A recently introduced bill in the Colorado House of Representatives, the Colorado Job Creation and Main Street Revitalization Act (H.B. 14-1311), would create a state historic rehabilitation tax credit (HTC) for qualified rehabilitation expenditures to commercial historic structures. The bill would authorize $15 million annually from calendar year (CY) 2015 through 2018. While Colorado currently offers a 20 percent HTC for qualified projects, H.B. 14-1311 would allow for a 30 percent tax credit for qualified expenditures less than $2 million; 25 percent for expenditures between $2 million and $4 million; and 20 percent for expenditures of more than $4 million. The bill would allow for a 13 percent tax credit boost for historic structures located in designated disaster areas and there would be an annual $2 million cap for commercial projects. Finally, the H.B. 14-1311 requires the Office of Economic Development and International Trade in consultation with the State Historical Society, to develop standards for tax credit approval. Sponsors for the measure include Representatives Leroy Garcia (D — District 46), Timothy Dore (R — District 64), Pat Steadman (D — District 31), and Larry Crowder (R — District 35) and the bill was assigned to the Committee on Finance and Appropriations.
Click here to read H.B. 14-1311