CO SB135

Modifies Colorado conservation easement tax credit calculation, increasing the credit from 75/50 percent to 90 percent of fair market value for donations on or after January 1, 2020, with a $5 million per donation cap.

Establishes compensation program for taxpayers denied state income tax credits between 2000-2013 if the federal IRS allowed a deduction for the same donation, with compensation paid from unclaimed tax credits from 2013-2019 and limited to 50% of annual caps in subsequent years.

Requires Department of Revenue to notify eligible taxpayers by September 30, 2020, with a December 31, 2022 deadline to file claims; provides process for resolving disputes between multiple claimants through an ombudsman.

Designates an ombudsman to resolve conservation easement disputes and establishes procedures for investigating and managing abandoned easements through a 5-year receivership process, with a stewardship account funded by $5 million from the general fund for fiscal year 2020-2021.

Reduces conservation easement tax credit issuance by $5 million in 2020 calendar year to fund the stewardship account and allows the commission to reassign, reform, or extinguish abandoned easements with landowner consent.