S.B. 08-13 Severance tax trust fund - operational account - appropriations to department of natural resources. For fiscal years commencing on or after July 1, 2008, modifies the scope of permissible appropriations from the operational account of the severance tax trust fund to the department of natural resources to fund programs recommended by the executive director of the department as follows:
● Reduces the maximum percentage of total available operational account moneys that may be appropriated for programs within the Colorado oil and gas conservation commission from 45% to 40%.
● Reduces the maximum percentage of total available operational account moneys that may be appropriated for programs within the division of reclamation, mining, and safety from 30% to 25%.
● Allows appropriations of up to 5% of total available operational account moneys to be made for programs within the division of wildlife that monitor, manage, or mitigate the impacts of mineral or mineral fuel production activities on wildlife in any region of the state in which production activity is occurring or, from any location in the state, research such impacts.
● Allows appropriations of up to 5% of total available operational account moneys to be made for programs within the division of parks and outdoor recreation that operate, maintain, or improve state parks in any region of the state in which production activity is occurring.
For the fiscal year beginning July 1, 2008, appropriates from the operational account of the severance tax trust fund to the department of natural resources $1,984,058 for allocation to division of parks and outdoor recreation and $1,519,927 for allocation to the division of wildlife.
Makes certain provisions contingent on House Bill 08-1398 being enacted and becoming law.
APPROVED by Governor June 2, 2008
EFFECTIVE June 2, 2008
NOTE: House Bill 08-1398 was signed by the governor June 2, 2008.
S.B. 08-16 Income tax - voluntary contribution to the 9Health Fair fund. Creates the 9Health Fair fund (fund) in the state treasury. For income tax years commencing on or after January 1, 2008, but before January 1, 2011, requires a voluntary contribution designation line for the fund to appear on individual income tax return forms.
Directs the department of revenue (department) to determine annually the total amount designated to the fund and to report that amount to the state treasurer and the general assembly. Directs the state treasurer to credit that amount to the fund.
Requires the general assembly to appropriate annually from the fund to the department its costs of administering moneys designated as contributions to the fund. States that all moneys remaining in the fund at the end of a fiscal year shall be transferred to 9Health Fair, a Colorado nonprofit organization, for the organization to administer in furtherance of the work of the 9Health Fair.
APPROVED by Governor April 23, 2008
EFFECTIVE August 5, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
S.B. 08-91 Sale of tobacco products - applications for license renewal - elimination of certain identifying information in renewal applications - elimination of civil penalty. In the case of wholesalers of cigarettes, wholesale subcontractors, distributors of tobacco products, and distributing subcontractors, eliminates statutory provisions requiring the renewal applications for the state licenses of such wholesalers, subcontractors, or distributors to include identifying information of persons who purchased cigarettes or tobacco products for resale from the licensee during the 12-month period immediately preceding the filing of the application. Eliminates existing requirements that cigarette and tobacco retailers supply the required information to licensed wholesalers, subcontractors, or distributors on an annual basis. Eliminates statutory provisions imposing a civil penalty for failure to provide the identifying information.
APPROVED by Governor March 24, 2008
EFFECTIVE August 5, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
S.B. 08-131 Sales and use tax receipts - supplemental old age pension health and medical care fund. For any state fiscal year commencing on or after July 1, 2009, increases the amount allocated to the supplemental old age pension health and medical care fund from the receipts collected from the state sales and use tax by $2,100,000. Decreases the allocation to the general fund by an equal amount.
APPROVED by Governor May 20, 2008
EFFECTIVE May 20, 2008
H.B. 08-1013 Sales tax - exemption for a sale that benefits a Colorado school. Creates a state sales tax exemption for a sale that benefits a Colorado school, which includes public and nonpublic kindergarten through 12th grade schools, if the sale is made by any of the following:
● A school;
● An association or organization of parents and school teachers;
● A booster club or other club, group, or organization whose primary purpose is to support a school activity; or
● A school class or student club, group, or organization.
