HB12-1251 Summary

• Starting January 1, 2014, caps enterprise zone income tax credits at $5,000 of actual tax liability plus 50% of tax liability exceeding $5,000, with a maximum credit of $500,000 per year.

• Allows taxpayers to appeal to the Colorado Economic Development Commission in writing to claim credits exceeding the $500,000 limit if the additional credit is a substantial factor in business start-up, expansion, or relocation in the enterprise zone.

• Requires the Colorado Economic Development Commission to annually post information on claimed investment tax credits to its website, including enterprise zone location, taxpayer name, business type, qualified investment amounts, and calculated credits.

• Requires the Colorado Economic Development Commission to provide the Department of Revenue with annual electronic reports by September 1 containing names, account numbers, and credit amounts for all taxpayers receiving enterprise zone credits.

• Effective 90 days after legislative adjournment, subject to referendum petition provisions.