HB20-1299 Summary

• Extends the deadline for taxpayers to elect an 80% refund of enterprise zone investment tax credits for renewable energy investments from January 1, 2021 to January 1, 2024

• When a taxpayer elects the 80% refund option, they forfeit the remaining 20% of the credit as a cost of making that election

• Adds investments in energy storage systems (as defined in section 40-2-202) to the definition of qualified renewable energy investments eligible for the credit

• Establishes legislative findings that the tax expenditure aims to grow Colorado's economy by expanding renewable energy generation and storage, supporting electricity reliability, and encouraging business investment in capital-intensive assets and job creation statewide

• Applies to taxpayers who place new renewable energy investments in service on or after January 1, 2021