summary
Introduced
02/14/2024
02/14/2024
In Committee
05/04/2024
05/04/2024
Crossed Over
05/23/2024
05/23/2024
Passed
05/23/2024
05/23/2024
Dead
Signed/Enacted/Adopted
05/28/2024
05/28/2024
Introduced Session
2024 Regular Session
Bill Summary
CONCERNING COMMUNITY REVITALIZATION INCENTIVES FOR THE SUPPORT OF CREATIVE INDUSTRIES, AND, IN CONNECTION THEREWITH, EXTENDING THE COMMUNITY GRANT REVITALIZATION PROGRAM, CREATING AN INCOME TAX CREDIT FOR EXPENSES INCURRED IN COMPLETING INFRASTRUCTURE THAT SUPPORTS CREATIVE INDUSTRIES AND CREATIVE INDUSTRY WORKERS, AND MAKING AN APPROPRIATION.
AI Summary
This bill:
Extends the Community Revitalization Grant Program, which provides state assistance in the form of grants to finance projects across the state that are intended to create or revitalize mixed-use commercial centers. It adds projects that are eligible for funding under the Space to Create Colorado Program to the list of eligible projects.
Creates a refundable income tax credit for eligible capital improvement projects undertaken within creative districts, historic districts, or neighborhood commercial centers/main streets that support creative industries and creative industry workers, including affordable housing and live-work spaces. The credit can be up to 25% of eligible expenses, not to exceed $3 million per project. The total amount of credits that can be issued is capped at $10 million per year.
The bill also creates a Community Revitalization Tax Credit Program Cash Fund to administer the tax credit program.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (42)
James Coleman (D)*,
Steve Fenberg (D)*,
Leslie Herod (D)*,
Brianna Titone (D)*,
Judy Amabile (D),
Jennifer Bacon (D),
Shannon Bird (D),
Andrew Boesenecker (D),
Jeff Bridges (D),
Janet Buckner (D),
Lisa Cutter (D),
Monica Duran (D),
Regina English (D),
Meg Froelich (D),
Julie Gonzales (D),
Eliza Hamrick (D),
Tim Hernández (D),
Sonya Jaquez Lewis (D),
Iman Jodeh (D),
Junie Joseph (D),
Cathy Kipp (D),
Sheila Lieder (D),
Mandy Lindsay (D),
William Lindstedt (D),
Meghan Lukens (D),
Javier Mabrey (D),
Julia Marvin (D),
Julie McCluskie (D),
Karen McCormick (D),
Barbara McLachlan (D),
Dafna Michaelson Jenet (D),
David Ortiz (D),
Kevin Priola (D),
Naquetta Ricks (D),
Emily Sirota (D),
Marc Snyder (D),
Tammy Story (D),
Tom Sullivan (D),
Alex Valdez (D),
Elizabeth Velasco (D),
Jenny Willford (D),
Steven Woodrow (D),
Last Action
Governor Signed (on 05/28/2024)
Official Document
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