C.R.S. § 39-22-507.6 — Credits against corporate tax - investment in certain property - repeal

(1) Except as otherwise provided in this section, there shall be allowed to any person as a credit against the tax imposed by part 3 of this article 22, for income tax years commencing on or after January 1, 1988, but prior to January 1, 2023, an amount equal to the total of: (a) Investment tax credit carryovers claimed by such person for such taxable year; and (b) Ten percent of that part of the credit that would have been allowed for the same income tax year by section 38 of the internal revenue code, as determined under the provisions of subsection (a) of section 46 of the internal revenue code without regard to the limitations imposed by said section 38, had section 49 of the internal revenue code not been enacted, to the extent such part of such credit is determined by reference to property which is used in Colorado. The references in this paragraph (b) to sections 38, 46, and 49 of the internal revenue code mean sections 38, 46, and 49 of the internal revenue code as they existed immediately prior to the enactment of the federal Revenue Reconciliation Act of 1990. (2) The executive director shall promulgate regulations which will prescribe the extent to which property must be used in Colorado to qualify for the credit allowed under the provisions of subsection (1) of this section, which regulations shall include a method or methods of determining what portion of the property shall qualify in the case of property which is used both within and without Colorado. (3) The credit allowed by this section for any income tax year shall not exceed the taxpayer's actual tax liability for the income tax year to the extent that the liability does not exceed one thousand dollars. (4) In the case of a controlled group of corporations, as defined in section 1563 (a) of the internal revenue code, the one thousand dollars specified in subsection (3) of this section shall be apportioned among the members of the controlled group as they may elect. The election shall apply to the income tax year of the members of the controlled group ending with or including a common December 31. Should such members fail to agree on an allocation of the one thousand dollars, said one thousand dollars shall be divided equally among all members of the controlled group. (5) If the amount of the credit allowed by paragraph (b) of subsection (1) of this section exceeds the amount of the limitation imposed by subsection (3) of this section reduced by the credit allowed by paragraph (a) of subsection (1) of this section for any income tax year, referred to in this subsection (5) as the unused credit year, such excess shall be an investment tax credit carryover to each of the three income tax years following the unused credit year. (6) The limitations on the credits allowed by this section shall be reduced by any credit allowed by section 39-22-507.5 for the same tax year. (7) This section is repealed, effective July 1, 2027. Source: L. 87: Entire section added, p. 1447, § 19, effective June 22. L. 91: (1)(b) amended, p. 1988, § 6, effective April 20. L. 2007: (3) amended, p. 352, § 8, effective August 3. L. 2022: IP(1) amended and (7) added, (HB 22-1025), ch. 145, p. 946, § 7, effective August 10. 39-22-508. Credit for property taxes attributable to pollution control property. (Repealed) Source: L. 78: Entire section added, p. 470, § 4, effective July 1. L. 79: Entire section amended and (5) added, pp. 1454, 1456, §§ 1, 4, effective June 22. L. 81: (4) amended and (5) R&RE, p. 1872, §§ 7, 8, effective June 29. L. 96: (4) repealed, p. 1242, § 102, effective August 7. L. 2004: Entire section repealed, p. 212, § 37, effective August 4. 39-22-508.1. Short title. (Repealed) Source: L. 78: Entire section added, p. 497, § 1, effective July 1. L. 79: Entire section amended, p. 1442, § 29, effective July 3. L. 2007: Entire section repealed, p. 353, § 11, effective August 3. 39-22-508.2. Definitions - construction of terms. (Repealed) Source: L. 78: Entire section added, p. 497, § 1, effective July 1; (3)(b) amended, p. 275, § 102, effective May 23 L. 79: (3)(b) and (5)(b) amended, p. 1443, § 30, effective July 3. L. 89: (2)(c) added, p. 1522, § 6, effective June 7. L. 90: (7) amended, p. 455, § 35, effective April 18. L. 92: IP(2)(c) amended, p. 2220, § 2, effective May 29. L. 96: IP(2)(c) and (2)(c)(I) amended, p. 1130, § 6, effective July 1. L. 2007: Entire section repealed, p. 353, § 11, effective August 3. 39-22-508.3. Special credit available - new business facility - new employees. (Repealed) Source: L. 78: Entire section added, p. 502, § 1, effective July 1. L. 79: (1) amended, p. 1443, § 31, effective July 3. L. 86: (5) added, p. 1142, § 3, effective July 1. L. 87: (1) amended, p. 1448, § 20, effective June 22. L. 2007: Entire section repealed, p. 353, § 11, effective August 3. 39-22-508.4. Election to defer commencement of credit. (Repealed) Source: L. 78: Entire section added, p. 502, § 1, effective May 5. L. 2007: Entire section repealed, p. 353, § 11, effective August 3. 39-22-508.5. Effect of transfers of new business facilities. (Repealed) Source: L. 78: Entire section added, p. 503, § 1, effective May 5. L. 89: (4) amended, p. 1500, § 4, effective July 1, 1990. L. 2007: Entire section repealed, p. 353, § 11, effective August 3. 39-22-508.6. Effect of termination of enterprise or facility. (Repealed) Source: L. 78: Entire section added, p. 504, § 1, effective May 5. L. 2007: Entire section repealed, p. 353, § 11, effective August 3. 39-22-508.7. Effective date - termination date. (Repealed) Source: L. 78: Entire section added, p. 497, § 1, effective May 5. L. 79: Entire section repealed, p. 1443, § 32, effective July 3.