Limits the exemption to a sale from which all proceeds, less only the actual cost of the item sold, are donated to a school or a school-approved student organization.
Permits a county or municipality that establishes a sales tax pursuant to statutory authority to create a similar sales tax exemption.
APPROVED by Governor May 21, 2008
EFFECTIVE August 5, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
H.B. 08-1028 Income tax - voluntary contribution to the Alzheimer's Association fund. Extends the period during which state income tax return forms shall include a line whereby individual taxpayers may make a voluntary contribution to the Alzheimer's Association fund.
APPROVED by Governor March 17, 2008
EFFECTIVE August 5, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
H.B. 08-1033 Income tax - preservation of historic properties - extension - suspension. Extends the income tax years for which a taxpayer may claim a credit for qualified costs incurred in the preservation of historic properties to income tax years commencing before January 1, 2020.
Allows a certified local government to adopt a one-time resolution to act as a reviewing entity for the purpose of performing various administrative, rehabilitation project review, and verification functions to determine whether a taxpayer is qualified to claim the tax credit.
If the revenue estimate prepared by the legislative council in December 2010 or any December thereafter indicates that total general fund revenues for that particular fiscal year will be insufficient to maintain the statutory limitation on appropriations, suspends the income tax credit for the income tax year commencing during the calendar year following the year in which the estimate was prepared. Allows any taxpayer who would have been eligible to claim an income tax credit in the year in which the credit was suspended to claim the credit in the next income tax year in which the revenue estimate indicates that the total amount of general fund revenues will be sufficient to maintain the statutory limitation on appropriations.
Directs the department of revenue to specify on its web site whether the income tax credit shall be allowed for a given income tax year.
APPROVED by Governor June 5, 2008
EFFECTIVE August 5, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
H.B. 08-1034 Tax credit - new employees. Clarifies that taxpayers or aircraft manufacturers are allowed a tax credit for new employees for whom an employee leasing company, as the employing unit or co-employer for the taxpayer or aircraft manufacturer that is the work-site employer, withholds social security, medicare, and income taxes under the employee leasing company's own federal and state taxpayer identification numbers.
Makes the act applicable to tax credits for employees hired on or after August 3, 2007.
APPROVED by Governor March 6, 2008
EFFECTIVE March 6, 2008
H.B. 08-1035 Income tax - voluntary contribution to the military family relief fund. Extends the period during which state income tax return forms shall include a line whereby individual taxpayers may make a voluntary contribution to the military family relief fund.
APPROVED by Governor March 17, 2008
EFFECTIVE August 5, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
H.B. 08-1049 Income tax - credit for child care facilities - extension - suspension. Extends the income tax years for which a taxpayer may claim a credit for making a monetary contribution to promote child care in the state to income tax years commencing before January 1, 2020.
If the revenue estimate prepared by the legislative council in December 2010 or any December thereafter indicates that total general fund revenues for that particular fiscal year will be insufficient to maintain the statutory limitation on appropriations, suspends the income tax credit for the following income tax year. Allows any taxpayer who would have been eligible to claim the income tax credit in a year in which the credit was suspended to claim the credit in the next income tax year in which the revenue estimate indicates that the total amount of general fund revenues will be sufficient to maintain the statutory limitation on appropriations.
Directs the department of revenue to specify on its web site whether the income tax credit shall be allowed for a given income tax year.
APPROVED by Governor June 5, 2008
EFFECTIVE August 5, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
H.B. 08-1059 Property tax - revenue distributions - timing - de minimis amounts. Allows a county treasurer to distribute property tax revenues to any town, city, school district, or special district on a quarterly basis or annual basis rather than on a monthly basis if the amount collected for the entity falls below $100 or $50, respectively.
