(B) FOR INCOME TAX YEARS COMMENCING ON OR AFTER JANUARY
1, 2025, BUT PRIOR TO JANUARY 1, 2033, THE AGGREGATE AMOUNT OF THE
CREDIT AWARDED TO ANY ONE TAXPAYER UNDER THIS SECTION SHALL NOT
EXCEED SIX THOUSAND DOLLARS FOR ANY ONE INCOME TAX YEAR
REGARDLESS OF THE NUMBER OF PRECEPTORSHIPS UNDERTAKEN BY THE
TAXPAYER DURING THE APPLICABLE INCOME TAX YEAR OR THE NUMBER OF
ELIGIBLE HEALTH PROFESSIONAL STUDENTS THE TAXPAYER INSTRUCTS
,
TRAINS, OR SUPERVISES DURING THE APPLICABLE INCOME TAX YEAR.
SECTION 32. In Colorado Revised Statutes, 39-22-543, amend
(2)(a) and (4) as follows:
39-22-543. Credit for wildfire hazard mitigation expenses -
legislative declaration - definitions - repeal. (2) As used in this section,
unless the context otherwise requires:
(a) "Costs" means any actual out-of-pocket expense incurred and
paid by the landowner
TO A THIRD-PARTY SERVICE PROVIDER, documented
by receipt, for performing wildfire mitigation measures. "Costs" does not
include any inspection or certification fees, in-kind contributions, donations,
incentives, or cost sharing associated with performing wildfire mitigation
measures. "Costs" does not include expenses paid by the landowner from
any grants awarded to the landowner for performing wildfire mitigation
measures. "C
OSTS" DOES NOT INCLUDE ANY AMOUNT PAID BY THE
LANDOWNER FOR THE PURCHASE OR RENTAL OF ANY ARTICLE OF TANGIBLE
PERSONAL PROPERTY FOR THE LANDOWNER
'S OWN USE.
(4) (a) For income tax years commencing on or after January 1,
2023, but prior to January 1, 2026,
JANUARY 1, 2025, a landowner with a
federal taxable income at or below one hundred twenty thousand dollars for
the income tax year commencing on or after January 1, 2023, as adjusted for
inflation and rounded to the nearest hundred dollar amount for each income
tax year thereafter, is allowed a credit against the income taxes imposed by
this article 22 in an amount equal to twenty-five percent of up to two
thousand five hundred dollars in costs for wildfire mitigation measures. The
maximum total credit in a taxable year is six hundred twenty-five dollars.
(b) F
OR INCOME TAX YEARS COMMENCING ON OR AFTER JANUARY 1,
2025,
BUT PRIOR TO JANUARY 1, 2028, A LANDOWNER WITH A FEDERAL
TAXABLE INCOME AT OR BELOW ONE HUNDRED TWENTY THOUSAND DOLLARS
PAGE 18-HOUSE BILL 24-1036