Laserfiche WebLink
<br />IN THIS ARTICLE OR OTHERWISE PROVIDED BY LAW. <br /> <br />SECTION 2. 39-22-522 (2), Colorado Revised Statutes, as it will become effective January 1, <br />2003, is amended, and the said 39-22-522 is further amended BY THE ADDITION OF A NEW <br />SUBSECTION, 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, and with regard to any credit over the amount of one hundred thousand <br />dollars, for income tax years commencing on or after January I, 2003, subject to the provisions of <br />subsections (4) and (6) of this section, there shall be allowed a credit with respect to the income taxes <br />imposed by this article to each taxpayer who donates during the taxable year all or part of the value of a <br />perpetual conservation easement in gross created pursuant to article 30.5 oftitle 38, c.R.S., upon real <br />property the taxpayer owns to a governmental entity or a charitable organization described in section 38- <br />30.5-104 (2), C.R.S. THE CREDIT SHALL ONLY BE ALLOWED FOR A DONATION THAT IS <br />ELIGIBLE TO QUALIFY AS A QUALIFIED CONSERVATION CONTRIBUTION PURSUANT TO <br />SECTION 170 (h) OF THE INTERNAL REVENUE CODE, AS AMENDED, AND ANY FEDERAL <br />REGULATIONS PROMULGATED IN CONNECTION WITH SUCH SECTION. The amount of the <br />credit shall not include the value of any portion of an easement on real property located in another state. <br /> <br />(9) ANY TAXPAYER 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 PENAL TIES AS MAY BE SPECIFIED <br />IN THIS ARTICLE OR OTHERWISE PROVIDED BY LAW. <br /> <br />SECTION 3. Effective date. This act shall take effect at 12:01 a.m. on the day following the <br />expiration of the ninety-day period after final adjournment ofthe general assembly that is allowed for <br />submitting a referendum petition pursuant to article V, section I (3) of the state constitution; except that, <br />if a referendum petition is filed against this act or an item, section, or part of this act within such period, <br />then the act, item, section, or part, if approved by the people, shall take effect on the date of the official <br />declaration ofthe vote thereon by proclamation of the governor. <br /> <br />Approved: May 24, 2002 <br /> <br />Capital letters indicate new material added to existing statutes; dashes through words indicate deletions <br />(rom existing statutes and such material not part of act. <br /> <br />http://www.state.co.us/gov_dir/leg_dir/olls/sI2002a/sl.I62.htm <br /> <br />6/1712002 <br />