22d ‎(2)‎

• Board Meeting Date: 11/18/2007
• Description: CF Section – Proposed Statute Revisions/Legislation within the 2008 Projects Bill - Funding for Instream Flow Water Right Acquisitions
• Board Meetings - Doc Type: Memo

DRAFT
10.30.07
1 THOUSAND DOLLARS. THE AMOUNT,OF THE CREDIT SHALL NOT INCLUDE
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THE VALUE OF ANY PORTION OF A WATER RIGHT LOCATED IN ANOTHER
STATE.
(II) THE APPRAISAL OF A WATER RIGHT FOR WHICH A CREDIT
CERTIFICATE IS ISSUED SHALL BE A QUALIFIED APPRAISAL FROM A
QUALIFIED APPRAISER, AS THOSE TERMS ARE DEFINED IN SECTION 170 ( fl
(11) OF THE INTERNAL REVENUE CODE. THE APPRAISAL SHALL BE IN
CONFORMANCE WITH THE UNIFORM STANDARDS FOR PROFESSIONAL
APPRAISAL PRACTICE PROMULGATED BY THE APPRAISAL STANDARDS
BOARD. THE APPRAISER SHALL HOLD A VALID LICENSE AS A CERTIFIED
GENERAL APPRAISER IN ACCORDANCE WITH THE PROVISIONS OF PART 7 OF
ARTICLE 61 OF TITLE 12, C.R.S. IF THERE IS A FINAL DETERMINATION,
OTHER THAN BY SETTLEMENT OF THE TAXPAYER, THAT AN APPRAISAL
SUBMITTED IN CONNECTION WITH A CLAIM FOR A CREDIT PURSUANT TO
THIS SECTION IS A SUBSTANTIAL OR GROSS VALUATION MISSTATEMENT AS
SUCH MISSTATEMENTS ARE DEFINED IN SECTION 1219 OF THE FEDERAL
"PENSION PROTECTION ACT OF 2006", PUB.L.109-280, THE DEPARTMENT
SHALL SUBMIT A COMPLAINT REGARDING THE MISSTATEMENT TO THE
BOARD OF REAL ESTATE APPRAISERS FOR DISCIPLINARY ACTION IN
ACCORDANCE WITH THE PROVISIONS OF PART 7 OF ARTICLE 61 OFT?TLE 12,
C.R.S.
(III) THE AGGREGATE SUM OF CREDITS ANNUALLY APPROVED BY
THE BOARD SHALL NOT EXCEED TWO MILLION DOLLARS FOR ALL
TAXPAYERS.
(3) IF AN OWNER OF A WATER RIGHT RECEIVING AN INSTREAM
FLOW INCENTIVE TAX CREDIT IS A PARTNERSHIP, LIMITED LIABILITY
COMPANY, S CORPORATION, OR SIMILAR PASS-THROUGH ENTITY, THE

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