HB 26-1216

HB 26-1216 is a bill that fixes some technical errors and outdated references in Colorado’s tax laws managed by the Department of Revenue. It makes sure that taxpayers can correctly claim certain business credits, clarifies how much assistance can be claimed for property taxes or heating expenses based on when the application was made, and removes unnecessary definitions related to electric vehicles from a specific statute. Since it has been signed into law, these corrections are now part of Colorado’s official tax laws and affect anyone who files taxes or applies for tax-related assistance in the state.

Official Summary

The act corrects technical defects and incorrect cross-references in certain statutes administered by the department of revenue as follows:Section 1 of the act amends the list of conditions a taxpayer must meet to claim a refundable income tax credit for certain businesses located in the state so that the list of conditions terminates correctly and conforms with standard drafting practices;Sections 2 and 4 correct outdated cross-references in the statute governing the collection of tax on gasoline and special fuels and the statute governing the road usage fee and bridge and tunnel impact fee;Section 3 clarifies the amount that can be claimed for a property tax or rent assistance grant and a heat or fuel expenses assistance grant based on the year the claim was made; andSection 5 removes the definitions for 'battery electric motor vehicle' and 'plug-in hybrid electric motor vehicle' from the statute that creates the high-performance transportation enterprise, as those defined terms do not otherwise appear in the statute.(Note: This summary applies to this bill as enacted.)

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