Colorado § 24-36-504 Use of corporate income tax credits - carry over

Colorado Statutes

§ 24-36-504 — Use of corporate income tax credits - carry over

Colorado·Title 24 Government·Art. Department of the Treasury

(1)For a tax credit certificate issued in fiscal year 2025-26, the department, in consultation with the office of state planning and budgeting, prior to the sale, may determine the tax years in which the qualified taxpayer may claim the qualified taxpayer's tax credit against the qualified taxpayer's income tax liability.

(2)For the tax year specified in the tax credit certificate issued pursuant to section 24-34-503 (6), the qualified taxpayer may claim the amount of the tax credit against the qualified taxpayer's income tax liability. If the amount of the tax credit exceeds the qualified taxpayer's actual tax liability for that tax year, the excess is not refunded to the qualified taxpayer. The qualified taxpayer may carry forward and apply the unused tax credit against the i

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(1) For a tax
credit certificate issued in fiscal year 2025-26, the department, in consultation with
the office of state planning and budgeting, prior to the sale, may determine the tax
years in which the qualified taxpayer may claim the qualified taxpayer's tax credit
against the qualified taxpayer's income tax liability.

(2) For the tax year specified in the tax credit certificate issued pursuant to
section 24-34-503 (6), the qualified taxpayer may claim the amount of the tax
credit against the qualified taxpayer's income tax liability. If the amount of the tax
credit exceeds the qualified taxpayer's actual tax liability for that tax year, the
excess is not refunded to the qualified taxpayer. The qualified taxpayer may carry
forward and apply the unused tax credit against the income tax liability for any
succeeding tax year; except that the tax credit may not be carried forward to a tax
year that begins after December 31, 2033. The taxpayer shall apply the carry
forward credit against the income tax liability for the earliest of the income tax
years possible. Any amount of the tax credit that is not used after this period is not
refundable.

(3) A qualified taxpayer claiming a credit under this part 5 shall submit the
tax credit certificate with its tax return.

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