credit allocations must be made according to the allocation plan and each credit must be necessary for the financial feasibility of the qualified development.

(3) The authority shall not allocate a credit to an owner pursuant to this part 54 unless the qualified development meets the following requirements:

(a)The qualified development is the subject of a recorded…#

(a) The qualified development is the subject of a recorded restrictive covenant requiring the development to be maintained and operated as a qualified development for the length of the compliance period or longer; and

(b)The qualified development meets the accessibility and…#

(b) The qualified development meets the accessibility and adaptability requirements of Title VIII of the federal Civil Rights Act of 1968, as amended by the federal Fair Housing Amendments Act of 1988, 24 U.S.C. sec. 3601 et seq.

(4) (a) During each calendar year of the period beginning on January 1, 2025, and ending on December 31, 2029, the authority may allocate a credit, the full amount of which may be claimed by a qualified taxpayer against the taxes imposed by this article 22 for each tax year of the five-year credit period.

(b) (I) The aggregate amount of all credits allocated by the authority in each calendar year must not exceed the following amounts:

(A) For calendar year 2025, five million dollars;

(B) For calendar year 2026, five million dollars;

(D) For calendar year 2028, ten million dollars; and

(E) For calendar year 2029, ten million dollars.

(II) The authority may also allocate any unallocated credits from preceding calendar years, and these unallocated credits are not included in the annual dollar limits specified in subsection (4)(b)(I) of this section.

(c)The authority shall add the aggregate amount of any…#

(c) The authority shall add the aggregate amount of any unallocated credits remaining as of December 31, 2029, to the amount of credits the authority may allocate pursuant to part 21 of this article 22.

(5) If the amount of a credit allocated pursuant to this section exceeds the taxes due on the qualified taxpayer's income for the taxable year, the excess credit amount may be carried forward as a credit against the qualified taxpayer's income tax liability for up to three tax years following the credit period and must be applied first to the earliest years possible. Any amount of the credit that is not applied against income tax liability within this three-year carry-forward period shall not be refunded to the taxpayer.

(6) If an owner of a qualified development receiving an allocation of a credit is a partnership, limited liability company, S corporation, or similar pass-through entity, the owner may allocate the credit among its partners, shareholders, members, or other qualified taxpayers in any manner agreed to by such persons, regardless of whether any such persons are deemed a partner for federal income tax purposes. The owner shall certify to the department the amount of credit allocated to each partner, shareholder, member, or other qualified taxpayer. Each partner, shareholder, member, or other qualified taxpayer admitted as a partner, shareholder, member, or other qualified taxpayer of the owner prior to the filing of a tax credit claiming the credit is allowed to claim such amount, subject to any restrictions set forth in this part 54 or imposed by the authority or the department.

(7) To claim the tax credit allowed in this part 54, an owner of a qualified development to which the authority allocated a credit and any qualified taxpayer to which an owner has allocated a portion of its credit shall file with its state income tax return the following documents:

(a) A copy of the allocation certificate issued by the authority; and

(b) A copy of the owner's certification to the department regarding its allocation of the credit among the qualified taxpayers having ownership interests in the qualified development, if any.

in view

Whole section

Encodings · 3

credit_carryforward_year_limitCO 39 § 39-22-5403 · parameter

C.R.S. § 39-22-5403(5)

name: credit_carryforward_year_limit
kind: parameter
dtype: Count
source: C.R.S. § 39-22-5403(5)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-22-5403
          excerpt: up to three tax years following the credit period
versions:
  - effective_from: '2025-01-01'
    formula: '3'

annual_credit_allocation_limitCO 39 § 39-22-5403 · parameter

C.R.S. § 39-22-5403(4)(b)(I)

name: annual_credit_allocation_limit
kind: parameter
dtype: Money
period: Year
unit: USD
source: C.R.S. § 39-22-5403(4)(b)(I)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us-co/statute/39/39-22-5403
          excerpt: >-
            For calendar year 2025, five million dollars; [and] For calendar
            year 2026, five million dollars
      - path: versions[1].formula
        kind: amount
        source:
          corpus_citation_path: us-co/statute/39/39-22-5403
          excerpt: >-
            For calendar year 2027, ten million dollars; [and] For calendar year
            2028, ten million dollars; [and] For calendar year 2029, ten million
            dollars
versions:
  - effective_from: '2025-01-01'
    formula: '5000000'
  - effective_from: '2027-01-01'
    formula: '10000000'

annual_credit_allocation_is_within_statutory_limitCO 39 § 39-22-5403 · derived

C.R.S. § 39-22-5403(4)(a)-(b)(I)

name: annual_credit_allocation_is_within_statutory_limit
kind: derived
entity: CreditAllocatingAuthority
dtype: Judgment
period: Year
source: C.R.S. § 39-22-5403(4)(a)-(b)(I)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: condition
        source:
          corpus_citation_path: us-co/statute/39/39-22-5403
          excerpt: >-
            During each calendar year of the period beginning on January 1,
            2025, and ending on December 31, 2029
      - path: versions[0].formula
        kind: formula
        source:
          corpus_citation_path: us-co/statute/39/39-22-5403
          excerpt: >-
            The aggregate amount of all credits allocated by the authority in
            each calendar year must not exceed
versions:
  - effective_from: '2025-01-01'
    formula: >-
      calendar_year_is_credit_allocation_window

      and credits_allocated_against_annual_limit <=
      annual_credit_allocation_limit

▸rulespec code

Shown source

statutes/39/39-22-5403.yaml

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Rules

credit_carryforward_year_limit

Parameter

source: C.R.S. § 39-22-5403(5)

- name: credit_carryforward_year_limit
  kind: parameter
  dtype: Count
  source: C.R.S. § 39-22-5403(5)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-22-5403
            excerpt: up to three tax years following the credit period
  versions:
    - effective_from: '2025-01-01'
      formula: '3'

annual_credit_allocation_limit

Parameter

source: C.R.S. § 39-22-5403(4)(b)(I)

- name: annual_credit_allocation_limit
  kind: parameter
  dtype: Money
  period: Year
  unit: USD
  source: C.R.S. § 39-22-5403(4)(b)(I)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us-co/statute/39/39-22-5403
            excerpt: >-
              For calendar year 2025, five million dollars; [and] For calendar year 2026, five
              million dollars
        - path: versions[1].formula
          kind: amount
          source:
            corpus_citation_path: us-co/statute/39/39-22-5403
            excerpt: >-
              For calendar year 2027, ten million dollars; [and] For calendar year 2028, ten million
              dollars; [and] For calendar year 2029, ten million dollars
  versions:
    - effective_from: '2025-01-01'
      formula: '5000000'
    - effective_from: '2027-01-01'
      formula: '10000000'

annual_credit_allocation_is_within_statutory_limit

Derived

source: C.R.S. § 39-22-5403(4)(a)-(b)(I)

- name: annual_credit_allocation_is_within_statutory_limit
  kind: derived
  entity: CreditAllocatingAuthority
  dtype: Judgment
  period: Year
  source: C.R.S. § 39-22-5403(4)(a)-(b)(I)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-co/statute/39/39-22-5403
            excerpt: >-
              During each calendar year of the period beginning on January 1, 2025, and ending on
              December 31, 2029
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us-co/statute/39/39-22-5403
            excerpt: >-
              The aggregate amount of all credits allocated by the authority in each calendar year
              must not exceed
  versions:
    - effective_from: '2025-01-01'
      formula: |-
        calendar_year_is_credit_allocation_window
        and credits_allocated_against_annual_limit <= annual_credit_allocation_limit