us-co/statute/39/39-30-103.5 — Credit against tax - contributions to enterprise zone administrators to implement economic development plans

loading…

us-co/statute/39/39-30-103.5 — Credit against tax - contributions to enterprise zone administrators to implement economic development plans - repeal · Axiom

(1) (a) (I) Any taxpayer who makes a monetary or in-kind contribution for the purpose of implementing the economic development plan for the enterprise zone to the person or agency designated as the enterprise zone administrator by the Colorado economic development commission, shall be allowed a credit against the income tax imposed by article 22 of this title 39 in an amount equal to twenty-five percent of the total value of the contribution as certified by the enterprise zone administrator.

(II) (Deleted by amendment, L. 2020.)

(b)The credit allowed by paragraph (a) of this subsection#

(b) The credit allowed by paragraph (a) of this subsection (1) shall not exceed one hundred thousand dollars or the total amount of the income tax imposed on the taxpayer's income by article 22 of this title for the tax year for which the credit is claimed, whichever is less. In-kind contributions shall not exceed fifty percent of the total credit claimed.

(c)Upon request, the enterprise zone administrator, acting…#

(c) Upon request, the enterprise zone administrator, acting on behalf of the department of revenue, shall provide the taxpayer with a form to be filed with the department of revenue for the purpose of claiming the credit allowed by this section which shall be accompanied by a copy of the certification of the value and purpose of the contribution furnished to the taxpayer by the enterprise zone administrator.

(d)If the amount of the credit allowed pursuant to the…#

(d) If the amount of the credit allowed pursuant to the provisions of this section exceeds the amount of income taxes otherwise due on the income of the taxpayer 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 said income tax year may be carried forward as a credit against subsequent years' income tax liability for a period not exceeding five years and shall be applied first to the earliest income tax years possible. Any credit remaining after said period shall not be refunded or credited to the taxpayer.

(e)On or before November 1, 2000, and November 1 of each…∀ 1#

(e) On or before November 1, 2000, and November 1 of each year thereafter, each zone administrator shall provide to the director of the Colorado office of economic development on behalf of the Colorado economic development commission a list of all programs, projects, and organizations to which taxpayers may contribute during the next calendar year for the purpose of implementing the economic development plan of the zone and receiving a tax credit pursuant to this section. The list shall be accompanied by a description of each program, project, or organization, including the purpose and relationship of the program, project, or organization to the economic development goals of the enterprise zone, the expected benefits of the program, project, or organization to the enterprise zone, and an estimate of the amount of potential contributions to the program, project, or organization during the next calendar year. Any modifications to a list, including programs, projects, or organizations that are to be added thereto, shall be submitted to the director of the office of economic development on behalf of the commission by the zone administrator no later than thirty days after the modification is made. Commencing July 1, 1999, the commission is authorized to hold hearings and review any new program, project, or organization included on a list that is submitted to the director of the Colorado office of economic development on behalf of the commission pursuant to this section, any modification to a list, and any other program, project, or organization that the commission determines has changed materially. A list or modification of a list that is submitted to the director of the Colorado office of economic development on behalf of the commission pursuant to this section shall not be considered final until thirty days after the commission has received such information. The commission shall approve any program, project, or organization that it determines is eligible under the requirements of this section or is essential to the mission of the enterprise zone upon a majority vote of the members of the commission present at a meeting at which such approval is considered. The director of the Colorado office of economic development on behalf of the commission shall notify the zone administrator of any program, project, or organization that is not approved within thirty days of receipt of the list or modification of the list. Any program, project, or organization not approved by the commission may request that the commission reconsider its decision within thirty days after the date the notice indicating that the program, project, or organization was not approved was provided to the zone administrator. A zone administrator may accept contributions for any program, project, or organization it has submitted pursuant to this paragraph (e).

(2) Repealed.

(3) (a) Prior to January 1, 2023, monetary or in-kind contributions to promote temporary, emergency, or transitional housing programs for the homeless that offer or provide referrals to child care, job placement, and counseling services for the purpose of promoting employment for homeless persons in enterprise zones shall be deemed to be for the purpose of implementing the economic development plan for the enterprise zone and shall include but not be limited to the following types of contributions:

(I) Donating money, real estate, or property to the enterprise zone for the establishment of temporary, emergency, or transitional housing for the homeless to include child care and job placement services;

(II) Donating money to the enterprise zone to establish a grant or loan program for homeless individuals requiring financial assistance for temporary, emergency, or transitional housing or child care;

(III) Pooling moneys of several businesses and donating those moneys to the enterprise zone for the establishment of temporary, emergency, or transitional housing programs for the homeless that offer or provide referrals to child care, job placement, and counseling services for the purpose of promoting employment for homeless persons;

(IV) Donating money to the enterprise zone for the training of homeless individuals to obtain employment; and

(V) Donating money, services, or equipment to the enterprise zone for the establishment of an information dissemination program to provide information and referral services to assist a homeless individual in obtaining temporary, emergency, or transitional housing, child care, or employment.

