us-co/statute/39/39-22-541 — Credit for retrofitting a residence to increase a residence's visitability - tax preference performance statement - legislative declaration - definitions

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us-co/statute/39/39-22-541 — Credit for retrofitting a residence to increase a residence's visitability - tax preference performance statement - legislative declaration - definitions - repeal · Axiom

(1) In accordance with section 39-21-304 (1), which requires any bill that creates a new tax expenditure or extends an expiring tax expenditure to include a tax preference performance statement as part of a statutory legislative declaration, the general assembly finds and declares that:

(a)The general legislative purpose of the tax credit…#

(a) The general legislative purpose of the tax credit allowed by this section is to provide tax relief for certain individuals;

(b)The specific legislative purpose of the tax credit…#

(b) The specific legislative purpose of the tax credit allowed by this section is to make retrofitting a residence for health, welfare, and safety reasons more affordable; and

(c)The credit certificates required from the division of…∀ 1#

(c) The credit certificates required from the division of housing pursuant to subsection (3)(b)(I) of this section will allow the general assembly and the state auditor to measure the effectiveness of the credit in achieving its purpose based on the number and amount of credits that are claimed.

(2) As used in this section:

(a) Dependent means:

(I) A qualifying child or qualifying relative as defined in sections 152 (c) and 152 (d), respectively, of the internal revenue code; and

(II) A qualified individual's spouse or the person in a civil union with the qualified individual.

(b) Division of housing means the division of housing in the department of local affairs created in section 24-32-704.

(c) Qualified individual means an individual with a family income at or below one hundred fifty thousand dollars for the income tax year commencing on or after January 1, 2019, and as adjusted for inflation for each income tax year thereafter.

(d)Retrofit means changes made to a residence that must:∀ 1#

graph ↗use in builder ↗

(d) Retrofit means changes made to a residence that must:

(I) Be necessary to ensure the health, welfare, and safety of a qualified individual or a dependent;

(II) Increase the residence's visitability;

(III) Enable greater accessibility and independence in the residence for a qualified individual or a dependent;

(IV) Be required due to a qualified individual's or dependent's illness, impairment, or disability; and

(V) Allow a qualified individual or dependent to age in place.

(e)Visitability means a measure of a residence's ease of…#

(e) Visitability means a measure of a residence's ease of access for persons with disabilities.

(3) (a) (I) Except as provided in subsection (3)(b)(III) of this section, for income tax years commencing on or after January 1, 2019, but prior to January 1, 2029, a qualified individual who retrofits or hires someone to retrofit the qualified individual's residence and who meets any additional requirements established by the division of housing is allowed a credit against the income taxes imposed by this article 22 in an amount equal to the cost of the retrofit or five thousand dollars per residence, whichever is less. Only one credit is allowed per residence; except that, if a retrofit is required for the qualified individual and for one or more dependents residing in the qualified individual's residence or a retrofit is required for more than one dependent residing in the qualified individual's residence, then a credit is allowed in an amount equal to the cost of the retrofit or five thousand dollars per individual for whom the retrofit is required, whichever is less.

(II) The division of housing shall consult with stakeholders in establishing any additional requirements for the income tax credit as required in subsection (3)(a)(I) of this section.

(b) (I) The division of housing is responsible for issuing credit certificates to qualified individuals. The credit certificate must identify the taxpayer and certify that the individual meets the requirements set forth in this section.

(II) To claim the credit under this section, the qualified individual must include the credit certificate with the income tax return filed with the department of revenue.

(III) The division of housing shall track all the credit certificates issued under this section in each income tax year and, when the total amount of credit certificates issued equals one million dollars per income tax year, shall cease issuing credit certificates in that income tax year. Until the one million dollar per income tax year cap is reached, the credit certificates shall be issued in the order in which they are requested.

(4) If the amount of the credit allowed in this section exceeds the amount of income taxes otherwise due on the qualified individual's income in the income tax year for which the credit is being claimed, the amount of the credit not used as an offset against income taxes in the current income tax year may be carried forward and used as a credit against subsequent years' income tax liability for a period not to exceed eight years and must be applied first to the earliest income tax years possible. Any credit remaining after the period may not be refunded or credited to the qualified individual.

(5) No later than January 1, 2020, and no later than January 1 of each year thereafter through January 1, 2029, the division of housing shall provide the department of revenue with an electronic report of the taxpayers receiving a credit certificate as allowed in this section for the previous calendar year that includes the following information:

(a) Each taxpayer's name;

(b) Each taxpayer's social security number or federal employee identification number; and

(6) This section is repealed, effective December 31, 2041.

