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<br />Third Extraordinary Session <br />Sixty-third General Assembly <br />STATE OF COLORADO <br /> <br />REREVISED <br />This Version Includes All Amendments <br />Adopted in the Second House <br />LLSNO.02S-2047.0l Bob Lackner HOUSEBlLL 02S-101O <br /> <br />Young, MiHer, and Snook HOUSE SPONSORSHIP <br /> <br />SENATE SPONSORSHIP <br /> <br />Taylor, <br /> <br />House Committees <br />Finance <br /> <br />Senate Committees <br />Agriculture and Natural Resources <br />Appropriations <br /> <br />w <br />a. <br />'" <br />CD <br /><-a <br />c 0. <br />-< 5' (/) <br />~(Q m <br />_ Z <br />, C)> <br />"'J-< <br />oom <br />03 <br />"'CD <br />J <br />0. <br />CD <br />0. <br /> <br />)> <br />3 <br />CD <br /><-J <br />~'" <br />~ m <br />o"'Z <br />, J)> <br />",0.-< <br />o",m <br />oCD <br />"'0 <br />0. <br />(Note: This summary applies to this bill as introduced and does not necessarily reflect any amendfne~ <br />that may be subsequently adopted.) <br /> <br />A BILL FOR AN ACT <br />CONCERNING THE DEFERRAL OF THE PAYMENT OF TAXES ON THE SALE OF LIVESTOCK RESU <br />FROM WEATHER-RELATED CONDITIONS. <br /> <br />Bill Summary <br /> <br />~W::t: <br />For any income tax year commencing on or after a specified date, where a taxpayer elects to defer i oorW::8 <br />on proceeds from livestock sold on account of drought, flood, or other weather-related conditions pursu !!o gj <br />federal law, aHows the taxpayer an additional specified number of years in which to defer such income fo olltlie <br />. 0 c: <br />Income tax purposes. 2 ~ <br />Specifies that the deferrat shaH only be aHowed where the livestock sale takes place in an area itliln <br />Colorado that has been designated as eligibte for assistance from the federal government on account of dr ugllt, <br />flood, or other weather-retated conditions. <br />Specifies that if, aft~r electing to defer taxes and prior to the payment of said taxes, the taxpayer se <br />real property used by the taxpayer as a farm or ranch on which the livestock were located, said taxes shaH b <)j)rjfe '" <br />immediately due and payable at the time of sale. '< [ ~ <br /><D ~ w <br />Authorizes the department of revenue to promulgate rules for the administration and enforcement 'f tire '" <br />'" '" <br />~ g[ <br />"'", <br />~ <br />~ <br />"" <br />~, <br />Be it enacted by the General Assembly olthe State olColorado: J;1 <br />5 <br />