us-co/statute/39/39-22-550 — Tax credit for reducing emissions from certain lawn equipment - tax preference performance statement - legislative declaration - definitions - report

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us-co/statute/39/39-22-550 — Tax credit for reducing emissions from certain lawn equipment - tax preference performance statement - legislative declaration - definitions - report - repeal · Axiom

(1) (a) The general assembly finds and declares that:

(I) Gasoline-powered lawn equipment, such as lawn mowers, leaf blowers, trimmers, and snowblowers, emits high levels of air pollutants, including nitrogen oxides and volatile organic compounds that, together, form ozone and particulate matter;

(II) Replacing such gasoline-powered lawn equipment with electric-powered lawn equipment can reduce ozone pollution; and

(III) The purpose of the tax credit in subsection (3) of this section is to incentivize the voluntary transition from gasoline-powered to electric-powered lawn equipment.

(b)In accordance with section 39-21-304 (1), which…#

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

(I) The general legislative purpose of the tax credit allowed by subsection (3) of this section is to induce certain designated behaviors by taxpayers, specifically the purchase of electric-powered lawn equipment; and

(II) In order to allow the general assembly and the state auditor to measure the effectiveness of the tax credit, the department of revenue shall submit to the general assembly and the state auditor an annual report in accordance with subsection (5) of this section detailing the sales of new, electric-powered lawn equipment, as reported by taxpayers claiming the tax credit authorized under subsection (3) of this section.

(2) As used in this section, unless the context otherwise requires:

(a) Lawn equipment means a lawn mower, leaf blower, trimmer, or snowblower.

(b) Purchase price has the meaning set forth in section 39-26-102 (7).

(c)Qualified retailer means a retailer that sells lawn…#

(I) Holds a state sales tax license;

(II) Has timely filed a monthly sales tax return showing a tax liability for at least twelve months;

(III) Has paid the taxes due on the monthly sales tax return; and

(IV) Has registered with the department of revenue pursuant to subsection

(3)(e)(II) of this section.

(d)Retailer has the meaning set forth in section 39-26-102…#

(d) Retailer has the meaning set forth in section 39-26-102 (8).

(e)Retail sale has the meaning set forth in section…#

(e) Retail sale has the meaning set forth in section 39-26-102 (9).

(3) (a) For income tax years commencing on or after January 1, 2024, but before January 1, 2027, a retailer qualified pursuant to subsection (3)(e)(II) of this section is allowed a tax credit against the tax imposed pursuant to this article 22 in an amount equal to thirty-three percent of the aggregate purchase price for all retail sales of new, electric-powered lawn equipment that the qualified retailer sold in the state during the tax year.

(b) In order to qualify for the tax credit allowed under this subsection (3), the qualified retailer shall provide to the purchaser, at the time of the retail sale of new, electric-powered lawn equipment, a discount on the purchase price of the lawn equipment equal to thirty percent of the purchase price and shall show the discount as a separate item on the receipt or invoice provided to the purchaser.

(c) To determine whether a qualified retailer sold new, electric-powered lawn equipment in this state, the rules of section 39-26-104 (3)(a) apply.

(d) The qualified retailer may retain from the credit allowed in this section an administrative fee not to exceed three percent of the purchase price of the new, electric-powered lawn equipment sold.

(e) (I) The qualified retailer shall electronically submit a report to the department of revenue, on a quarterly basis and in the form and manner required by the department, that details the number of pieces of new, electric-powered lawn equipment sold by the qualified retailer in the reporting period for which the qualified retailer provided a discount as described in subsection (3)(b) of this section. The department may require the qualified retailer to include additional information in the report.

(II) Before selling a piece of new, electric-powered lawn equipment for which a retailer intends to claim a credit pursuant to this section, the retailer shall register as a qualified retailer by filing with the department of revenue a registration statement in the form and manner that the department prescribes.

(4) If a credit authorized by this section exceeds the income tax due on the income of the qualified retailer for the taxable year, the excess credit may not be carried forward and must be refunded to the qualified retailer.

