| Notice Filed with SOS |
03/12/2021 |
| Rule |
ProposedRuleAttach2021-00166.doc
|
| Additional Information |
AddInfoAttach2021-00166.doc
|
| Statutory Authority |
The statutory bases for this rule are sections 39-21-112(1), 39-30-103(7)(a), 39-30-105.6, and 39-30-108(1), C.R.S. |
| Description of Subjects/Issues |
The purpose of this rule is to:
• Define the term “building,” as it is used in section 39-30-105.6, C.R.S., to include the entire physically contiguous structure, regardless of whether it has been legally divided into separate units;
• Clarify that a building is not considered to be unoccupied at any time during which the building is actively utilized in the operation of a trade or business;
• Clarify the conditions under which a building is considered to be rehabilitated for commercial use;
• Clarify the application of the $50,000 credit limit in situations involving multiple tax years or multiple owners or tenants; and
• Clarifies that no credit is allowed for expenditures paid or incurred by the taxpayer prior to submitting the required pre-certification form to the enterprise zone administrator. |
| Purpose/Objective of Rule |
The purpose of this rule is to:
• Define the term “building,” as it is used in section 39-30-105.6, C.R.S., to include the entire physically contiguous structure, regardless of whether it has been legally divided into separate units;
• Clarify that a building is not considered to be unoccupied at any time during which the building is actively utilized in the operation of a trade or business;
• Clarify the conditions under which a building is considered to be rehabilitated for commercial use;
• Clarify the application of the $50,000 credit limit in situations involving multiple tax years or multiple owners or tenants; and
• Clarifies that no credit is allowed for expenditures paid or incurred by the taxpayer prior to submitting the required pre-certification form to the enterprise zone administrator. |
| Basis And Purpose |
BasisAndPurposeAttachment2021-00166.doc
|
| Comments |
This hearing will be conducted virtually. The call-in information is: Call in: 1-669-900-6833 Meeting ID: 816-6409-1352. If you would like to join via video conference, please email dor_taxrules@state.co.us for the link. |
| Submitted in response to issues raised by COLS/OLLS? |
No
|
| Is this rule adopted in response to recent legislation? |
No
|
| Hearing Date |
04/22/2021 |
| Hearing Time |
10:00 AM |
| Hearing Location |
Virtual Hearing (see below) |
| Contact Name |
Erika Hoxeng |
| Contact Title |
Tax Policy Analyst |
| Contact Telephone |
303-866-4805 |
| Contact email |
erika.hoxeng@state.co.us |