This article is part of our look at potential refunds from the Taxpayer's Bill of Rights. Learn more about how TABOR works here.
Title: HB15-1219 EZ Investment Tax Credit For Renewable Energy
Sponsors: Rep. Beth McCann (D-Denver), Rep. Jon Becker (R-Fort Morgan), Sen. Mary Hodge (D-Brighton) and Jerry Sonnenberg (R-Sterling)
Status: Introduced and assigned to the House Transportation and Energy, Finance and Appropriations committees on Feb. 10. The House Transportation and Energy referred the bill favorably to the Finance Committee on March 4. The House Finance Committee referred an amended version of the bill to the Appropriations Committee on March 25. The Appropriations Committee referred an amended version of the bill to the whole House on April 10. The House passed its third reading of the bill on April 15, and the bill was introduced in the Senate on April 16. The Senate Finance Committee referred the unamended bill to the Appropriations Committee on April 21. The Appropriations Committee referred the whole Senate on April 24. The Senate passed its second reading with amendments, and its third reading on April 29. The House considered the Senate's amendments, concurred, and repassed the bill on April 30.
What the bill does: Renewable energy companies whose projects qualify for an Enterprise Zone Investment tax credit can only use that credit to reduce their tax liability by a limited amount each year. That means they have to spread out the credit over many years to use its full benefit.
This bill would allow companies to receive a portion of their credit in the form of an annual payment from the state of up to $750,000, on top of the tax deduction. This change will cost more upfront, but would actually result in the state paying out less per credit in the long run.
The bill also expands the definition of renewable energy investment to match the renewable energy definition that electric utilities have to uphold.
How it affects your refund: This bill would lessen the average taxpayer refund by at least 24 cents for fiscal year 2015-16.
What's being said about this bill:
The National Law Review said on March 10 that this bill is likely to make it on to the governor's desk.
