HB 17-1356

HB 17-1356, a Colorado bill that has been signed into law, allows certain businesses making strategic investments in the state to carry forward or transfer specific income tax credits for up to five years. These tax credits include incentives for job creation, investment in property within enterprise zones, hiring new employees in these zones, and spending on research activities. This means that eligible businesses can benefit from tax breaks over a longer period, potentially encouraging more economic development and investment in Colorado. Since the bill has been signed, it is now law and its provisions are enforceable.

Official Summary

The bill allows the Colorado economic development commission to allow certain businesses that make a strategic capital investment in the state, subject to a maximum amount, and subject to the requirements of the specified income tax credits, to treat any of the following income tax credits allowed to the business as either carryforwardable for a five-year period or as transferable: Colorado job growth incentive tax credit; Enterprise zone income tax credit for investment in certain property; Income tax credit for new enterprise zone business employees; and Enterprise zone income tax credit for expenditures for research and experimental activities.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

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