(5) Pursuant to section 39-21-304 (3), notwithstanding section 24-1-136

(11)(a)(I), and for the purpose of providing data that allows the general assembly and the state auditor to measure the effectiveness of the tax credit created in subsection (3) of this section, the department of revenue, on or before January 1, 2025, and on or before January 1 of each year thereafter through January 1, 2028, shall submit to the general assembly and the state auditor a report detailing the sales of new, electric-powered lawn equipment, as reported by a qualified retailer claiming the tax credit authorized under subsection (3) of this section. The tax credit established in this section meets its purpose if sales of new, gasoline-powered lawn equipment are significantly reduced within five years after the tax credit becomes effective, as determined by the general assembly and the state auditor pursuant to section 39-21-304 (3).

(6) This section is repealed, effective December 31, 2033.

in view

Whole section

Encodings · 8

lawn_equipmentCO 39 § 39-22-550 (a) · derived

39-22-550(a)

name: lawn_equipment
kind: derived
entity: Asset
dtype: Judgment
source: 39-22-550(a)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: definition
        source:
          corpus_citation_path: us-co/statute/39/39-22-550
versions:
  - effective_from: '2024-01-01'
    formula: |-
      equipment_is_lawn_mower
      or equipment_is_leaf_blower
      or equipment_is_trimmer
      or equipment_is_snowblower

electric_lawn_equipment_credit_rateCO 39 § 39-22-550 · parameter

39-22-550(3)(a)

name: electric_lawn_equipment_credit_rate
kind: parameter
dtype: Rate
source: 39-22-550(3)(a)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-22-550
          excerpt: “thirty-three percent of the aggregate purchase price”
versions:
  - effective_from: '2024-01-01'
    formula: '0.33'

purchaser_discount_rateCO 39 § 39-22-550 · parameter

39-22-550(3)(b)

name: purchaser_discount_rate
kind: parameter
dtype: Rate
source: 39-22-550(3)(b)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-22-550
          excerpt: “equal to thirty percent of the purchase price”
versions:
  - effective_from: '2024-01-01'
    formula: '0.30'

maximum_administrative_fee_rateCO 39 § 39-22-550 · parameter

39-22-550(3)(d)

name: maximum_administrative_fee_rate
kind: parameter
dtype: Rate
source: 39-22-550(3)(d)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-22-550
          excerpt: “not to exceed three percent of the purchase price”
versions:
  - effective_from: '2024-01-01'
    formula: '0.03'

minimum_timely_monthly_returnsCO 39 § 39-22-550 · parameter

39-22-550(2)(c)(II)

name: minimum_timely_monthly_returns
kind: parameter
dtype: Count
source: 39-22-550(2)(c)(II)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-22-550
          excerpt: “for at least twelve months”
versions:
  - effective_from: '2024-01-01'
    formula: '12'

performance_measurement_period_yearsCO 39 § 39-22-550 · parameter

39-22-550(5)

name: performance_measurement_period_years
kind: parameter
dtype: Count
source: 39-22-550(5)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-22-550
          excerpt: “within five years after the tax credit becomes effective”
versions:
  - effective_from: '2024-01-01'
    formula: '5'

excess_credit_refundableCO 39 § 39-22-550 · derived

39-22-550(4)

name: excess_credit_refundable
kind: derived
entity: Business
dtype: Judgment
period: Year
source: 39-22-550(4)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: predicate
        source:
          corpus_citation_path: us-co/statute/39/39-22-550
versions:
  - effective_from: '2024-01-01'
    formula: 'true'

excess_credit_carryforward_allowedCO 39 § 39-22-550 · derived

39-22-550(4)

name: excess_credit_carryforward_allowed
kind: derived
entity: Business
dtype: Judgment
period: Year
source: 39-22-550(4)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: predicate
        source:
          corpus_citation_path: us-co/statute/39/39-22-550
versions:
  - effective_from: '2024-01-01'
    formula: 'false'

