CO HB1260

Converts the wildfire mitigation income tax deduction to a tax credit worth 25% of costs incurred in performing wildfire mitigation measures, with a maximum credit of $2,500 per year.

For tax years 2014-2015 and 2019-2024, allows landowners to deduct 50% of wildfire mitigation costs (capped at $2,500 or total federal taxable income, whichever is less).

For tax years 2016-2018, allows landowners to deduct 100% of wildfire mitigation costs (capped at $2,500 or total federal taxable income, whichever is less).

Permits excess credits not used in the year first claimed to be carried forward to offset future tax liability for up to 5 years.

Takes effect August 5, 2015, unless a referendum petition is filed, in which case it requires voter approval at the November 2016 general election.