us-co/statute/39/39-30-105.6 — Credit against tax - rehabilitation of vacant buildings

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us-co/statute/39/39-30-105.6 — Credit against tax - rehabilitation of vacant buildings · Axiom

(1) For income tax years commencing on or after January 1, 1989, any taxpayer who is the owner or tenant of a building which is located in an enterprise zone, which is at least twenty years old, and which has been unoccupied for at least two years and who makes qualified expenditures for the purpose of rehabilitating said building shall be allowed a credit against the income tax imposed by article 22 of this title in an amount equal to twenty-five percent of the aggregate qualified expenditures per building or fifty thousand dollars per building, whichever is less.

(2) Any taxpayer who is allowed a credit for costs incurred in the rehabilitation of property pursuant to the provisions of section 38 of the federal Internal Revenue Code of 1986, as amended, shall not be allowed the credit provided for in subsection (1) of this section.

(3) Except as provided in section 24-46-107, 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.

(4) As used in this section, unless the context otherwise requires: Qualified expenditures means expenditures associated with any exterior improvements, structural improvements, mechanical improvements, or electrical improvements necessary to rehabilitate for commercial use a building which meets the requirements established in subsection (1) of this section. Qualified expenditures includes, but shall not be limited to, expenditures associated with demolition, carpentry, sheetrock, plaster, painting, ceilings, fixtures, doors, windows, sprinkler systems installed for fire protection purposes, roofing and flashing, exterior repair, cleaning, tuckpointing, and cleanup. Qualified expenditures does not include expenditures, commonly referred to as soft costs, which include, but are not limited to, costs associated with appraisals; architectural, engineering, and interior design fees; legal, accounting, and realtor fees; loan fees; sales and marketing; closing; building permit, use, and inspection fees; bids; insurance; project signs and phones; temporary power; bid bonds; copying; and rent loss during construction. Qualified expenditures also does not include costs associated with acquisition; interior furnishings; new additions except as may be required to comply with building and safety codes; excavation; grading; paving; landscaping; and repairs to outbuildings.

(5) Any form filed with the department of revenue for the purpose of claiming the credit allowed by this section shall be accompanied by a copy of the certification of the qualified nature of the expenditures furnished to the taxpayer by the enterprise zone administrator and by copies of any receipts, bills, or other documentation of the qualified expenditures claimed for the purpose of receiving the credit.

in view

Whole section

Encodings · 7

building_minimum_age_yearsCO 39 § 39-30-105.6 · parameter

Colo. Rev. Stat. § 39-30-105.6(1)

name: building_minimum_age_years
kind: parameter
dtype: Count
source: Colo. Rev. Stat. § 39-30-105.6(1)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-30-105.6
          excerpt: at least twenty years old
versions:
  - effective_from: '1989-01-01'
    formula: '20'

building_minimum_unoccupied_yearsCO 39 § 39-30-105.6 · parameter

Colo. Rev. Stat. § 39-30-105.6(1)

name: building_minimum_unoccupied_years
kind: parameter
dtype: Count
source: Colo. Rev. Stat. § 39-30-105.6(1)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-30-105.6
          excerpt: unoccupied for at least two years
versions:
  - effective_from: '1989-01-01'
    formula: '2'

rehabilitation_credit_rateCO 39 § 39-30-105.6 · parameter

Colo. Rev. Stat. § 39-30-105.6(1)

name: rehabilitation_credit_rate
kind: parameter
dtype: Rate
source: Colo. Rev. Stat. § 39-30-105.6(1)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us-co/statute/39/39-30-105.6
          excerpt: twenty-five percent of the aggregate qualified expenditures
versions:
  - effective_from: '1989-01-01'
    formula: '0.25'

rehabilitation_credit_cap_per_buildingCO 39 § 39-30-105.6 · parameter

Colo. Rev. Stat. § 39-30-105.6(1)

name: rehabilitation_credit_cap_per_building
kind: parameter
dtype: Money
unit: USD
source: Colo. Rev. Stat. § 39-30-105.6(1)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us-co/statute/39/39-30-105.6
          excerpt: fifty thousand dollars per building
versions:
  - effective_from: '1989-01-01'
    formula: '50000'

credit_carryforward_period_limit_yearsCO 39 § 39-30-105.6 · parameter

Colo. Rev. Stat. § 39-30-105.6(3)

name: credit_carryforward_period_limit_years
kind: parameter
dtype: Count
source: Colo. Rev. Stat. § 39-30-105.6(3)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-30-105.6
          excerpt: a period not exceeding five years
versions:
  - effective_from: '1989-01-01'
    formula: '5'

enterprise_zone_building_rehabilitation_credit_is_allowedCO 39 § 39-30-105.6 · derived

