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<br />CHAPTER 162 <br /> <br />TAXATION <br /> <br />HOUSE BILL 02-1098 [Digest] <br /> <br />BY REPRESENTATIVE(S) Spradley, Bacon, Fairbank, Fritz, Grossman, Hoppe, Jameson, Kester, <br />Plant, Stengel, and Veiga; <br /> <br />also SENATOR(S) Owen, and Taylor. <br /> <br />AN ACT <br /> <br />CONCERNING A REQUIREMENT THAT ANY DONATION OF A PERPETUAL <br />CONSERVATION EASEMENT FOR WHICH A CREDIT AGAINST STATE INCOME TAX IS <br />CLAIMED BE ELIGIBLE TO QUALIFY AS A QUALIFIED CONSERVATION <br />CONTRIBUTION PURSUANT TO REQUIREMENTS SPECIFIED IN THE FEDERAL <br />INTERNAL REVENUE CODE. <br /> <br />Be it enacted by the General Assembly of the State of Colorado: <br /> <br />SECTION 1. 39-22-522 (2), Colorado Revised Statutes, as it exists until January 1,2003, is <br />amended, and the said 39-22-522 is further amended BY THE ADDITION OF A NEW SUBSECTION, <br />to read: <br /> <br />39-22-522. Credit against tax - conservation easements. (2) For income tax years commencing <br />on or after January 1,2000, subject to the provisions of subsections (4) and (6) ofthis section, there <br />shall be allowed a credit with respect to the income taxes imposed by this article to each taxpayer who <br />donates during the taxable year all or part of the value of a perpetual conservation easement in gross <br />created pursuant to article 30.5 of title 38, C.R.S., upon real property the taxpayer owns to a <br />governmental entity or a charitable organization described in section 38-30.5-104 (2), C.R.S. THE <br />CREDIT SHALL ONLY BE ALLOWED FOR A DONATION THAT IS ELIGIBLE TO QUALIFY <br />AS A QUALIFIED CONSERVATION CONTRIBUTION PURSUANT TO SECTION 170 (h) OF <br />THE INTERNAL REVENUE CODE, AS AMENDED, AND ANY FEDERAL REGULATIONS <br />PROMULGATED IN CONNECTION WITH SUCH SECTION. The amount of the credit shall not <br />include the value of any portion of an easement on real property located in another state. <br /> <br />(9) ANY T AXP A YER WHO CLAIMS A CREDIT FOR THE DONATION OF A <br />CONSERVATION EASEMENT CONTRARY TO THE PROVISIONS OF THIS SECTION SHALL <br />BE LIABLE FOR SUCH DEFICIENCIES, INTEREST, AND PENALTIES AS MAY BE SPECIFIED <br /> <br />http://www.state.co.us/gov_dir/leg_dir/olls/sI2002a1s1.162.htm <br /> <br />6/17/2002 <br />