▸rulespec code

Shown source

statutes/39/39-22-550.yaml

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Rules

lawn_equipment

Derived(a) in text ↖

source: 39-22-550(a)

- name: lawn_equipment
  kind: derived
  entity: Asset
  dtype: Judgment
  source: 39-22-550(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us-co/statute/39/39-22-550
  versions:
    - effective_from: '2024-01-01'
      formula: |-
        equipment_is_lawn_mower
        or equipment_is_leaf_blower
        or equipment_is_trimmer
        or equipment_is_snowblower

electric_lawn_equipment_credit_rate

Parameter

source: 39-22-550(3)(a)

- name: electric_lawn_equipment_credit_rate
  kind: parameter
  dtype: Rate
  source: 39-22-550(3)(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-22-550
            excerpt: “thirty-three percent of the aggregate purchase price”
  versions:
    - effective_from: '2024-01-01'
      formula: '0.33'

purchaser_discount_rate

Parameter

source: 39-22-550(3)(b)

- name: purchaser_discount_rate
  kind: parameter
  dtype: Rate
  source: 39-22-550(3)(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-22-550
            excerpt: “equal to thirty percent of the purchase price”
  versions:
    - effective_from: '2024-01-01'
      formula: '0.30'

maximum_administrative_fee_rate

Parameter

source: 39-22-550(3)(d)

- name: maximum_administrative_fee_rate
  kind: parameter
  dtype: Rate
  source: 39-22-550(3)(d)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-22-550
            excerpt: “not to exceed three percent of the purchase price”
  versions:
    - effective_from: '2024-01-01'
      formula: '0.03'

minimum_timely_monthly_returns

Parameter

source: 39-22-550(2)(c)(II)

- name: minimum_timely_monthly_returns
  kind: parameter
  dtype: Count
  source: 39-22-550(2)(c)(II)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-22-550
            excerpt: “for at least twelve months”
  versions:
    - effective_from: '2024-01-01'
      formula: '12'

performance_measurement_period_years

Parameter

source: 39-22-550(5)

- name: performance_measurement_period_years
  kind: parameter
  dtype: Count
  source: 39-22-550(5)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-22-550
            excerpt: “within five years after the tax credit becomes effective”
  versions:
    - effective_from: '2024-01-01'
      formula: '5'

excess_credit_refundable

Derived

source: 39-22-550(4)

- name: excess_credit_refundable
  kind: derived
  entity: Business
  dtype: Judgment
  period: Year
  source: 39-22-550(4)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: predicate
          source:
            corpus_citation_path: us-co/statute/39/39-22-550
  versions:
    - effective_from: '2024-01-01'
      formula: 'true'

excess_credit_carryforward_allowed

Derived

source: 39-22-550(4)

- name: excess_credit_carryforward_allowed
  kind: derived
  entity: Business
  dtype: Judgment
  period: Year
  source: 39-22-550(4)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: predicate
          source:
            corpus_citation_path: us-co/statute/39/39-22-550
  versions:
    - effective_from: '2024-01-01'
      formula: 'false'

▸citations (8)

References

This rule cites 8 other rules.

CO 39 § 39-21-304 (1)inferredCO › Statutes › Title 39 › § 39-21-304 › (1)
CO 39 § 39-26-102 (7)inferredCO › Statutes › Title 39 › § 39-26-102 › (7)
CO 39 § 39-26-102 (8)inferredCO › Statutes › Title 39 › § 39-26-102 › (8)
CO 39 § 39-26-102 (9)inferredCO › Statutes › Title 39 › § 39-26-102 › (9)
CO 39 § 39-26-104 (3)(a)inferredCO › Statutes › Title 39 › § 39-26-104 › (3)(a)
CO 39 § 39-21-304 (3)inferredCO › Statutes › Title 39 › § 39-21-304 › (3)
CO 39 § 24-1-136 (11)(a)(I)inferredCO › Statutes › Title 39 › § 24-1-136 › (11)(a)(I)
CO 39 § 39-21-304 (3)inferredCO › Statutes › Title 39 › § 39-21-304 › (3)