CO SB033

Creates a new Colorado state income tax credit for landowners who were denied tax credits for conservation easements donated between January 1, 2000, and December 31, 2013, if the federal IRS allowed a federal deduction for the same donation.

Credit amount equals the full amount that could have been claimed under applicable law at time of donation, based on the fair market value accepted by the IRS on Form 8283 or as amended through federal appeals or court rulings.

Requires Department of Revenue to make application information available online by August 15, 2021, and taxpayers must submit claims to the Division of Conservation by September 30, 2022.

Reserves portions of the annual conservation easement tax credit cap: $15 million in 2021, $15 million in 2022, and $10 million in 2023, with excess claims placed on a wait list for future years.

Establishes an ombudsman process through the Division of Conservation to resolve disputes between multiple claimants or transferees regarding credit distribution, with unresolved disputes referred to binding arbitration at state expense.