House Bill 21-1233 Summary

• Authorizes the Division of Conservation to accept grants and hold conservation easements in gross, expanding eligibility for conservation easement tax credits beginning January 1, 2021.

• Increases tax credit rate for conservation easements donated on or after January 1, 2021 from 75% of first $100,000 and 50% of excess to 90% of fair market value, with maximum credit of $5 million per donation.

• Allows governmental entities and water authorities (previously excluded) to donate conservation easements and earn transferable tax credits without requiring shareholder or member approval.

• Creates new "transferable expense amount" for qualified governmental entities exempt from income tax, allowing them to transfer conservation easement tax credits to other taxpayers for use as credits.

• Appropriates $604,929 total for fiscal year 2021-22 to the departments of regulatory agencies ($254,372), revenue ($206,998), and law ($143,559) to implement the expanded program.