BOARD00908

• Board Meeting Date: 7/23/2002
• Description: Special Session Report
• Board Meetings - Doc Type: Memo

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Third Extraordinary Session
Sixty-third General Assembly
STATE OF COLORADO

REREVISED
This Version Includes All Amendments
Adopted in the Second House
LLS NO. 02S-2047.01 Bob Lackner HOUSE BILL 02S-1010

Yonng, Miller, and Snook HOUSE SPONSORSHIP

SENATE SPONSORSHIP

Taylor,

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Honse Comlp.ittees
Finance

Senate Committees
Agriculture and Natural Resources
Appropriations

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A BILL FOR AN ACT ~ ~
CONCERNING THE DEFERRAL OF THE PAYMENT OF TAXES ON THE SALE OF LIVESTOCK RESUI ~ U>
FROM WEATHER-RELATED CONDITIONS. 0 ~ 92
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Bill Summary f3 ~
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(Note: This summary applies to this bill as introduced and does not necessarily reflect any amend ne~
that may be subsequently adopted.)
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For any income tax year commencing on or after a specified date, where a taxpayer elects to defer inc~eg
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on proceeds from livestock sold on account of drought, flood, or other weather-related conditions pursuan~ t~
federal law, allows the taxpayer an additional specified number of years in which to defer such income for sfute
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mcome tax purposes. ~
Specifies that the deferral shall only be allowed where the livestock sale takes place in an area wi~in
Colorado that has been designated as eligible for assistance from the federal government on account of drouj!ht,
flood, or other weather-related conditions. "-
Specifies that if, after electing to defer taxes and prior to the payment of said taxes, the taxpayer se
real property used by the taxpayer as a farm or ranch on which the livestock were located, said taxes shall bec~eI
immediately due and payable at the time of sale. . g g
Authorizes the department of revenue to promulgate rules for the administration and enforcement ofi!he~
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Be it enacted by the General Assembly of the State of Colorado: 5-
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