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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Creates a tax credit for a proportionate share of the reasonable <br />expense of the water conservation project as approved by the state <br />engineer that may be claimed by users of agricultural water rights who <br />submit to the department of revenue a conserved water certificate. <br />Requires applicants for changes of water rights who intend to rely <br />on a conserved water certificate to submit the certificate as a part of their <br />water rights application. Creates a rebuttable presumption, as of the date <br />of issuance of the certificate, regarding the amount of conserved water <br />available for the change application without increasing the applicant's <br />historic use and the fact that the applicant's water use practices were <br />reasonably efficient. <br /> <br />1 <br />2 <br />3 <br />4 <br /> <br />Be it enacted by the General Assembly of the State of Colorado: <br />SECTION 1. Part 5 of article 22 of title 39, Colorado Revised <br />Statutes, is amended BY THE ADDITION OF A NEW SECTION to read: <br /> <br />39-22-527. Credit for conservation of agricultural water. <br /> <br />5 (1) THERE SHALL BE ALLOWED A CREDIT AGAINST THE INCOME TAXES <br /> <br />6 <br />7 <br /> <br />IMPOSED BY THIS ARTICLE TO ANY TAXPAYER THAT SUBMITS TO THE <br /> <br />DEPARTMENT A CONSERVED WATER CERTIFICATE ISSUED DURING THE <br /> <br />8 CURRENT TAX YEAR BY THE STATE ENGINEER PURSUANT TO SECTION <br /> <br />9 37-80-121 (4) (b) (II), CoR.S., FOR A WATER RIGHT TRATIS DECREED FOR <br />10 AND ACTUALLY USED FOR AGRICULTURAL PURPOSES. <br /> <br />11 (2) THE TAX CREDIT ALLOWED UNDER THIS SECTION SHALL NOT <br />12 EXCEED FIFTY PERCENT OF THE FIRST ONE HUNDRED THOUSAND DOLLARS <br /> <br />13 EXPENDED FOR THE APPROVED CONSERVATION PROJECT, THIRTY PERCENT <br />14 OF THE NEXT ONE HUNDRED THOUSAND DOLLARS EXPENDED FOR THE <br />15 APPROVED CONSERVATION PROJECT, AND TWENTY PERCENT OF THE NEXT <br />16 ONE HUNDRED THOUSAND DOLLARS EXPENDED FOR THE APPROVED <br /> <br />17 CONSER VA TION PROJECT. UNDER NO CIRCUMSTANCES SHALLA TAX CREDIT <br />18 BE ALLOWED FOR EXPENDITURES EXCEEDING THREE HUNDRED THOUSAND <br /> <br />19 <br /> <br />DOLLARS ON ANY INDIVIDUAL CONSERVATION PROJECT. <br /> <br />-2- <br /> <br />HBOl-llll <br />