State historic tax credit programs

Colorado Job Creation Main Street Revitalization Act

Program overview:

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

Program details:

  • 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.

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