§ 39-22-5404 — Qualified development owned by governmental or quasi-governmental entity

Colorado § 39-22-5404

• Jurisdiction: Colorado
• Title 39: Taxation
• Art.: Income Tax

Text

(1) Notwithstanding any other provision of this part 54:

(a) The authority may allocate credits to any governmental or quasi-governmental entity, including the middle-income housing authority created in
section 29-4-1104, with respect to a qualified development that is owned by such
entity.

(b) (I) A governmental or quasi-governmental entity may transfer credits
allocated to it by the authority to any qualified taxpayer.

(II) Such a governmental or quasi-governmental entity shall invest in the
qualified development any compensation received in connection with a transfer of
credits to a qualified taxpayer.

(III) A qualified taxpayer to which a credit is transferred pursuant to this
subsection (1)(b) is entitled to claim the credit in the same manner and subject to
the same conditions and allocation rights as an owner of a qualified development to
which the authority has allocated a credit.

(c) (I) A credit allocated to a governmental or quasi-governmental entity or a
transferee thereof is subject to recapture pursuant to section 39-22-5405.

(II) If a credit transferred to a qualified taxpayer by a governmental or quasi-governmental entity is recaptured pursuant to section 39-22-5405, the
governmental or quasi-governmental entity shall notify the department of the
identity of the qualified taxpayer to which it transferred a credit.

Legislative History

Source: L. 2024: Entire part added, (HB 24-1316), ch. 287, p. 1923, � 1, effective May 30.