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

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10.30.07
I THAT DONATES A WATER RIGHT AS AN ENTITY, AND A PARTNER, MEMBER,
2 AND SUBCHAPTER S SHAREHOLDER OF ANY PASS-THROUGH ENTITY.
3 (f] "WATER RIGHT" MEANS A RIGHT TO USE IN ACCORDANCE WITH
4 ITS PRIORITY A CERTAIN PORTION OF THE WATERS OF THE STATE BY
5 REASON OF THE APPROPRIATION OF THE SAME.
6 (g) "WATERS OF THE STATE" MEANS ALL SURFACE AND
7 UNDERGROUND WATER IN OR TRIBUTARY TO ALL NATURAL STREAMS
8 WITHIN THE STATE OF COLORADO, EXCEPT WATERS REFERRED TO IN
9 SECTION 37-90-103 (6), C.R.S.
10 (2) (a) EXCEPT AS PROVIDED IN SUBSECTION (7) OF THIS SECTION,
11 FOR INCOME TAX YEARS COMMENCING ON OR AFTER JANUARY 1, 2008,
12 THERE SHALL BE ALLOWED TO ANY QUALIFIED TAXPAYER AN INSTREAM
13 FLOW INCENTNE TAX CREDIT WITH RESPECT TO THE INCOME TAXES
14 IMPOSED BY THIS ARTICLE IN THE AMOUNT DETERMINED BY THE BOARD
15 PURSUANT TO PARAGRAPH (b) OF THIS SUBSECTION (2).
16 (b) THE BOARD MAY APPROVE AN INSTREAM FLOW INCENTNE TAX
17 CREDIT TO AN OWNER OF A WATER RIGHT WHO DONATES DURING THE
18 TAXABLE YEAR ALL OR PART OF A WATER RIGHT TO THE BOARD FOR USE
19 AS INSTREAM FLOW RIGHTS. THE BOARD SHALL APPROVE SUCH CREDITS
20 BY ISSUING TO THE OWNER A CREDIT CERTIFICATE. THE BOARD MAY
21 DETERMINE THE TIME AT WHICH SUCH CREDIT CERTIFICATE IS ISSUED. THE
22 CREDIT SHALL BE IN AN AMOUNT DETERMINED BY THE BOARD, SUBJECT TO
23 THE FOLLOWING GUIDELINES:
24 (I) THE AMOUNT OF THE INSTREAM FLOW INCENTIVE TAX CREDIT
25 SHALL BE EQUAL TO ONE-HALF OF THE VALUE OF THE WATER RIGHT
26 DONATED TO THE BOARD, BASED ON THE CURRENT USE OF SUCH RIGHT AS
27 DETERMINED BY THE BOARD, WITH A MAXIMUM CREDIT OF ONE HUNDRED
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