CO HB1116

Extends the contaminated land state income tax credit program from its expiration date of January 1, 2025 to January 1, 2030 for both taxpayers claiming credits and qualified entities claiming transferable expense amounts.

Maintains the credit structure allowing up to 40% of the first $750,000 and 30% of the next $750,000 in remediation expenses, with enhanced rates of 50% and 40% respectively for rural community projects through January 1, 2030.

Increases the annual cap on issued certificates from $5 million (2022-2024) to $5 million for calendar years 2022-2029, with $2 million reserved annually for rural community projects and $3 million available for all communities.

Changes the repeal date of the entire tax credit program from December 31, 2031 to December 31, 2036, extending the program's availability by five years.

Takes effect 90 days after the general assembly adjourns, subject to voter approval if a referendum petition is filed within that period.