APPROVED by Governor March 6, 2008
EFFECTIVE August 5, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
H.B. 08-1083 Local government severance tax fund - direct distribution - employee residence report - mineral leasing fund - energy impact assistance advisory committee. With respect to the current employee-based direct distribution of the moneys in the local government severance tax fund to counties and municipalities, requires the executive director of the department of local affairs (executive director) to allocate the moneys to counties based on the number of severance-related employees and mining and well permits issued and on the overall mineral production in each county. Requires the moneys allocated to each county to be further distributed to each municipality within the county and to the county itself based on the number of severance-related employees, the amount of road miles, and on population. Requires the executive director to prepare a biennial report for each member of the general assembly about the effectiveness of the allocation and distribution.
Requires the executive director to consider the economic needs of a political subdivision for purposes of making a discretionary grant from the local government severance tax fund.
Modifies the employee residence report used in part to calculate the distribution payments to local governments from the local government severance tax fund. Requires the report to be filed with the department of local affairs.
Modifies the composition of the energy impact assistance advisory committee. Requires senate consent for the governor's appointments to the committee. Requires the committee to make recommendations based on certain criteria to the executive director regarding the distribution of moneys derived from mineral extraction within the state.
Requires the executive director to deliver to the state auditor a detailed accounting of the distributions from the mineral leasing fund and the local government severance tax fund.
APPROVED by Governor June 2, 2008
EFFECTIVE August 5, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
H.B. 08-1084 Severance taxes - credit allowed for prior payment of impact assistance - study regarding improvement of the credit. Requires a group of specified state governmental officials and other stakeholders to determine how best to improve the impact assistance credit so that any major infrastructure needs of communities impacted by the energy and mineral industry are addressed. Requires the group to recommend proposed legislation to the agriculture, livestock, and natural resources committee of the house of representatives and the agriculture, natural resources, and energy committee of the senate no later than January 31, 2009.
APPROVED by Governor May 20, 2008
EFFECTIVE August 5, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
H.B. 08-1110 Income tax - deduction for landowner who performs wildfire mitigation measures on private land. For income tax years commencing on or after January 1, 2009, but prior to January 1, 2014, allows an income tax deduction for a landowner who owns private land as a natural person and not an entity and who performs wildfire mitigation measures on the land in a wild land-urban interface area. Specifies that the amount of the deduction allowed is 50% of the amount of the landowner's costs incurred in performing the wildfire mitigation measures subject to a maximum limit of the lesser of $2,500 or the amount of the landowner's taxable income.
APPROVED by Governor May 28, 2008
EFFECTIVE August 5, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
H.B. 08-1127 Income tax - credit for hiring employees with developmental disabilities. Establishes an income tax credit for a taxpayer who hires a person with a developmental disability for a job in Adams, Arapahoe, El Paso, Jefferson, Logan, Montrose, or Morgan county. Allows the credit only for employees hired on or after January 1, 2009, who are compensated in accordance with minimum wage laws. Sets the amount of the credit at:
● 50% of gross wages paid to the employee in the first 3 months of continuous employment; and
● 30% of gross wages paid to the employee in the subsequent 9 months of continuous employment.
Allows the credit for income tax years 2009, 2010, and 2011, unless the revenue estimate prepared by the staff of the legislative council in December of the prior year indicates that the amount of total general fund revenues for the current fiscal year will not be sufficient to reach the statutory limit on appropriations. Allows a taxpayer who would have been eligible to claim the credit in an income tax year in which the credit is not allowed to claim the credit in the next income tax year in which the revenue estimate indicates that the amount of total general fund revenues will be sufficient to reach the statutory limit on appropriations.
Allows a partnership, S corporation, limited liability company, or other entity electing not to be taxed as a corporation to pass the credit through to its participating partners, shareholders, or members in any percentage the entity chooses, up to the amount of the credit earned in the tax year.
APPROVED by Governor June 5, 2008
EFFECTIVE August 5, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
H.B. 08-1138 Penalties - professional tax return preparers - understatement of liability due to repeated assertion of untenable position. Authorizes the imposition of a $500 penalty against a professional tax return preparer who, on behalf of the person whose tax return he or she prepares, understates the taxpayer's tax liability through a willful or reckless disregard of applicable laws or rules, as evidenced by the repeated assertion of a position that the tax return preparer knew or should have known did not have a realistic possibility of being sustained on its merits. Subjects the employer of a tax return preparer to an equivalent penalty if the employer either ordered or had knowledge of, and did not attempt to prevent, the understatement of liability.
