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Bill Introduced to Establish Colorado State Historic Tax Credit

Monday, March 10, 2014 - 7:00AM

Last week, Colorado State Rep. Leroy Garcia introduced H.B. 14-1311, which would establish a Colorado state historic rehabilitation tax credit (HTC). Also known as the Colorado Job Creation and Main Street Revitalization Act, the bill would create a tiered tax credit for qualified rehabilitation expenditures to commercial historic structures: a 30 percent tax credit for qualified expenditures less than $2 million; 25 percent for expenditures between $2 million and $4 million; and 20 percent for expenditures of more than $4 million. Historic structures located in designated disaster areas may be eligible for a 5 percent or 13 percent tax credit boost. Commercial projects have an annual HTC cap of $2 million each. For residential rehabilitations, the bill provides up to $50,000 in state HTCs for 20 percent of qualified expenditures, or 25 percent if located in a designated disaster area. The bill would authorize $15 million annually from calendar year (CY) 2015 through 2018. Colorado currently offers a 20 percent HTC for qualified projects.

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