C.R.S. Section 24-36-207
Use of small business recovery tax credits

  • carry over

(1)

For a tax credit certificate issued in fiscal year 2020-21:

(a)

The qualified taxpayer may claim up to fifty percent of the credit against premium tax liability incurred for a taxable year that begins on or after January 1, 2025; except that a taxpayer may not reduce its estimated tax payments in proportion to such credit prior to July 1, 2025; and

(b)

The qualified taxpayer may claim the remaining amount of the credit against premium tax liability incurred for a taxable year that begins on or after January 1, 2026; except that a taxpayer may not reduce its estimated tax payments in proportion to such credit prior to July 1, 2026.

(2)

For a tax credit certificate issued in fiscal year 2021-22 or fiscal year 2022-23:

(a)

The qualified taxpayer may claim up to fifty percent of the credit against premium tax liability incurred for a taxable year that begins on or after January 1, 2023; except that a taxpayer may not reduce its estimated tax payments in proportion to such credit prior to July 1, 2023; and

(b)

The qualified taxpayer may claim the remaining amount of the credit against premium tax liability incurred for a taxable year that begins on or after January 1, 2024; except that a taxpayer may not reduce the taxpayer’s estimated tax payments in proportion to such credit prior to July 1, 2024.

(3)

Intentionally left blank —Ed.

(a)

The total credit to be applied by a qualified taxpayer in any one year must not exceed the premium tax liability of the qualified taxpayer for the taxable year. If the qualified taxpayer cannot use the entire amount of the tax credit for the taxable year in which the taxpayer is eligible for the credit, the excess may be carried over to succeeding taxable years and used as a credit against the premium tax liability of the taxpayer for those taxable years; except that:

(I)

For a credit issued in fiscal year 2020-21, the credit may not be carried over to any taxable year that begins after December 31, 2031; and

(II)

For a credit issued in fiscal year 2021-22 or 2022-23, the credit may not be carried over to any taxable year that begins after December 31, 2029.

(b)

Any amount of the credit that is not timely claimed expires and is not refundable.

(4)

A qualified taxpayer claiming a credit under this part 2 shall submit the tax credit certificate with its tax return.

(5)

A qualified taxpayer claiming a tax credit under this part 2 shall not be required to pay any additional or retaliatory tax as a result of claiming the credit.

(6)

If a qualified taxpayer holding an unclaimed tax credit is part of a merger, acquisition, or line of business divestiture transaction, the tax credit may be transferred to and assumed by the resulting entity if the resulting entity is an insurance company authorized to do business in Colorado that has premium tax liability. The qualified taxpayer that originally purchased the credit and the resulting entity shall notify the department in writing of the transfer or assumption of the credit in accordance with procedures adopted by the department. The department shall provide a copy of the notice to the division of insurance in the department of regulatory agencies and shall maintain a record of the transfer or assumption of the tax credit. The transfer or assumption of the tax credit does not affect the time schedule for claiming the tax credit as provided in this section.

Source: Section 24-36-207 — Use of small business recovery tax credits - carry over, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-24.­pdf (accessed Oct. 20, 2023).

24‑36‑101
State treasurer head of department
24‑36‑102
Function of department - employees
24‑36‑103
All state moneys to be transmitted to department
24‑36‑104
Moneys to be deposited
24‑36‑105
Accounts to be kept - daily report
24‑36‑106
Record of warrants and checks - order of payment - paid warrants and checks - validation
24‑36‑107
Warrants or checks endorsed when not paid - exception
24‑36‑108
Notice of payment - when interest ceases
24‑36‑109
Time deposits
24‑36‑111
Authority to accept deposits
24‑36‑111.5
Authority to invest in real property owned by a school district
24‑36‑112
Deposits in savings and loan associations
24‑36‑113
Investment of state money - limitations
24‑36‑114
How interest earnings credited - management fee
24‑36‑115
Moneys not immediately creditable - special purpose moneys
24‑36‑116
Moneys paid under protest - disposition
24‑36‑117
Governor may make examination
24‑36‑118
Applications for licenses - authority to suspend licenses - rules
24‑36‑120
Authority to assess transaction fees
24‑36‑121
Authority to manage state public financing - state public financing cash fund - rules - legislative declaration - definitions
24‑36‑121.5
Use of security tokens for state capital financing - feasibility study - authorization of use - legislative declaration - definitions
24‑36‑122
Law enforcement officers and firefighters - work-related death - continuation of medical benefits for dependants - cash fund - created - definitions
24‑36‑123
Rent reporting for credit pilot program - Colorado housing and finance authority - appropriations - repeal
24‑36‑201
Short title
24‑36‑202
Legislative declaration
24‑36‑203
Definitions
24‑36‑204
Small business recovery loan program oversight board - creation - report - repeal
24‑36‑205
Small business recovery loan program - creation - requirements - oversight
24‑36‑206
Small business recovery tax credits - authorization to issue - terms - report
24‑36‑207
Use of small business recovery tax credits - carry over
24‑36‑208
Small business recovery fund - repeal
24‑36‑209
Office of economic development
24‑36‑210
Repeal of part
24‑36‑301
Short title
24‑36‑302
Legislative declaration
24‑36‑303
Definitions
24‑36‑304
Colorado household financial recovery pilot program - created - selection of administrators - grants
24‑36‑305
Report
24‑36‑306
Colorado household financial recovery pilot program fund - created - transfer - gifts, grants, and donations authorized
Green check means up to date. Up to date

Current through Fall 2024

§ 24-36-207’s source at colorado​.gov