How HB 24-1295 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill establishes a community revitalization income tax credit and modifies existing community revitalization grant program provisions.

• 24-48.5-317

  child care centers; → Child care centers;

  This change maintains the inclusion of child care centers as eligible for grants while correcting casing.

• 24-48.5-317

  PROJECTS THAT ARE ELIGIBLE FOR FUNDING UNDER THE SPACETOCREATE COLORADO PROGRAM ADMINISTERED BY THE DIVISION.

  This addition allows projects funded under a specific program to be included in the grant program.

• 24-48.5-317

  not later than December 31, 2022. → not later than December 31, 2024.

  This change extends the deadline for encumbering grants.

• 24-48.5-317

  On or before November 1, 2022 → On or before November 1, 2024

  This extension allows more time for reporting on grant usage.

• 24-48.5-317

  January 1, 2025, → the date on which all money transferred or otherwise credited to the community revitalization fund pursuant to this section is expended.

  This change repeals the scheduled expiration of the program, allowing it to continue until funds are fully expended.

• 24-75-402

  THE COMMUNITY REVITALIZATION TAX CREDIT PROGRAM CASH FUND CREATED IN SECTION 39-22-560 (13).

  This inclusion exempts the new tax credit program fund from cash fund reserve limits.

• 39-22-560

  TAX PREFERENCE PERFORMANCE STATEMENT. 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 FINDS AND DECLARES THAT:

  This section establishes the tax credit program and articulates its legislative intent and goals.

• 39-22-560

  A QUALIFIED APPLICANT IS ALLOWED A CREDIT AGAINST THE INCOME TAXES IMPOSED BY THIS ARTICLE 22 FOR PLACING AN ELIGIBLE PROJECT IN SERVICE IN AN AMOUNT SPECIFIED.

  This defines the income tax credit for eligible applicants and projects.