(b) Repealed.

(3.5) For income tax years commencing on and after January 1, 2003, monetary or in-kind contributions to promote nonprofit or government-funded community development projects in enterprise zones shall be deemed to be for the purpose of implementing the economic development plan for the enterprise zone.

(4) In no event shall credits be allowed pursuant to this section for contributions that directly benefit the contributor or that are not directly related to job creation, job preservation, or other purposes specified in subsections (2), (3), and (3.5) of this section.

(5) (a) (I) Contributions pursuant to this section may be made directly to programs, projects, or organizations certified by the enterprise zone administrator. The enterprise zone administrator shall only certify programs, projects, or organizations that meet the criteria set forth in this section for the purpose of receiving direct contributions.

(II) Each program, project, and organization certified by the enterprise zone administrator pursuant to this paragraph (a) shall submit a report at least once per year, or more often if required by the enterprise zone administrator, indicating the total value of contributions received for which tax credits would be allowed pursuant to this section and the source of the contribution.

(b) Repealed.

(6) No later than ninety days after making a certification of value pursuant to subsection (1) of this section, the enterprise zone administrator making the certification shall report to the director of the Colorado office of economic development on behalf of the Colorado economic development commission the total value of the contribution as certified by the administrator, the source of the contribution, the purpose of the contribution, and the relationship of the stated purpose of the contribution to the enterprise zone's goals or job creation objectives.

(7) The director of the Colorado office of economic development on behalf of the Colorado economic development commission or the enterprise zone administrator may release information concerning the source and amount of contributions made pursuant to this section, as well as the amount of the credits allowed pursuant to this section.

(8) (a) Any enterprise zone administrator that provides oversight, management, or other administrative services to a program, project, or organization that has been approved by the economic development commission for purposes of the contribution tax credit as defined in this section is authorized to charge reasonable fees to programs, projects, and organizations as defined in this section. Each enterprise zone administrator that charges administrative fees pursuant to this paragraph (a) shall establish a reasonable policy regarding the imposition of such fees and shall submit the policy to the Colorado economic development commission for review and approval.

(b) The Colorado economic development commission shall review the administrative fee policy established by an enterprise zone administrator and shall approve the policy or require that the enterprise zone administrator make modifications to the policy as specified by the commission before approving the policy.

in view

Whole section

Encodings · 11

enterprise_zone_contribution_credit_rateCO 39 § 39-30-103.5 · parameter

39-30-103.5(1)(a)(I)

name: enterprise_zone_contribution_credit_rate
kind: parameter
dtype: Rate
source: 39-30-103.5(1)(a)(I)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-30-103.5
          excerpt: twenty-five percent of the total value of the contribution
versions:
  - effective_from: '2024-01-01'
    formula: '0.25'

enterprise_zone_contribution_credit_capCO 39 § 39-30-103.5 · parameter

39-30-103.5(1)(b)

name: enterprise_zone_contribution_credit_cap
kind: parameter
dtype: Money
unit: USD
source: 39-30-103.5(1)(b)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us-co/statute/39/39-30-103.5
          excerpt: shall not exceed one hundred thousand dollars
versions:
  - effective_from: '2024-01-01'
    formula: '100000'

maximum_in_kind_share_of_creditCO 39 § 39-30-103.5 · parameter

39-30-103.5(1)(b)

name: maximum_in_kind_share_of_credit
kind: parameter
dtype: Rate
source: 39-30-103.5(1)(b)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-30-103.5
          excerpt: >-
            In-kind contributions shall not exceed fifty percent of the total
            credit claimed.
versions:
  - effective_from: '2024-01-01'
    formula: '0.50'

credit_carryforward_limit_yearsCO 39 § 39-30-103.5 · parameter

39-30-103.5(1)(d)

name: credit_carryforward_limit_years
kind: parameter
dtype: Count
source: 39-30-103.5(1)(d)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-30-103.5
          excerpt: for a period not exceeding five years
versions:
  - effective_from: '2024-01-01'
    formula: '5'

list_modification_reporting_deadline_daysCO 39 § 39-30-103.5 (e) · parameter

39-30-103.5(e)

