HB15-1380 Summary

• Creates a state income tax credit through December 31, 2017 for taxpayers making qualified expenditures on watershed health projects, with credit amounts up to one-half of qualified expenditures, administered by the Colorado Water Conservation Board with an annual cap of $1.5 million in credits issued.

• Allows tax credit transfers between taxpayers and permits pass-through entities to allocate credits among partners, shareholders, and members; excess credits exceeding tax liability are refunded and cannot be carried forward.

• Board must submit annual reports through 2019 to legislative finance and agriculture committees describing watershed health project status and tax credit certificates issued.

• Establishes a grant program administered by the Colorado Water Conservation Board distributing funds to public entities and nonprofits exempt from income taxes for watershed health projects, with an annual grant award cap of $500,000.

• Both the tax credit and grant program expire July 1, 2021.