HB20-1298
Treat Economic Development Income Tax Credits Differently
Concerning the extension of a program that grants temporary authority to the Colorado economic development commission to allow certain businesses to treat specific existing income tax credits differently.
Session:
2020 Regular Session
Subject:
Bill Summary
Business & Economic Development
Current law allows the Colorado economic development commission to allow, subject to an annual maximum program amount, certain businesses that make a $100 million strategic capital investment in the state, and subject to the requirements of the specified income tax credits, to treat any of the following income tax credits allowed to the business as either carry forwardable for a 5-year period or transferable:
- Colorado job growth incentive tax credit;
- Enterprise zone income tax credit for investment in certain property;
- Income tax credit for new enterprise zone business employees; and
- Enterprise zone income tax credit for expenditures for research and experimental activities.
This bill extends this program for another 3 years.
(Note: This summary applies to this bill as introduced.)