CO HB1009

Converts the wildfire mitigation income tax deduction to a tax credit effective January 1, 2015, allowing landowners to claim 25% of wildfire mitigation costs (previously 50% as a deduction) up to a maximum of $2,500 per year.

Limits the credit to properties located in wildland-urban interface areas and requires costs to be actual out-of-pocket expenses documented by receipt, excluding inspection fees, donations, in-kind contributions, and grant-funded expenses.

Allows unused credits to carry forward for up to 5 years to offset future tax liability, with remaining credits expiring after that period and not eligible for refund.

Restricts the credit to individual landowners (excluding partnerships and S corporations) and limits joint filers to one $2,500 credit per year and property owners as tenants in common to one credit per ownership group.

Appropriates $18,540 from the general fund to the Department of Revenue for implementation and administration, with the credit and related deduction provisions expiring January 1, 2021 and January 1, 2016 respectively.