Colorado § 39-22-308 Credit allowed for purchase of Colorado coal

Colorado Statutes

§ 39-22-308 — Credit allowed for purchase of Colorado coal

Colorado·Title 39 Taxation·Art. Income Tax

(1)For income tax years commencing on or after January 1, 1989, but prior to January 1, 2005, there shall be allowed, as a credit against any taxes imposed on income by this part 3, an amount equal to one dollar per ton for each ton of Colorado coal purchased by and delivered to the taxpayer in excess of the number of tons of Colorado coal purchased by and delivered to the taxpayer in the income tax year commencing on or after January 1, 1988. If the amount of the tax credit allowed by this section exceeds the amount of income tax due for the taxable year, the excess amount may be carried forward as a credit against subsequent years' income tax liability for a period not exceeding three years and shall be applied first to the earliest income tax years possible. For purposes of t

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(1) For income
tax years commencing on or after January 1, 1989, but prior to January 1, 2005, there
shall be allowed, as a credit against any taxes imposed on income by this part 3, an
amount equal to one dollar per ton for each ton of Colorado coal purchased by and
delivered to the taxpayer in excess of the number of tons of Colorado coal
purchased by and delivered to the taxpayer in the income tax year commencing on
or after January 1, 1988. If the amount of the tax credit allowed by this section
exceeds the amount of income tax due for the taxable year, the excess amount may
be carried forward as a credit against subsequent years' income tax liability for a
period not exceeding three years and shall be applied first to the earliest income
tax years possible. For purposes of this section, Colorado coal means coal mined
in Colorado, as certified by the producer of such coal.

(2) (a) Any public or private corporate purchaser who is not liable for or
subject to state income tax during the year the coal is purchased and who is
otherwise eligible for the credit allowed by subsection (1) of this section may by
written agreement transfer such credit to the producer of the coal. Said producer
shall be allowed, as a credit against any taxes imposed on income by this part 3, an
amount equal to the amount of credit for which the purchaser would otherwise have
been eligible pursuant to subsection (1) of this section. Any such credit shall be
subject to any limitations established in subsection (1) of this section. Said producer
shall reduce the purchase price of said coal to such corporate purchaser by the
amount of the credit so transferred.

(b) The corporate purchaser shall file a copy of the written agreement with
the department of revenue. The agreement shall contain, but shall not be limited to,
terms stipulating the number of tons of Colorado coal purchased by the corporate
purchaser in the 1988 base income tax year and the number of tons of Colorado
coal over and above that base amount which is being purchased pursuant to the
agreement.

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