HB 18-1190 Summary

• Extends the Colorado Job Creation and Main Street Revitalization Act tax credit program through December 31, 2029 (previously expiring in 2020), allowing tax credits to be reserved through that date and issued through December 31, 2032.

• Increases tax credit percentages for qualified residential structures in rural communities from 20% to 35% effective January 1, 2020, and increases commercial structure credits in rural communities from 25%/20% to 35%/30%.

• Adds new definitions including "Denver Metropolitan Area," "municipality," "rural community," and clarifies that certified historic structures can be either residential or commercial properties.

• Modifies application procedures by replacing lottery system with date/time-stamped processing for qualified commercial structures and allows office to suspend small project applications if 15 projects are pending review.

• Establishes new tax credit reservation caps of $10 million annually (2020-2029) for qualified commercial structures, equally split between projects under and over $2 million in rehabilitation expenditures.