in view

Whole section

Encodings · 6

statutory_family_income_limitCO 39 § 39-22-541 (c) · parameter

39-22-541(c)

name: statutory_family_income_limit
kind: parameter
dtype: Money
unit: USD
period: Year
source: 39-22-541(c)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us-co/statute/39/39-22-541
          excerpt: >-
            “family income at or below one hundred fifty thousand dollars for
            the income tax year commencing on or after January 1, 2019”
versions:
  - effective_from: '2019-01-01'
    formula: '150000'

residence_credit_limitCO 39 § 39-22-541 · parameter

39-22-541(3)(a)(I)

name: residence_credit_limit
kind: parameter
dtype: Money
unit: USD
source: 39-22-541(3)(a)(I)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us-co/statute/39/39-22-541
          excerpt: “five thousand dollars per residence”
versions:
  - effective_from: '2019-01-01'
    formula: '5000'

individual_retrofit_credit_limitCO 39 § 39-22-541 · parameter

39-22-541(3)(a)(I)

name: individual_retrofit_credit_limit
kind: parameter
dtype: Money
unit: USD
source: 39-22-541(3)(a)(I)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us-co/statute/39/39-22-541
          excerpt: >-
            “five thousand dollars per individual for whom the retrofit is
            required”
versions:
  - effective_from: '2019-01-01'
    formula: '5000'

annual_credit_certificate_capCO 39 § 39-22-541 · parameter

39-22-541(3)(b)(III)

name: annual_credit_certificate_cap
kind: parameter
dtype: Money
unit: USD
period: Year
source: 39-22-541(3)(b)(III)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us-co/statute/39/39-22-541
          excerpt: “one million dollars per income tax year”
versions:
  - effective_from: '2019-01-01'
    formula: '1000000'

maximum_credit_carryforward_yearsCO 39 § 39-22-541 · parameter

39-22-541(4)

name: maximum_credit_carryforward_years
kind: parameter
dtype: Count
source: 39-22-541(4)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-22-541
          excerpt: “for a period not to exceed eight years”
versions:
  - effective_from: '2019-01-01'
    formula: '8'

retrofitCO 39 § 39-22-541 (d) · derived

39-22-541(d)

name: retrofit
kind: derived
entity: Asset
dtype: Judgment
period: Year
source: 39-22-541(d)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: definition
        source:
          corpus_citation_path: us-co/statute/39/39-22-541
versions:
  - effective_from: '2019-01-01'
    formula: |-
      residence_change_is_necessary_for_health_welfare_and_safety
      and residence_change_increases_visitability
      and residence_change_enables_greater_accessibility_and_independence
      and residence_change_is_required_due_to_illness_impairment_or_disability
      and residence_change_allows_aging_in_place

▸rulespec code

Shown source

statutes/39/39-22-541.yaml

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Rules

statutory_family_income_limit

Parameter(c) in text ↖

source: 39-22-541(c)

- name: statutory_family_income_limit
  kind: parameter
  dtype: Money
  unit: USD
  period: Year
  source: 39-22-541(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us-co/statute/39/39-22-541
            excerpt: >-
              “family income at or below one hundred fifty thousand dollars for the income tax year
              commencing on or after January 1, 2019”
  versions:
    - effective_from: '2019-01-01'
      formula: '150000'

residence_credit_limit

Parameter

source: 39-22-541(3)(a)(I)

- name: residence_credit_limit
  kind: parameter
  dtype: Money
  unit: USD
  source: 39-22-541(3)(a)(I)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us-co/statute/39/39-22-541
            excerpt: “five thousand dollars per residence”
  versions:
    - effective_from: '2019-01-01'
      formula: '5000'

individual_retrofit_credit_limit

Parameter

source: 39-22-541(3)(a)(I)

- name: individual_retrofit_credit_limit
  kind: parameter
  dtype: Money
  unit: USD
  source: 39-22-541(3)(a)(I)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us-co/statute/39/39-22-541
            excerpt: “five thousand dollars per individual for whom the retrofit is required”
  versions:
    - effective_from: '2019-01-01'
      formula: '5000'

annual_credit_certificate_cap

Parameter

source: 39-22-541(3)(b)(III)

- name: annual_credit_certificate_cap
  kind: parameter
  dtype: Money
  unit: USD
  period: Year
  source: 39-22-541(3)(b)(III)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us-co/statute/39/39-22-541
            excerpt: “one million dollars per income tax year”
  versions:
    - effective_from: '2019-01-01'
      formula: '1000000'

maximum_credit_carryforward_years

Parameter

source: 39-22-541(4)

- name: maximum_credit_carryforward_years
  kind: parameter
  dtype: Count
  source: 39-22-541(4)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-22-541
            excerpt: “for a period not to exceed eight years”
  versions:
    - effective_from: '2019-01-01'
      formula: '8'

retrofit

Derived(d) in text ↖

source: 39-22-541(d)

- name: retrofit
  kind: derived
  entity: Asset
  dtype: Judgment
  period: Year
  source: 39-22-541(d)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us-co/statute/39/39-22-541
  versions:
    - effective_from: '2019-01-01'
      formula: |-
        residence_change_is_necessary_for_health_welfare_and_safety
        and residence_change_increases_visitability
        and residence_change_enables_greater_accessibility_and_independence
        and residence_change_is_required_due_to_illness_impairment_or_disability
        and residence_change_allows_aging_in_place

▸citations (3)

References

This rule cites 3 other rules.

CO 39 § 39-21-304 (1)inferredCO › Statutes › Title 39 › § 39-21-304 › (1)
CO 39 § 152 (c)inferredCO › Statutes › Title 39 › § 152 › (c)
CO 39 § 24-32-704inferredCO › Statutes › Title 39 › § 24-32-704