Allows the department of revenue to make a limited disclosure of information concerning an understatement of liability to the state board of accountancy, in the case of a tax return preparer who is an accountant, and to the tax return preparer.
Exempts certified public accountants, full-time employees of an employer who orders the preparation of a tax return on the employer's behalf, and persons who furnish only typing or other ministerial services.
Applies to offenses committed on or after July 1, 2008.
APPROVED by Governor April 14, 2008
EFFECTIVE July 1, 2008
H.B. 08-1171 Sales and use tax - taxable amount - exclusion of federal excise tax for sale of heavy truck, trailer, or tractor. As used in the context of the state sales and use tax, excludes any federal excise tax on the first retail sale of a heavy truck, trailer, or tractor for which the retailer is liable from the definition of the purchase price of such vehicle. For purposes of determining the specific ownership tax on personal property, specifies that the applicable federal excise tax, which is excluded from the actual purchase price of the property, includes the excise tax on the first retail sale of a heavy truck, trailer, or tractor for which the seller is liable.
APPROVED by Governor May 14, 2008
EFFECTIVE September 1, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
H.B. 08-1225 Property taxation - business personal property - tax exemption. Incrementally increases the exemption from property taxation for personal property listed on a single personal property schedule up to $7,000 for the property tax year commencing January 1, 2013. Adjusts the amount of the exemption on a biennial basis thereafter for inflation. Rounds the inflation adjustment up to the nearest hundred dollar increment. Requires the property tax administrator to calculate the amount of the exemption and publish the amount on the web site maintained by the division of property taxation in the department of local affairs.
Requires an assessor to mail or deliver one copy of a personal property schedule to each owner of taxable personal property or the owner's agent, instead of 2 copies. Requires a physically delivered notice of protest concerning a personal property valuation to be given 5 days earlier than is currently required.
APPROVED by Governor May 20, 2008
EFFECTIVE August 5, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
H.B. 08-1241 Income tax - voluntary contribution to the Colorado healthy rivers fund. Changes the name of the Colorado watershed protection fund to the Colorado healthy rivers fund.
Extends the period that state income tax return forms shall include a line whereby individual taxpayers may make a voluntary contribution to the Colorado healthy rivers fund.
APPROVED by Governor May 28, 2008
EFFECTIVE August 5, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
H.B. 08-1261 Sales tax - exemption - aircraft removed from state after sale. Exempts from sales tax the sale of a new or used aircraft that:
● Is sold to a person who is not a resident of the state;
● Will be removed from the state within 120 days after the sale; and
● Will not be in the state more than 73 days in any of the subsequent 3 calendar years.
Requires the purchaser of an aircraft who claims the exemption to provide to the seller an affidavit that the purchaser is not a resident of the state and that the purchaser agrees to pay sales tax on the sale of the aircraft if the aircraft is not removed from the state within 120 days or if the aircraft is in the state more than 73 days in any of the subsequent 3 calendar years.
APPROVED by Governor May 20, 2008
EFFECTIVE August 5, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
H.B. 08-1269 Sales and use tax - exemption - wood from salvaged trees infested by mountain pine beetles - repeal. Exempts from the state sales and use tax for a specified period the sales and use of wood from salvaged trees killed or infested in Colorado by mountain pine beetles.
Gives counties and municipalities the authority to grant sales and use tax exemptions for sales and use of wood from salvaged trees killed or infested in Colorado by mountain pine beetles.
