House Bill 26-1014 Introduced

A Bill for an Act

• Page 1, Line 101Concerning an extension of the Colorado job growth

• Page 1, Line 102incentive tax credit through state income tax year

• Page 1, Line 1032034.

Bill Summary

(Note: This summary applies to this bill as introduced and does not reflect any amendments that may be subsequently adopted. If this bill passes third reading in the house of introduction, a bill summary that applies to the reengrossed version of this bill will be available at http://leg.colorado.gov.)

Under current law, the Colorado job growth incentive tax credit (credit) may only be allowed by the economic development commission (commission) through state income tax year 2026. The bill amends the Colorado job growth incentive tax credit to authorize the commission to allow new credit awards through state income tax year 2034.

• Page 2, Line 1Be it enacted by the General Assembly of the State of Colorado:

• Page 2, Line 2SECTION 1.  In Colorado Revised Statutes, 39-22-531, amend

• Page 2, Line 3(2), (10), and (13); and add (1.5) as follows:

• Page 2, Line 439-22-531.  Colorado job growth incentive tax credit -

• Page 2, Line 5definitions - tax preference performance statement - legislative

• Page 2, Line 6declaration - rules - repeal.

• Page 2, Line 7(1.5)  Tax preference performance statement.

• Page 2, Line 8(a)  In accordance with section 39-21-304 (1), which

• Page 2, Line 9requires each bill that extends an expiring tax expenditure to

• Page 2, Line 10include a tax preference performance statement as part of a

• Page 2, Line 11statutory legislative declaration, the general assembly finds

• Page 2, Line 12and declares that the purpose of the credit provided for in this

• Page 2, Line 13section is to create or retain jobs by allowing certain employers

• Page 2, Line 14to receive a credit against income tax if certain criteria are met.

• Page 2, Line 15Specifically, this tax expenditure is intended to incentivize the

• Page 2, Line 16creation of new jobs in the state of Colorado.

• Page 2, Line 17(b)  The general assembly and the state auditor shall

• Page 2, Line 18measure the effectiveness of the credit in achieving the purposes

• Page 2, Line 19specified in subsection (1)(a) of this section based on the number

• Page 2, Line 20of new jobs created and the value of the credits allowed and

• Page 2, Line 21made available annually to taxpayers.

• Page 2, Line 22(2)  For income tax years commencing on or after January 1, 2009,

• Page 2, Line 23but prior to January 1, 2027 January 1, 2035, at the discretion of the

• Page 2, Line 24commission as specified in subsection (3) of this section, there may be

• Page 2, Line 25allowed to any taxpayer an annual job growth incentive tax credit with

• Page 2, Line 26respect to the income taxes imposed by this article that a taxpayer may

• Page 3, Line 1claim for a credit period in an amount determined by the commission

• Page 3, Line 2pursuant to subsection (5) of this section.

• Page 3, Line 3(10)  No later than September 1, 2010, and no later than September

• Page 3, Line 41 of each year thereafter through September 1, 2024 September 1, 2032,

• Page 3, Line 5the commission shall provide the department with an electronic report of

• Page 3, Line 6the taxpayers receiving a credit allowed in this section for the preceding

• Page 3, Line 7calendar year or any fiscal year ending in the preceding calendar year, and

• Page 3, Line 8any credits disallowed pursuant to subparagraph (II) of paragraph (a) of

• Page 3, Line 9subsection (4) of this section for any year, that includes the following

• Page 3, Line 10information:

• Page 3, Line 11(13)  This section is repealed, effective July 1, 2042 July 1, 2059.

• Page 3, Line 12SECTION 2.  Act subject to petition - effective date. This act

• Page 3, Line 13takes effect at 12:01 a.m. on the day following the expiration of the

• Page 3, Line 14ninety-day period after final adjournment of the general assembly (August

• Page 3, Line 1512, 2026, if adjournment sine die is on May 13, 2026); except that, if a

• Page 3, Line 16referendum petition is filed pursuant to section 1 (3) of article V of the

• Page 3, Line 17state constitution against this act or an item, section, or part of this act

• Page 3, Line 18within such period, then the act, item, section, or part will not take effect

• Page 3, Line 19unless approved by the people at the general election to be held in

• Page 3, Line 20November 2026 and, in such case, will take effect on the date of the

• Page 3, Line 21official declaration of the vote thereon by the governor.