HB22-1418 Summary

• Extends the repeal date of Colorado's job growth incentive and enterprise zone tax credit programs from July 1, 2025 to July 1, 2035, allowing an additional 10 years of operation.

• Creates new section 24-46-107 permitting taxpayers in strategic industries disproportionately impacted by COVID-19 to carry forward unused tax credits expiring between January 1, 2021 and December 31, 2025 for a five-year period, subject to aggregate annual caps of $0 (years 1-2), $10 million (year 3), and $15 million (years 4-5).

• Requires taxpayers to apply to the Economic Development Commission and Colorado Office of Economic Development with certification of financial hardship and documentation; applications reviewed on first-come, first-served basis with consideration of economic development commitments to the state.

• Updates references in sections 39-22-531, 39-30-104, 39-30-105.1, and 39-30-105.6 to include the new carry-forward extension provisions and extends the repeal date for the Colorado job growth incentive credit from January 1, 2031 to July 1, 2042.

• Appropriates $18,412 to the Office of the Governor for economic development programs in fiscal year 2022-23, based on 0.2 FTE staffing.