APPROVED by Governor May 28, 2008
EFFECTIVE May 28, 2008
H.B. 08-1275 Property tax - loss of exempt status - incorrect filing of annual report - forgiveness of taxes owed. Forgives the balance of property taxes owed by a religious, charitable, or educational organization (organization) on or after August 5, 2008, if the organization:
● Filed an application for exemption and was granted an exemption from general taxation on real and personal property;
● After receiving an exemption from property tax, filed an annual report required for the continuation of property tax-exempt status but filed the report incompletely or incorrectly; and
● Was denied tax-exempt status for one or more property tax years as a result of the incomplete or incorrect filing and received a property tax bill for such year or years.
Specifies that any waiver of the balance of taxes owed by an organization shall be contingent upon the reestablishment of the organization's tax-exempt status by the state board of equalization. Authorizes the state board of equalization to reestablish such tax-exempt status.
Authorizes the state board of equalization to waive the filing deadline for the annual report that an organization is required to file to maintain its property tax-exempt status if the report is filed by the filing deadline but is incomplete or incorrect when filed.
APPROVED by Governor April 14, 2008
EFFECTIVE August 5, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
H.B. 08-1353 Income tax - conservation easements - appraisers and easement holders - disclosure, appraisal, and reporting requirements. Requires an appraiser who conducts an appraisal of a conservation easement to submit a copy of the appraisal to the division of real estate (division) rather than the department of agriculture and the department of natural resources. Requires the appraisal to be submitted within 30 days of the completion of the appraisal with an affidavit containing specified information relating to the appraisal, the appraiser, and the easement being appraised. Requires the division to maintain the information in an electronic database. Authorizes the division to share the information with the DOR. Requires the division to deny an open records request to inspect the information until the division files a notice of charges related to the information.
Authorizes the board of real estate appraisers (board) to investigate the activities of any appraiser who submits an appraisal, and requires the board to conduct the investigation upon receiving a written complaint from any person. If the board determines that a material violation has occurred, requires the board to notify the department of revenue (DOR).
Provides the board with the authority to take disciplinary action against appraisers who do not file documents and information relating to the appraisal of conservation easements. Authorizes the board to establish classroom education and experience requirements for an appraiser who prepares an appraisal for a conservation easement for which a tax credit is claimed. Creates a fee to be charged for each appraisal submitted to the division to provide for the costs of administering the additional requirements. Caps the amount of the fee at $600.
Creates the conservation easement oversight commission (commission). Specifies the membership of the commission and the terms of certain members of the commission. Requires the commission to establish a conflict of interest policy for members of the commission. Requires the commission to review conservation easement transactions at the request of the division or the DOR and to advise the division and the DOR regarding conservation easement transactions for which a tax credit is claimed.
Requires the division to establish and administer a certification program for organizations that hold conservation easements for which tax credits are claimed. Requires the commission to review each application for certification and provide a recommendation for approval to the division. Requires the division to review and make a final determination to grant or deny certification. Specifies criteria for granting certification. Requires applicants to pay a fee to provide for the costs of the certification program. Caps the amount of the fee at $5,810. Authorizes the program to contain a provision allowing for the expedited or automatic certification of certain entities.
Requires the division to notify the applicants of the division's decision on certification. Allows the division to implement the certification program for land trusts during the first year of the program and for entities holding easements for historic preservation and the state and other political subdivisions of the state in the second year of the program. Allows future tax credits for conservation easements to be claimed only if the entity that holds the easement has been certified by the program. Provides that the certification shall be effective for three years. Allows the division to revoke or suspend a certification for noncompliance with the act. Requires the division to maintain and update an online list of the status of entities that participate in the program.
Changes the information submission requirements for a holder of a conservation easement for which the sole conservation purpose is historic preservation or for any conservation easement granted to a local government that did not involve a charitable donation.
Specifies additional authority and responsibilities of the executive director of the DOR (executive director) with respect to administering the allowance of tax credits for conservation easements. Authorizes the executive director to require such detailed information regarding a claim for a conservation easement credit as the executive director determines is necessary to carry out the DOR's functions relating to the credit. Requires the executive director to deny an open records request to inspect information related to a credit.
Requires the executive director to develop and implement a separate process to review conservation easements for which the department has been informed that an audit is being performed by the internal revenue service and to share the information used in the review with the division.
