Colorado Job Creation Main Street Revitalization Act
In addition to the federal program, the Colorado Job Creation Main Street Revitalization Act offers a 25 percent credit against individual and corporate taxes for owners and long-term qualified lessees for first $2 million in Qualified Rehabilitation Expenses (QREs) and 20 percent on the remaining QREs for commercial properties.
Aggregate cap: $10 million
Project cap: $1 million
- Credit goes to 30% in a designated disaster area.
- Credit goes to 35% for projects in defined “rural” communities (under 50,000 in population).
- 50% of credits to be awarded to projects with QREs less than $2 million; 50% of credits to go to projects with QREs of $2 million and above.
- If both the federal credit and the state credit are applied for, only a federal application needs to be filled out.
- Carry forward: 10 years.
- Recapture: same as federal.
- Program details for residential properties: 20% credit for qualifying residential properties and 30% starting in 2020 for communities under 50,000 in population. No aggregate statewide dollar cap, but per project cap of $50,000 per year.
- Sunset date: Dec. 31, 2029.
Who can use the credit?
The credit is available to Colorado historic property owners and long-term qualified lessees. The credit is freely transferable by either direct sale or disproportionate allocation among partners of a syndication partnership and use by nonprofits is permitted.
San Jose, CA
2001 Gateway Place
San Jose, CA 95110