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Colorado Revised Statutes Title 24. Government State § 24-38.5-120. Decarbonization tax credits administration cash fund--definitions--repeal

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) As used in this section, unless the context otherwise requires:

(a) “Decarbonization tax credits” means the credits created in sections 39-22-516.7, 39-22-516.8, 39-22-551, 39-22-552, 39-22-553, 39-22-554, 39-22-555, and 39-22-556.

(b) “Department” means the department of revenue.

(c) “Fund” means the decarbonization tax credits administration cash fund created in subsection (2) of this section.

(d) “Office” means the Colorado energy office.

(2) The decarbonization tax credits administration cash fund is hereby created in the state treasury. The fund consists of money credited to the fund pursuant to section 39-29-108(2)(e)(I) and any other money that the general assembly may appropriate or transfer to the fund.

(3)(a) Subject to annual appropriation by the general assembly, for state fiscal years 2023-24 through 2034-35, the office and the department may expend money from the fund for direct and indirect costs associated with the implementation and administration of the decarbonization tax credits.

(b)(I) Money in the fund may also be used to repay administrative costs to the respective cash funds. The state treasurer shall transfer money from the fund in the amount attributable to administrative costs to the respective cash funds so that all administrative costs are repaid to the respective cash funds on or before June 29, 2024.

(II) As used in this subsection (3)(b), unless the context otherwise requires:

(A) “Administrative costs” means the amount of money expended from the respective cash funds by the office and the department for the administration and implementation of certain income tax credits, as provided for in sections 24-38.5-116(6)(b)(II), 24-38.5-118(7)(d), 24-38.5-506(2)(b), and of the temporary specific ownership tax rate reduction for electric medium-duty and heavy-duty trucks that are part of a fleet as provided for in section 25-7-1405(2)(b).

(B) “Respective cash funds” means the industrial and manufacturing operations clean air grant program cash fund created in section 24-38.5-116(6), the geothermal energy grant fund created in section 24-38.5-118(7), the community access to electric bicycles cash fund created in section 24-38.5-506, and the electrifying school buses grant program cash fund created in section 25-7-1405.

(4) The state treasurer shall transfer all unexpended and unencumbered money in the fund on June 30, 2024, June 30, 2025, and June 30, 2026, to the general fund; except that the balance of money remaining in the fund not including expended and encumbered money shall not be less than three hundred thousand dollars.

(5) Notwithstanding subsection (4) of this section, on July 1, 2036, the state treasurer shall transfer all money in the fund to the general fund.

(6) This section is repealed, effective December 31, 2036.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 24. Government State § 24-38.5-120. Decarbonization tax credits administration cash fund--definitions--repeal - last updated January 01, 2025 | https://codes.findlaw.com/co/title-24-government-state/co-rev-st-sect-24-38-5-120/

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