Modifies existing provisions that allow the executive director to require a second appraisal for a conservation easement.
Extends the internal revenue code's tax basis limitation on qualified conservation contributions over property held for less than one year to include state conservation tax credits.
APPROVED by Governor June 5, 2008
EFFECTIVE July 1, 2008
H.B. 08-1358 Sales tax - exemption for sale by an association or organization of parents and teachers of public school students that is a charitable organization. Creates a state sales tax exemption for sales by an association or organization of parents and teachers of public school students that is a charitable organization. Permits a county or municipality that establishes a sales tax pursuant to statutory authority to create a similar sales tax exemption.
APPROVED by Governor May 21, 2008
EFFECTIVE September 1, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
H.B. 08-1368 Sales and use tax - exemption - components used to produce alternating current electricity from a renewable energy source. Clarifies and changes the placement of the sales tax exemption for components used to produce alternating current electricity (electricity) from a renewable energy source.
Repeals and reenacts the statutory sections related to a town, city, or county sales tax to make them more reader friendly without making any substantive changes except adding the exemption for sales of components used in the production of electricity from a renewable energy source. Specifies that the express inclusion of the sales tax exemption for components used in the production of electricity from a renewable energy source by a town, city, or county is not necessary if the town, city, or county previously expressly included the exemption for machinery and machine tools prior to May 27, 2008.
Specifies that a town, city, or county may exempt components used in the production of electricity from a renewable energy source from use tax.
Specifies the legislative intent regarding the clarification and new placement of the sales and use tax exemption for components used in the production of electricity from a renewable energy source.
Property tax - valuation - real and personal property used to produce alternating current electricity from a renewable energy source. Requires all real and personal property used to produce 2 megawatts or less of alternating current electricity from a renewable energy source to be valued in the county where the property is located in accordance with valuation procedures developed by the property tax administrator (administrator). Requires the administrator to utilize the procedures adopted for valuing state-assessed renewable energy facilities when developing the valuation procedures for locally assessed real and personal property used to produce 2 megawatts or less of electricity from a renewable energy source.
Prohibits the administrator from considering renewable energy credits created by the production of electricity when valuing a renewable energy facility, and requires an owner or operator of a facility to provide a copy of the facility's current power purchase agreement to the administrator in each assessment year unless one was previously provided and there was no material change in the agreement. Specifies that the administrator has the right to request a power purchase agreement from the purchaser of power if the owner or operator of a facility does not provide one.
Specifies that all power purchase agreements are private documents available only to the administrator and the employees of the division of property taxation in the department of local affairs.
APPROVED by Governor May 27, 2008
EFFECTIVE May 27, 2008
H.B. 08-1380 Income taxation - apportionment and allocation of income to Colorado - single factor. Creates a new method for a taxpayer to attribute net income to Colorado for purposes of calculating the state income tax that replaces the existing alternative methods and that has the following features:
● Requires business income to be apportioned to Colorado by multiplying such business income by a fraction that is equal to the total sales of the taxpayer in Colorado during the tax period over the total sales of the taxpayer everywhere during the period;
● Establishes standards for when a sale is in Colorado;
● Requires certain nonbusiness income to be allocated to Colorado;
● Permits a taxpayer to treat all income as business income in accordance with rules to be adopted by the department of revenue;
● Either upon the initiative of the executive director of the department of revenue (executive director) or the taxpayer, permits the executive director to deviate from the new methodology to avoid inequitable apportionment and allocation of income; and
● Establishes a separate method for apportionment of sales by a mutual fund service corporation.
Repeals the provision of the multistate tax compact that permits a taxpayer to elect to apportion and allocate income pursuant to the compact, and prohibits such apportionment and allocation for income tax years commencing after January 1, 2009.
Eliminates the prohibition on carrying forward a net operating loss to an income tax year in which a corporation uses a different method of attributing income to Colorado.