name: list_modification_reporting_deadline_days
kind: parameter
dtype: Count
source: 39-30-103.5(e)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-30-103.5
          excerpt: no later than thirty days after the modification is made
versions:
  - effective_from: '2024-01-01'
    formula: '30'

commission_list_review_period_daysCO 39 § 39-30-103.5 · parameter

39-30-103.5(1)(e)

name: commission_list_review_period_days
kind: parameter
dtype: Count
source: 39-30-103.5(1)(e)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-30-103.5
          excerpt: >-
            shall not be considered final until thirty days after the commission
            has received such information
versions:
  - effective_from: '2024-01-01'
    formula: '30'

nonapproval_notification_deadline_daysCO 39 § 39-30-103.5 · parameter

39-30-103.5(1)(e)

name: nonapproval_notification_deadline_days
kind: parameter
dtype: Count
source: 39-30-103.5(1)(e)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-30-103.5
          excerpt: >-
            not approved within thirty days of receipt of the list or
            modification
versions:
  - effective_from: '2024-01-01'
    formula: '30'

reconsideration_request_deadline_daysCO 39 § 39-30-103.5 · parameter

39-30-103.5(1)(e)

name: reconsideration_request_deadline_days
kind: parameter
dtype: Count
source: 39-30-103.5(1)(e)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-30-103.5
          excerpt: within thirty days after the date the notice
versions:
  - effective_from: '2024-01-01'
    formula: '30'

minimum_certified_program_reports_per_yearCO 39 § 39-30-103.5 · parameter

39-30-103.5(5)(a)(II)

name: minimum_certified_program_reports_per_year
kind: parameter
dtype: Count
source: 39-30-103.5(5)(a)(II)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-30-103.5
          excerpt: submit a report at least once per year
versions:
  - effective_from: '2024-01-01'
    formula: '1'

certification_reporting_deadline_daysCO 39 § 39-30-103.5 · parameter

39-30-103.5(6)

name: certification_reporting_deadline_days
kind: parameter
dtype: Count
source: 39-30-103.5(6)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-30-103.5
          excerpt: No later than ninety days after making a certification of value
versions:
  - effective_from: '2024-01-01'
    formula: '90'

enterprise_zone_contribution_credit_allowedCO 39 § 39-30-103.5 · derived

39-30-103.5(1)(a)(I)-(b), (4)

name: enterprise_zone_contribution_credit_allowed
kind: derived
entity: TaxUnit
dtype: Money
period: Year
unit: USD
source: 39-30-103.5(1)(a)(I)-(b), (4)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: formula
        source:
          corpus_citation_path: us-co/statute/39/39-30-103.5
          excerpt: >-
            a credit ... equal to twenty-five percent of the total value of the
            contribution
      - path: versions[0].formula
        kind: exception
        source:
          corpus_citation_path: us-co/statute/39/39-30-103.5
          excerpt: >-
            credits [shall not] be allowed ... for contributions that directly
            benefit the contributor
      - path: versions[0].formula
        kind: condition
        source:
          corpus_citation_path: us-co/statute/39/39-30-103.5
          excerpt: >-
            not directly related to job creation, job preservation, or other
            purposes specified
versions:
  - effective_from: '2024-01-01'
    formula: |-
      if contribution_made_for_enterprise_zone_plan_to_designated_administrator
      and contribution_does_not_directly_benefit_contributor
      and contribution_is_directly_related_to_a_statutorily_specified_purpose:
        min(
          enterprise_zone_contribution_credit_cap,
          min(
            max(0, income_tax_imposed),
            enterprise_zone_contribution_credit_rate
            * (
              max(0, certified_monetary_contribution_value)
              + min(
                max(0, certified_in_kind_contribution_value),
                max(0, certified_monetary_contribution_value)
              )
            )
          )
        )
      else: 0

▸rulespec code

Shown source

statutes/39/39-30-103.5.yaml

Displaying the canonical repository encoding.

View on GitHub

Rules

enterprise_zone_contribution_credit_rate

Parameter

source: 39-30-103.5(1)(a)(I)

- name: enterprise_zone_contribution_credit_rate
  kind: parameter
  dtype: Rate
  source: 39-30-103.5(1)(a)(I)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-30-103.5
            excerpt: twenty-five percent of the total value of the contribution
  versions:
    - effective_from: '2024-01-01'
      formula: '0.25'

enterprise_zone_contribution_credit_cap

Parameter

source: 39-30-103.5(1)(b)

