HB 20-1177 Summary

• Reduces the enterprise zone administrator contribution tax credit from 50% to 25% for income tax years commencing on or after January 1, 1989, while preserving existing 25% credit rates for contributions made after January 1, 1996.

• Updates statutory references to reflect the Colorado Economic Development Commission's designation as the enterprise zone administrator instead of the Department of Local Affairs, effective July 1, 2008.

• Modifies investment tax credit carryover periods by referencing Section 24-46-104.3, which governs credit limitations and carryover rules for various investment credits.

• Corrects cross-references in the new enterprise zone business employee credit statute to reference subsections (1)(a)(II) and (3)(b) instead of outdated subsection citations.

• Takes effect 12:01 a.m. on the day following the 90-day period after final adjournment of the general assembly (August 5, 2020, if adjournment occurs May 6, 2020), unless subject to a referendum petition.