Requires the executive director to promulgate rules, but establishes that pertinent rules previously promulgated for the existing methods for attributing income to Colorado continue to be in effect unless they are inconsistent with the act or repeal. Requires the executive director to collect additional information related to attribution of income if requested by the director of research of the legislative council. On or before January 1, 2014, requires the director of the office of economic development to prepare a report describing the economic impacts related to attribution of taxable income and deliver it to the finance committees of the senate and house of representatives.
APPROVED by Governor May 20, 2008
EFFECTIVE January 1, 2009
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
H.B. 08-1395 Property tax - property leased by governmental entities - tax exemption. On and after January 1, 2009, allows a property tax exemption to the state, a political subdivision, or a state-supported institution of higher education (governmental entity) that enters into a rental or lease agreement for real property for at least a one-year term, with or without the right to purchase such property, so long as the governmental entity uses the property for the purposes of the governmental entity.
Requires any governmental entity that enters into a lease or rental agreement or that is already in a lease or rental agreement on or after January 1, 2009, and that is exempt from the levy and collection of property taxes, to file a copy of the lease or rental agreement with the county assessor's office. Requires a governmental entity to notify the county assessor's office in the event that the lease or rental agreement is terminated prior to the term stated in such lease or rental agreement.
APPROVED by Governor May 29, 2008
EFFECTIVE August 5, 2008
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date,
see page vi of this digest.
H.B. 08-1398 Operational account of the severance tax trust fund - reserve requirement - installment transfers for certain funded programs - proportional reduction of certain transfers in case of revenue shortfall - appropriation. Reorganizes the statutory provisions related to the operational account of the severance tax trust fund (account) and removes obsolete provisions of law.
Without making any substantive changes to the programs funded from the operational account, creates 2 tiers of transfers from the account. Tier one transfers are to the Colorado oil and gas conservation commission, the Colorado geological survey, the Colorado water conservation board, and the division of reclamation, mining, and safety. Tier two transfers are to the following:
● The water supply reserve account;
● The conservation district grant fund for soil and water conservation;
● The water efficiency grant program cash fund;
● The capital and operation and maintenance accounts of the species conservation trust fund;
● The low-income energy assistance programs administered by the department of human services, energy outreach Colorado, and the governor's energy office;
● The governor's energy office for distribution to the Colorado renewable energy authority;
● The agriculture value-added cash fund; and
● The interbasin compact committee operation fund.
Changes the reserve requirement for tier one transfers from 2 times the current state fiscal year's operating appropriations for the tier one programs to an amount equal to the current state fiscal year's operating appropriations for the tier one programs. Puts in place a reserve requirement for tier two programs of 15% of the current fiscal year's transfers for those tier two programs. Changes the use of the reserve to include offsets for proportional reductions in transfers of the tier two programs, up to 15% of the current fiscal year's tier two transfers.
Specifies that all transfers to tier two programs shall be made in 3 installments, 40% on July 1, 30% on January 4, and 30% on April 1. Establishes that the transfers made on January 4 and April 1 are subject to proportional reduction if the revenue estimate prepared by the staff of the legislative council in December or March indicates that the amount of severance tax revenues credited to the operational account is insufficient for the state treasurer to make the tier two transfers and meet the reserve requirement.
Creates in the state treasury the interbasin compact committee operation fund, the department of human services low-income energy assistance fund, the energy outreach Colorado low-income energy assistance fund, and the governor's energy office low-income energy assistance fund, to receive and distribute moneys transferred by the treasurer from the operational account of the severance tax trust fund. Specifies the purposes for the funds.
Makes adjustments to the 2008 long bill for the implementation of the act.
APPROVED by Governor June 2, 2008
EFFECTIVE June 2, 2008
H.B. 08-1408 Income tax - C Corporations - definition of captive real estate investment trust - disclosure of reportable transactions - penalty for failure to disclose. Adopts the multistate tax commission's definitions of real estate investment trust and captive real estate investment trust.
Requires the disclosure of reportable transactions and establishes penalties for failure to disclose reportable transactions.
VETOED by Governor June 3, 2008
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