8 Colo. Code Regs. § 1204-10-4

Current through Register Vol. 47, No. 16, August 25, 2024

Section 8 CCR 1204-10-4 - Tax Credit Certificate Application - Submission, Review, and Issuance

4.1. The Department will post the application for a Tax Credit Certificate on the Community Food Access Program website: www.ag.colorado.gov/CFA.

4.2. There will be three application periods in each calendar year, as determined by the Department and announced on the Department's website: ag.colorado.gov/CFA upon the effective date of this rule and thereafter no later than January 1 of each calendar year.

4.3. Pursuant to subsection 5, this section 4.3 sets forth the order in which the Department will issue Tax Credit Certificates within each application period.

4.3.1. Group 1: Members of the Consortium for completing their Duties and Responsibilities; rural applications will be reviewed before urban applications;

4.3.2. Group 2: Purchasers that have not received any other tax credits as a result of purchasing small food business recovery and resilience grant program equipment and that can demonstrate the greatest improvement to access to and lower prices for healthy foods in low-income and underserved areas of the state; rural applications will be reviewed before urban applications;

4.3.3. Group 3: Purchasers that have not yet received a tax credit as a result of purchasing small food business recovery and resilience grant program equipment in the calendar year for which the tax credit is sought and that can demonstrate the greatest improvement to access to and lower prices for healthy foods in low-income and underserved areas of the state; rural applications will be reviewed before urban applications; and

4.3.4. Group 4: All other applications, in order of who can demonstrate the greatest improvement to access to and lower prices for healthy foods in low-income and underserved areas of the state, in order from smallest amount requested to largest; rural applications will be reviewed before urban applications.

4.3.5. Group 5: Any applicant that previously received a Tax Credit Certificate but mis-used Equipment in a way that did not conform to the applicant's intent as provided in its application or performed Duties and Responsibilities of the Consortium in a manner that did not conform to the actual Duties and Responsibilities of the Consortium.

4.4. Within each category listed in 4.3, applications will be reviewed in the order received, based on the date and time the Department receives a complete application.

4.5. An applicant must submit a complete Tax Credit Certificate application and provide all required supporting documentation before the application deadline. After the application deadline, the Department will notify applicants in writing if their application is incomplete.

4.5.1. An applicant will have 15 business days from the day the Department notifies the applicant that the applicant's application is incomplete to correct any deficiencies, after which the Department will deny the application in full. An applicant must then resubmit the applicant's application with complete documentation during the next application cycle, which will then be reviewed based on the new date and time received by the Department.

4.6. To receive a Tax Credit Certificate, an applicant must provide supporting documentation of the following:

4.6.1. The income tax year in which the applicant will claim a tax credit; and

4.6.2. The price and date of any equipment purchased, including any portion of covered by a Grant Award, received through the Small Food Business Recovery Resilience Grant Program; or

4.6.3. An itemized total and date or dates of purchase of any amount spent by a Member of the Consortium on pallet, pallet break, distribution, or delivery fees that are not otherwise covered by the Consortium.

4.6.3.1. Costs related to pallet, pallet break, distribution and delivery fees must be verified with supporting documentation, such as an itemized invoice, price sheet, or contract with a distributor.

4.7. If applicable, an applicant may submit the applicant's Letter of Eligibility along with a Tax Credit Certificate application.

4.8. The Department will inform an applicant of the Department's decision to approve or deny a Tax Credit Certificate by email within 90 calendar days from the date a completed application is received.

4.9. The Department will deny applications for a Tax Credit Certificate in any tax year in which the Department has committed ten million dollars. An eligible business may only receive a tax credit in the year in which the applicant incurred the eligible expense.

4.10. Upon approval, the Department will issue a Tax Credit Certificate with a designated reference number, which the applicant must attach to the applicant's state tax filing return for the applicable tax year. An applicant is responsible for submitting all necessary documents to the Colorado Department of Revenue to receive a tax credit. Tax Credit Certificates are not transferable.

4.11. Decisions based on statutory requirements are not appealable.

8 CCR 1204-10-4

47 CR 03, February 10, 2024, effective 3/16/2024