SB 24-152

  • Colorado Senate Bill
  • 2024 Regular Session
  • Introduced in Senate Apr 17, 2024
  • Passed Senate Apr 17, 2024
  • House
  • Governor

Regenerative Agriculture Tax Credit

Abstract

The bill creates a tax incentive program to be administered by the department of agriculture and the department of revenue to encourage local food and beverage retailers to purchase agricultural commodities from local producers practicing regenerative agriculture. For income tax years commencing on or after January 1, 2024, but before January 1, 2029, January 1, 2026, but before January 1, 2031, qualifying retailers that purchase produce and animal products from qualifying local producers are allowed an income tax credit in an amount equal to 25% of the total amount paid for all such purchases by the qualifying retailer in the income tax year in accordance with the requirements and limitations set forth in section 2 of the bill. Section 3 makes a conforming amendment to allow the exchange between the department of agriculture and the department of revenue of otherwise confidential tax information pertinent to an income tax credit claim allowed pursuant to section 2. To claim the credit, a qualifying retailer must annually apply for and receive a tax credit certificate from the department of agriculture, which tax credit certificate must then be filed with the department of revenue. The department of agriculture shall not issue tax credit certificates that exceed an aggregate amount of $2,500,000 in a calendar year. Moreover, notwithstanding any other provision of the bill, if the June 2025 revenue forecast and each June revenue forecast thereafter through the June 2029 forecast, as prepared by either legislative council staff or the office of state planning and budgeting, projects that state revenues will not increase by at least 4% for the next fiscal year, then the amount of the credit any qualifying retailer may claim pursuant to the bill in said next fiscal year is reduced by 50%; except that, if the amount of a reduced tax credit is equal to or less than $500, then the department of agriculture shall not issue a tax credit certificate at all. (Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.) (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Bill Sponsors (3)

Votes


Apr 17, 2024

Actions


Apr 17, 2024

House

Introduced In House - Assigned to Agriculture, Water & Natural Resources

  • Introduction
Agriculture, Water & Natural Resources

Senate

Senate Third Reading Passed - No Amendments

Apr 16, 2024

Senate

Senate Second Reading Special Order - Passed with Amendments - Committee

Senate

Senate Committee on Appropriations Refer Amended - Consent Calendar to Senate Committee of the Whole

  • Committee-Passage
Appropriations

Mar 19, 2024

Senate

Senate Committee on Finance Refer Amended to Appropriations

  • Referral-Committee
Appropriations Finance

Mar 07, 2024

Senate

Senate Committee on Agriculture & Natural Resources Refer Unamended to Finance

  • Referral-Committee
Agriculture & Natural Resources Finance

Feb 07, 2024

Senate

Introduced In Senate - Assigned to Agriculture & Natural Resources

  • Introduction
Agriculture & Natural Resources

Bill Text

Bill Text Versions Format
Reengrossed (04/17/2024) PDF
Engrossed (04/16/2024) PDF
Introduced (02/07/2024) PDF
PA2 (04/16/2024) PDF
PA1 (03/20/2024) PDF
Committee Amendment PDF

Related Documents

Document Format
Fiscal Note SA1 (04/15/2024) PDF
Fiscal Note FN1 (03/05/2024) PDF
Fiscal Note FN2 (04/08/2024) PDF
Fiscal Note FN3 (04/19/2024) PDF

Sources

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