- name: enterprise_zone_contribution_credit_cap
  kind: parameter
  dtype: Money
  unit: USD
  source: 39-30-103.5(1)(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us-co/statute/39/39-30-103.5
            excerpt: shall not exceed one hundred thousand dollars
  versions:
    - effective_from: '2024-01-01'
      formula: '100000'

maximum_in_kind_share_of_credit

Parameter

source: 39-30-103.5(1)(b)

- name: maximum_in_kind_share_of_credit
  kind: parameter
  dtype: Rate
  source: 39-30-103.5(1)(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-30-103.5
            excerpt: In-kind contributions shall not exceed fifty percent of the total credit claimed.
  versions:
    - effective_from: '2024-01-01'
      formula: '0.50'

credit_carryforward_limit_years

Parameter

source: 39-30-103.5(1)(d)

- name: credit_carryforward_limit_years
  kind: parameter
  dtype: Count
  source: 39-30-103.5(1)(d)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-30-103.5
            excerpt: for a period not exceeding five years
  versions:
    - effective_from: '2024-01-01'
      formula: '5'

list_modification_reporting_deadline_days

Parameter(e) in text ↖

source: 39-30-103.5(e)

- name: list_modification_reporting_deadline_days
  kind: parameter
  dtype: Count
  source: 39-30-103.5(e)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-30-103.5
            excerpt: no later than thirty days after the modification is made
  versions:
    - effective_from: '2024-01-01'
      formula: '30'

commission_list_review_period_days

Parameter

source: 39-30-103.5(1)(e)

- name: commission_list_review_period_days
  kind: parameter
  dtype: Count
  source: 39-30-103.5(1)(e)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-30-103.5
            excerpt: >-
              shall not be considered final until thirty days after the commission has received such
              information
  versions:
    - effective_from: '2024-01-01'
      formula: '30'

nonapproval_notification_deadline_days

Parameter

source: 39-30-103.5(1)(e)

- name: nonapproval_notification_deadline_days
  kind: parameter
  dtype: Count
  source: 39-30-103.5(1)(e)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-30-103.5
            excerpt: not approved within thirty days of receipt of the list or modification
  versions:
    - effective_from: '2024-01-01'
      formula: '30'

reconsideration_request_deadline_days

Parameter

source: 39-30-103.5(1)(e)

- name: reconsideration_request_deadline_days
  kind: parameter
  dtype: Count
  source: 39-30-103.5(1)(e)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-30-103.5
            excerpt: within thirty days after the date the notice
  versions:
    - effective_from: '2024-01-01'
      formula: '30'

minimum_certified_program_reports_per_year

Parameter

source: 39-30-103.5(5)(a)(II)

- name: minimum_certified_program_reports_per_year
  kind: parameter
  dtype: Count
  source: 39-30-103.5(5)(a)(II)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-30-103.5
            excerpt: submit a report at least once per year
  versions:
    - effective_from: '2024-01-01'
      formula: '1'

certification_reporting_deadline_days

Parameter

source: 39-30-103.5(6)

- name: certification_reporting_deadline_days
  kind: parameter
  dtype: Count
  source: 39-30-103.5(6)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-30-103.5
            excerpt: No later than ninety days after making a certification of value
  versions:
    - effective_from: '2024-01-01'
      formula: '90'

enterprise_zone_contribution_credit_allowed

Derived

source: 39-30-103.5(1)(a)(I)-(b), (4)

- name: enterprise_zone_contribution_credit_allowed
  kind: derived
  entity: TaxUnit
  dtype: Money
  period: Year
  unit: USD
  source: 39-30-103.5(1)(a)(I)-(b), (4)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us-co/statute/39/39-30-103.5
            excerpt: a credit ... equal to twenty-five percent of the total value of the contribution
        - path: versions[0].formula
          kind: exception
          source:
            corpus_citation_path: us-co/statute/39/39-30-103.5
            excerpt: >-
              credits [shall not] be allowed ... for contributions that directly benefit the
              contributor
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-co/statute/39/39-30-103.5
            excerpt: not directly related to job creation, job preservation, or other purposes specified
  versions:
    - effective_from: '2024-01-01'
      formula: |-
        if contribution_made_for_enterprise_zone_plan_to_designated_administrator
        and contribution_does_not_directly_benefit_contributor
        and contribution_is_directly_related_to_a_statutorily_specified_purpose:
          min(
            enterprise_zone_contribution_credit_cap,
            min(
              max(0, income_tax_imposed),
              enterprise_zone_contribution_credit_rate
              * (
                max(0, certified_monetary_contribution_value)
                + min(
                  max(0, certified_in_kind_contribution_value),
                  max(0, certified_monetary_contribution_value)
                )
              )
            )
          )
        else: 0