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

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
(6) IN ORDER TO CLAIM THE CREDIT AUTHORIZED BY THIS SECTION,
THE TAXPAYER SHALL SUBMIT THE CREDIT CERTIFICATE WITH THE TAX
RETURN FOR THE TAX YEAR FOR WHICH THE CREDIT IS CLAIMED AND ANY
OTHER INFORMATION AS MAY BE REQUIRED BY THE DEPARTMENT TO
VERIFY THE TAXPAYER'S COMPLIANCE WITH THIS SECTION.
(7) IF THE REVENUE ESTIMATE PREPARED BY THE STAFF OF THE
LEGISLATIVE COUNCIL IN JUNE 2008 AND EACH JUNE THEREAFTER
INDICATES THAT THE AMOUNT OF THE TOTAL GENERAL FUND REVENUES
FOR THAT PARTICULAR FISCAL YEAR WILL NOT BE SUFFICIENT TO MAINTAIN
THE LIMIT ON APPROPRIATIONS SPECIFIED IN SECTION 24-75-201.1 (1),
C.R.S., THEN THE CREDIT AS SPECIFIED IN SUBSECTION (2) OF THIS SECTION
SHALL NOT BE ALLOWED FOR ANY INCOME TAX YEAR COMMENCING
DURING THE CALENDAR YEAR IN WHICH THE FORECAST IS PREPARED.
(8) THE EXECUTIVE DIRECTOR OF THE DEPARTMENT MAY
PROMULGATE RULES AS MAY BE NECESSARY TO ADMINISTER AND ENFORCE
ANY PROVISION OF THIS SECTION. THE RULES SHALL BE PROMULGATED IN
ACCORDANCE WITH ARTICLE 4 OF TITLE 24, C.R.S., AND SHALL BE
INCLUDED IN INCOME TAX FORMS.
SECTION 2. Safety clause. The general assembly hereby finds,
determines, and declares that this act is necessary for the imri:diate
preservation of the public peace, health, and safety. <{Ask Sen.
Grossman -Rep Curry would like to go with what he thinks}>
DRAFT
10.30.07

-8-
DRAFT
;'~