8 CCR 1504-10 - INCOME TAX CREDIT FOR QUALIFIED COSTS INCURRED IN PRESERVATION OF QUALIFIED RESIDENTIAL STRUCTURES

STATEMENT OF BASIS AND PURPOSE:

House Bill 14-1311 required the establishment and promulgation of criteria and procedures by which rehabilitation of Qualified Residential Structures qualify for a tax credit. House Bill 18-1190, which amended and reauthorized the tax credit through December 31, 2029, directed the State Historical Society of Colorado to establish and promulgate criteria, as well as to promulgate rules for standards and reporting by Certified Local Governments acting as Reviewing Entities. These Rules apply to the rehabilitation of historic residential structures under CRS § 39-22-514.5; they do not apply to the rehabilitation of historic commercial structures. Projects under CRS § 39-22-514 are governed by separate rules. See8 CCR 1504-6.

The purpose of these Rules is to provide a uniform process for the State Historic Preservation Officer, State Historical Society of Colorado, and participating Certified Local Governments. This will ensure that taxpayers applying for tax credits for Qualified Residential Structures receive prompt and consistent review of proposed and completed rehabilitation work and that reporting of all tax credit certificates is timely and complete.