Laserfiche WebLink
<br />SECTION 10 Article 22 of title 39, Colorado Revised Statutes, is amended BY THE ADDITION OF A <br />NEW SECTION to read: <br />39-22-128. Credit for income eligible to be deferred on sale of livestock due to weather-related <br />conditions - repeal. (I) FOR ANY INCOME TAX YEAR COMMENCING ON OR AFTER JANUARY I, 2002, BUT PRIOR <br />TO JANUARY I, 2004, ANY TAXPAYER WHO IS ELIGIBLE TO DEFER INCOME UNDER 26 U.S,C. SEC. 451 (e) SHALL <br />BE ALLOWED A CREDIT AGAINST THE INCOME TAX IMPOSED BY THIS ARTICLE EQUAL TO FOUR AND SIXTY-THREE <br />ONE HUNDREDTHS PERCENT OF THE INCOME ELIGIBLE TO BE DEFERRED IN THE TAX YEAR IN WHICH THE INCOME <br />WAS DEFERRED. <br />(2) IF THE CREDIT ALLOWED UNDER SUBSECTION (I) OF THIS SECTION EXCEEDS THE AMOUNT OF INCOME <br />TAXES OTHERWISE DUE ON THE TAXPAYER'S INCOME IN THE INCOME TAX YEAR FOR WHICH THE CREDIT IS BEING <br />CLAIMED, THE AMOUNT OF THE CREDIT NOT USED AS AN OFFSET AGAINST INCOME TAXES IN SAID INCOME TAX <br />YEAR MAYBE CARRIED FORWARD AND USED AS A CREDIT AGAINST SUBSEQUENT YEARS' INCOME TAX LIABILITY <br />FOR A PERIOD NOT TO EXCEED FIVE YEARS AND SHALL BE APPLIED FIRST TO THE EARLIEST INCOME TAX YEARS <br />POSSIBLE. ANY CREDIT REMAINING AFTER SAID PERIOD SHALL NOT BE REFUNDED OR CREDITED TO THE <br />TAXPAYER. <br />(3) ANY CREDIT ALLOWED PURSUANT TO THE PROVISIONS OF THIS SECTION SHALL BE PUBLISHED IN <br />RULES PROMULGATED BY THE EXECUTIVE DIRECTOR OF THE DEPARTMENT OF REVENUE IN ACCORDANCE WITH <br />ARTICLE 4 OF TITLE 24, C.R.S" AND SHALL BE INCLUDED IN INCOME TAX FORMS FOR THAT TAXABLE YEAR. <br />(4) THIS SECTION IS REPEALED, EFFECTIVE JANUARY I, 2009. <br />SECTION 20 Safety clause. The general assembly hereby finds, determines, and declares that this act <br />is necessary for the immediate preservation ofthe public peace, health, and safety. <br /> <br />6 <br />