Colo. Rev. Stat. § 39-30-105.6(1)-(2)

name: enterprise_zone_building_rehabilitation_credit_is_allowed
kind: derived
entity: Asset
dtype: Judgment
period: Year
source: Colo. Rev. Stat. § 39-30-105.6(1)-(2)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: condition
        source:
          corpus_citation_path: us-co/statute/39/39-30-105.6
      - path: versions[0].formula
        kind: exception
        source:
          corpus_citation_path: us-co/statute/39/39-30-105.6
          excerpt: shall not be allowed the credit
versions:
  - effective_from: '1989-01-01'
    formula: >-
      taxpayer_is_owner_or_tenant_of_building

      and building_is_in_enterprise_zone

      and building_age_in_years >= building_minimum_age_years

      and building_unoccupied_years >= building_minimum_unoccupied_years

      and qualified_rehabilitation_expenditures > 0

      and not
      taxpayer_is_allowed_federal_rehabilitation_credit_for_building_costs

enterprise_zone_building_rehabilitation_creditCO 39 § 39-30-105.6 · derived

Colo. Rev. Stat. § 39-30-105.6(1)-(2)

name: enterprise_zone_building_rehabilitation_credit
kind: derived
entity: Asset
dtype: Money
period: Year
unit: USD
source: Colo. Rev. Stat. § 39-30-105.6(1)-(2)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: formula
        source:
          corpus_citation_path: us-co/statute/39/39-30-105.6
          excerpt: >-
            twenty-five percent of the aggregate qualified expenditures per
            building or fifty thousand dollars per building, whichever is less
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us-co/statute/39/39-30-105.6
versions:
  - effective_from: '1989-01-01'
    formula: |-
      if enterprise_zone_building_rehabilitation_credit_is_allowed:
        min(
          qualified_rehabilitation_expenditures * rehabilitation_credit_rate,
          rehabilitation_credit_cap_per_building
        )
      else: 0

▸rulespec code

Shown source

statutes/39/39-30-105.6.yaml

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Rules

building_minimum_age_years

Parameter

source: Colo. Rev. Stat. § 39-30-105.6(1)

- name: building_minimum_age_years
  kind: parameter
  dtype: Count
  source: Colo. Rev. Stat. § 39-30-105.6(1)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-30-105.6
            excerpt: at least twenty years old
  versions:
    - effective_from: '1989-01-01'
      formula: '20'

building_minimum_unoccupied_years

Parameter

source: Colo. Rev. Stat. § 39-30-105.6(1)

- name: building_minimum_unoccupied_years
  kind: parameter
  dtype: Count
  source: Colo. Rev. Stat. § 39-30-105.6(1)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-30-105.6
            excerpt: unoccupied for at least two years
  versions:
    - effective_from: '1989-01-01'
      formula: '2'

rehabilitation_credit_rate

Parameter

source: Colo. Rev. Stat. § 39-30-105.6(1)

- name: rehabilitation_credit_rate
  kind: parameter
  dtype: Rate
  source: Colo. Rev. Stat. § 39-30-105.6(1)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us-co/statute/39/39-30-105.6
            excerpt: twenty-five percent of the aggregate qualified expenditures
  versions:
    - effective_from: '1989-01-01'
      formula: '0.25'

rehabilitation_credit_cap_per_building

Parameter

source: Colo. Rev. Stat. § 39-30-105.6(1)

- name: rehabilitation_credit_cap_per_building
  kind: parameter
  dtype: Money
  unit: USD
  source: Colo. Rev. Stat. § 39-30-105.6(1)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us-co/statute/39/39-30-105.6
            excerpt: fifty thousand dollars per building
  versions:
    - effective_from: '1989-01-01'
      formula: '50000'

credit_carryforward_period_limit_years

Parameter

source: Colo. Rev. Stat. § 39-30-105.6(3)

- name: credit_carryforward_period_limit_years
  kind: parameter
  dtype: Count
  source: Colo. Rev. Stat. § 39-30-105.6(3)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-30-105.6
            excerpt: a period not exceeding five years
  versions:
    - effective_from: '1989-01-01'
      formula: '5'

enterprise_zone_building_rehabilitation_credit_is_allowed

Derived

source: Colo. Rev. Stat. § 39-30-105.6(1)-(2)

- name: enterprise_zone_building_rehabilitation_credit_is_allowed
  kind: derived
  entity: Asset
  dtype: Judgment
  period: Year
  source: Colo. Rev. Stat. § 39-30-105.6(1)-(2)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-co/statute/39/39-30-105.6
        - path: versions[0].formula
          kind: exception
          source:
            corpus_citation_path: us-co/statute/39/39-30-105.6
            excerpt: shall not be allowed the credit
  versions:
    - effective_from: '1989-01-01'
      formula: |-
        taxpayer_is_owner_or_tenant_of_building
        and building_is_in_enterprise_zone
        and building_age_in_years >= building_minimum_age_years
        and building_unoccupied_years >= building_minimum_unoccupied_years
        and qualified_rehabilitation_expenditures > 0
        and not taxpayer_is_allowed_federal_rehabilitation_credit_for_building_costs

enterprise_zone_building_rehabilitation_credit

Derived

source: Colo. Rev. Stat. § 39-30-105.6(1)-(2)

- name: enterprise_zone_building_rehabilitation_credit
  kind: derived
  entity: Asset
  dtype: Money
  period: Year
  unit: USD
  source: Colo. Rev. Stat. § 39-30-105.6(1)-(2)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us-co/statute/39/39-30-105.6
            excerpt: >-
              twenty-five percent of the aggregate qualified expenditures per building or fifty
              thousand dollars per building, whichever is less
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us-co/statute/39/39-30-105.6
  versions:
    - effective_from: '1989-01-01'
      formula: |-
        if enterprise_zone_building_rehabilitation_credit_is_allowed:
          min(
            qualified_rehabilitation_expenditures * rehabilitation_credit_rate,
            rehabilitation_credit_cap_per_building
          )
        else: 0

▸citations (1)

References

This rule cites 1 other rule.

CO 39 § 24-46-107inferredCO › Statutes › Title 39 › § 24-46-107