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Second Regular Session Seventy-fifth General Assembly STATE OF COLORADO REREVISED This Version Includes All Amendments Adopted in the Second House LLS NO.
NOTE:
26-0532.01 Stephanie Schrab x4330 HOUSE BILL 26-1014 HOUSE SPONSORSHIP Taggart and Boesenecker, Bacon, Brown, Clifford, Duran, Froelich, Gonzalez R., Hamrick, Jackson, Joseph, Lieder, Lindsay, Lukens, McCluskie, Nguyen, Paschal, Rutinel, Rydin, Soper, Titone SENATE SPONSORSHIP Frizell and Ball, Amabile, Carson, Coleman, Cutter, Exum, Gonzales J., Jodeh, Kipp, Kolker, Lindstedt, Pelton B., Pelton R., Roberts, Simpson, Wallace e n e 6 E a 2 A U 2 N g 8 S d a House Committees Senate Committees e M Finance Finance R Appropriations Appropriations r g A BILL FOR AN ACT d e 6 C ONCERNING AN EXTENSION OF THE C OLORADO JOB GROWTH E R 0 A n , INCENTIVE TAX CREDIT THROUGH STATE INCOME TAX YEAR E 2 7y S e a 2034.
This bill has been prepared for the signatures of the appropriate legislative officers and the Governor.
n M m A Bill Summary d (Note:
To determine whether the Governor has signed the bill or taken other action on it, please consult the legislative status sheet, the legislative history, or the Session Laws.
This summary applies to this bill as introduced and does d e notreflectanyamendmentsthatmaybesubsequentlyadopted.Ifthisbill a 2 passes third reading in the house of introduction, a bill summary that S U 2 U g 4 applies to the reengrossed version of this bill will be available at H d a http://leg.colorado.gov.) e M d Under current law, the Colorado job growth incentive tax credit (credit) may only be allowed by the economic development commission (commission) through state income tax year 2026.
HOUSE BILL 26-1014 BY REPRESENTATIVE(S) Taggart and Boesenecker, Bacon, Brown, Clifford, Duran, Froelich, Gonzalez R., Hamrick, Jackson, Joseph, Lieder, Lindsay, Lukens, Nguyen, Paschal, Rutinel, Rydin, Soper, Titone, McCluskie, Caldwell, Camacho, English;
The bill amends the g Colorado job growth incentive tax credit to authorize the commission to i a 2 allow new credit awards through state income tax year 2034.
also SENATOR(S) Frizell and Ball, Amabile, Carson, Cutter, Exum, Gonzales J., Jodeh, Kipp, Kolker, Lindstedt, Pelton B., Pelton R., Roberts, Simpson, Wallace, Coleman.
S R 2 U d 1 H 2 a Shading denotes HOUSE amendment.
CONCERNING AN EXTENSION OF THE COLORADO JOB GROWTH INCENTIVE TAX CREDIT THROUGH STATE INCOME TAX YEAR 2034.
Double underlining denotes SENATE amendment.
Be it enacted by the General Assembly of the State of Colorado:
e M Capital letters or bold & italic numbers indicate new material to be added to existing law.d Dashes through the words or numbers indicate deletions from existing law.
SECTION1.
e A Be it enacted by the General Assembly of the State of Colorado:
InColoradoRevisedStatutes,39-22-531,amend(2), (10) introductory portion, and (13);
SECTION 1.
In Colorado Revised Statutes, 39-22-531, amend (2), (10), and (13);
Colorado job growth incentive tax credit - definitions - tax preference performance statement - legislative declaration - rules - repeal.
Coloradojobgrowthincentivetaxcredit-definitions -taxpreferenceperformancestatement-legislativedeclaration-rules - repeal.
(a) IN ACCORDANCE WITH SECTION 39-21-304 (1), WHICH REQUIRES EACH BILL THAT 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 THE PURPOSE OF THE CREDIT PROVIDED FOR IN THIS SECTIONISTOCREATEORRETAINJOBSBYALLOWINGCERTAINEMPLOYERS TORECEIVEACREDITAGAINSTINCOMETAXIFCERTAINCRITERIAAREMET .
________ Capital letters or bold & italic numbers indicate new material added to existing law;
SPECIFICALLY,THIS TAX EXPENDITURE IS INTENDED TO INCENTIVIZE THE CREATION OF NEW JOBS IN THE STATE CFOLORADO .
dashes through words or numbers indicate deletions from existing law and such material is not part of the act.
(b) THE GENERAL ASSEMBLY AND THE STATE AUDITOR SHALL MEASURETHEEFFECTIVENESSOFTHECREDITINACHIEVINGTHEPURPOSES SPECIFIEDINSUBSECTION(1.5)(aOFTHISSECTIONBASEDONTHENUMBER OF NEW JOBS CREATED AND THE VALUE OF THE CREDITS ALLOWED AND MADE AVAILABLE ANNUALLY TO TAXPAYERS .
