So far this session, lawmakers have introduced more than 660 bills. As of April 21, 117 bills have passed and 104 bills have been postponed indefinitely. But bills are still trickling in as adjournment looms just a few weeks away. This week, we saw a few tax-related bills mixed in with some modifications to state budgets and funding. Lawmakers in the Senate also introduced a bill requiring qualifying public schools to implement a formal Title IX policy and appoint a Title IX coordinator in line with federal requirements.
House Bill 1392 — Contaminated Land Income Tax & Property Tax Credit
Description: Contaminated Land Income Tax & Property Tax Credit
Sponsors: S. Bird, M. Lindsay and D. Moreno
Summary: Under current law, an affordable housing developer in Colorado can qualify for state property tax exemptions for 15 years and federal income tax credits for 30 years. The bill allows affordable housing projects to receive the Colorado state property tax exemptions for an extended period of 15 years to match the period available under federal law. Under current law, the tax credit for environmental remediation of contaminated land, commonly referred to as the brownfield credit, allows taxpayers to claim income tax credits for voluntary cleanup of contaminated land, known as brownfields, located in Colorado. Among other qualifications and provisions, taxpayers can claim a transferable credit equivalent to 40% of the first $750,000 spent on remediation and 30% of the next $750,000 spent, for a maximum credit of $525,000 on remediation costs of $1.5 million or more.
House Bill 1391 — Modifications To Severance Tax
Description: Modifications To Severance Tax
Sponsors: J. McCluskie, C. Hansen and B. Rankin
Summary: The bill changes the calculation of the ad valorem credit allowed against the state severance tax on oil and gas. In tax years beginning on and after Jan. 1, 2024, the credit for ad valorem taxes is calculated on a per-well basis for wells that are not exempt from taxation by applying the prior year's mill levy to the current year's gross income multiplied by an assessment rate of 87.5%, and taking 87.5% of that amount for the credit. This calculation is simplified to multiplying 76.56% of the gross income of the well by the mill levy fixed in the prior calendar year.
Senate Bill 212 — Revisor’s Bill
Description: Revisor's Bill
Sponsors: P. Lee, J. Cooke, L. Herod and M. Soper
Summary: The bill amends, repeals and reconstructs various statutory provisions of law that are obsolete, imperfect or inoperative. Changes include updates to taxable properties, vacancies in unaffiliated designation or nomination, election audits, voting rights and other laws.
House Bill 1386 — Competency To Proceed And Restoration To Competency
Description: Competency To Proceed And Restoration To Competency
Sponsors: J. Amabile, M. Soper, C. Hansen and B. Gardner
Summary: Under current law, in a dispute over a defendant's competency, a party may request a second evaluation of the defendant. The bill requires that if a second evaluation is completed and restoration is ordered, the court shall make the second evaluation available to the Department of Human Services. Among other requirements for specific cases, the bill permits a defendant to be placed in the department's custody for an inpatient competency evaluation if the court finds the competency report provided by the department does not meet statutory requirements.
Senate Bill 207 — Prevention Of Title IX Misconduct In Public Schools
Description: Prevention Of Title IX Misconduct In Public Schools
Sponsors: F. Winter and J. Bacon
Summary: To comply with federal law, the bill requires covered public schools to adopt a Title IX policy pursuant to Title IX of the federal Education Amendments of 1972. The bill outlines the information that must be included in the Title IX policy, including definitions of forms of misconduct and the procedures for reporting and investigating misconduct under Title IX. The bill requires covered public schools to provide their Title IX policy to the Department of Education. To comply with federal law, the bill requires covered public schools to designate at least one employee as the Title IX coordinator, who is responsible for coordinating the school's compliance with Title IX, including investigating or adjudicating complaints under the covered public school's Title IX policy.
