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DRAFT <br />10.30.07 <br />be determined by qualified appraisal. Limits the aggregate sum of credits <br />allocated on an annual basis to a specified amount. <br />Allows the credit to be carried forward to other income tax years <br />for a maximum of 5 years. <br />Establishes the transferability of the credit. <br />Specifies that the credit will not be allowed in a particular income <br />tax year if the revenue estimate prepared by the staff of the legislative <br />council indicates that the amount of the total general fund revenues will <br />not be sufficient to maintain the limit on appropriations specified in <br />statute. <br />Grants the department of revenue rule-making authority. <br />Defines terms. <br />1 Be it enacted by the General Assembly of the State of Colorado: <br />2 SECTION 1. Part 5 of article 22 of title 39, Colorado Revised <br />3 Statutes, is amended BY THE ADDITION OF A NEW. SECTION to <br />4 read: <br />5 39-22-530. Instream flow incentive tax credit for water rights • <br />6 holders -definitions. (1) AS USED IN THIS SECTION, UNLESS THE <br />7 CONTEXT OTHERWISE REQUIRES: <br />8 (a) "BOARD" MEANS THE COLORADO WATER CONSERVATION <br />9 BOARD CREATED IN SECTION 37-60-102, C.R.S. <br />10 (b) "CREDIT CERTIFICATE" MEANS A STATEMENT ISSUED BY THE <br />1 1 BOARD CERTIFYING THAT A GIVEN WATER RIGHT DONATION QUALIFIES FOR <br />12 THE CREDIT AND SPECIFYING THE AMOUNT OF THE CREDIT ALLOWED. <br />13 (C) "DEPARTMENT" MEANS THE DEPARTMENT OF REVENUE. <br />14 (d) "OWNER OF A WATER RIGHT" MEANS A TAXPAYER WHO OWNS <br />15 A WATER RIGHT. <br />16 (e) "TAXPAYER" MEANS A RESIDENT INDIVIDUAL, TRUST, ESTATE, <br />17 PARTNERSHIP, LIMITED LIABILITY COMPANY, S CORPORATION, OR OTHER <br />18 SIMILAR PASS-THROUGH ENTITY, OR A DOMESTIC OR FOREIGN <br />l9 CORPORATION SUBJECT TO THE PROVISIONS OF PART 3 OF THIS ARTICLE • <br />-2- DRAFT <br />