(a) N ACCORDANCE WITH SECTION 39-21-304(1), WHICH REQUIRES EACH BILL THAT EXTENDS AN EXPIRING TAX EXPENDITURE TO INCLUDE A TAX PREFERENCE PERFORMANCE STATEMENT AS PART OF A STATUTORY LEGISLATIVEDECLARATION ,THEGENERALASSEMBLYFINDSANDDECLARES THAT THE PURPOSE OF THE CREDIT PROVIDED FOR IN THIS SECTION IS TO CREATE OR RETAIN JOBS BY ALLOWING CERTAIN EMPLOYERS TO RECEIVE A CREDITAGAINSTINCOMETAXIFCERTAINCRITERIAAREMET .SPECIFICALLY , THISTAXEXPENDITUREISINTENDEDTOINCENTIVIZETHECREATIONOFNEW JOBS IN THE STATE OF C OLORADO .
(2) ForincometaxyearscommencingonorafterJanuary1,2009, but prior to January 1, 2027UARY 1, 2035, at the discretion of the commission as specified in subsection (3) of this section, there may be allowed to any taxpayer an annual job growth incentive tax credit with respect to the income taxes imposed by this article that a taxpayer may -2- 1014 claim for a credit period in an amount determined by the commission pursuant to subsection (5) of this section.
(b) T HE GENERAL ASSEMBLY AND THE STATE AUDITOR SHALL MEASURE THE EFFECTIVENESS OF THE CREDIT IN ACHIEVING THE PURPOSES SPECIFIED IN SUBSECTION (1.5)(aOF THIS SECTION BASED ON THE NUMBER OF NEW JOBS CREATED AND THE VALUE OF THE CREDITS ALLOWED AND MADE AVAILABLE ANNUALLY TO TAXPAYERS .
(10) NolaterthanSeptember1,2010,andnolaterthanSeptember 1of eachyearthereafterthroughSeptember1,2024 EPTEMBER 1,2042, the commission shall provide the departmentwithan electronic report of the taxpayers receiving a credit allowed in this section for the preceding calendaryearoranyfiscalyearendingintheprecedingcalendaryear,and any credits disallowed pursuant to subparagraph (II) of paragraph (a) of subsection (4) of this section for any year, that includes the following information:
(2) For income tax years commencing on or after January 1, 2009, but prior to January 1, 2027 JANUARY 1, 2035, at the discretion of the commission as specified in subsection (3) of this section, there may be allowed to any taxpayer an annual job growth incentive tax credit with respect to the income taxes imposed by this article that a taxpayer may claim for a credit period in an amount determined by the commission pursuant to subsection (5) of this section.
(13) This section is repealed,effectiveJuly1,20422059.
(10) No later than September 1, 2010, and no later than September of each year thereafter through September 1, 2024SEPTEMBER 1, 2042, thecommissionshallprovidethedepartmentwithanelectronicreportofthe taxpayers receiving a credit allowed in this section for the preceding calendar year or any fiscal year ending in the preceding calendar year, and any credits disallowed pursuant to subparagraph (II) of paragraph (a) of subsection (4) of this section for any year, that includes the following information:
(13) This section is repealed, effective July 1, 2042Y 1, 2059.
on the day following the expiration of the ninety-dayperiodafterfinaladjournmentofthegeneralassembly(August 12, 2026, if adjournment sine die is on May 13, 2026);
on the day following the expiration of the ninety-day period after final adjournment of the general assembly (August 12, 2026, if adjournment sine die is on May 13, 2026);
except that, if a referendum petition is filed pursuant to section 1 (3) of article V of the state constitution against this act or an item, section, or part of this act within such period, then the act, item, section, or part will not take effect unless approved by the people at the general election to be held in November 2026 and, in such case, will take effect on the date of the official declaration of the vote thereon by the governor.
except that, if a referendumpetitionisfiledpursuanttosection1(3)ofarticleVofthestate PAGE 2-HOUSE BILL 26-1014 constitution against this act or an item, section, or part of this act within such period, then the act, item, section, or part will not take effect unless approvedbythepeopleatthegeneralelectiontobeheldinNovember2026 and, in such case, will take effect on the date of the official declaration of the vote thereon by the governor.
-3- 1014
____________________________ ____________________________ Julie McCluskie James Rashad Coleman, Sr.
SPEAKER OF THE HOUSE PRESIDENT OF OF REPRESENTATIVES THE SENATE ____________________________ ____________________________ Vanessa Reilly Esther van Mourik CHIEF CLERK OF THE HOUSE SECRETARY OF OF REPRESENTATIVES THE SENATE APPROVED________________________________________ (Date and Time) _________________________________________ Jared S.
Polis GOVERNOR OF THE STATE OF COLORADO PAGE 3-HOUSE BILL 26-1014
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