HB 1311 - Colorado Job Creation and Main Street Revitalization Act

• Creates a state income tax credit for owners of qualified historic structures who undertake substantial rehabilitation work, available for tax years 2016-2019.

• Tax credit rates are 25% of qualified rehabilitation expenditures under $2 million and 20% of expenditures over $2 million for commercial structures; 20% of expenditures (capped at $50,000 per residential structure) for residential structures, with increased rates for disaster areas.

• Requires properties to be certified as historic by the State Historical Society or local government, and rehabilitation must meet U.S. Secretary of Interior standards; applications must be submitted by December 31, 2019.

• Annual tax credit reservations are capped at $2.5 million (2016) and $5 million (2017-2019) for commercial structures; tax credits for commercial structures are freely transferable and assignable.

• Appropriates $106,283 and 0.5 FTE to the Office of Economic Development for implementation and administration of the tax credit program.