Colo. Code Regs. 39-22-304(2)(f)
Current through Register Vol. 47, No. 20, October 25, 2024
Rule 39-22-304(2)(f) - Gross Conservation Easement AdditionBasis and Purpose. The statutory bases for this rule are sections 39-21-112(1), 39-22-304(3)(f), and 39-22-522, C.R.S. The purpose of this rule is to clarify the requirement to add back, in the calculation of Colorado taxable income, any federal charitable contribution deduction a taxpayer claims for the donation of a gross conservation easement when a Colorado gross conservation easement credit is also claimed based on the donation of the same gross conservation easement.
(1) Except as provided in paragraph (2) of this rule, any taxpayer that claims both a charitable contribution deduction pursuant to section 170 of the Internal Revenue Code and a gross conservation easement credit pursuant to section 39-22-522, C.R.S. based on the same gross conservation easement donation shall add the amount of the federal deduction back to taxable income in determining the taxpayer's Colorado taxable income. The taxpayer claiming the deduction is required to make the addition irrespective of whether all or part of the credit is: (a) waitlisted pursuant to section 39-22-522 (2.5) C.R.S.;(b) carried forward to a subsequent tax year pursuant to section 39-22-522(5) C.R.S.;(c) transferred to another taxpayer pursuant to section 39-22-522(7) C.R.S; or(d) allowed as increments in subsequent tax years pursuant to section 39-22-522(4)(a) (II.5), C.R.S.(2) With respect to any single gross conservation easement donation, the aggregate addition required by this rule is limited to the contribution amount upon which the gross conservation easement credit claimed is based. (a) In the case of a donation made by joint tenants, tenants in common, a partnership, S corporation, or other similar entity or ownership group, the limitation prescribed by this paragraph (2) shall apply to the entity or group collectively and shares thereof shall be allocated to the entity's or group's owners, partners, members, or shareholders in the same proportion as prescribed for the credit pursuant to section 39-22-522(4)(b), C.R.S. For example, if sixty percent of a credit is allocated to a partner in a partnership, the aggregate addition required for that partner is limited to sixty percent of the contribution amount upon which the gross conservation easement credit claimed is based.Colorado Register, Vol 37, No. 14. July 25, 2014, effective 8/14/201437 CR 18, September 25, 2014, effective 10/15/201437 CR 19, October 10,2014, effective 10/30/201437 CR 22, November 25, 2014, effective 12/16/201438 CR 04, February 25, 2015, effective 3/17/201538 CR 07, April 10, 2015, effective 4/30/201538 CR 11, June 10, 2015, effective 6/30/201538 CR 22, November 25, 2015, effective 12/15/201538 CR 24, December 25, 2015, effective 1/14/201638 CR 24, December 25, 2015, effective 1/19/201639 CR 01, January 10, 2016, effective 1/30/201639 CR 16, August 25, 2016, effective 9/14/201640 CR 08, April 25, 2017, effective 5/15/201740 CR 12, June 25, 2017, effective 7/15/201740 CR 16, August 25, 2017, effective 9/14/201740 CR 23, December 10, 2017, effective 1/1/201841 CR 14, July 25, 2018, effective 8/14/201841 CR 20, October 25, 2018, effective 11/14/201842 CR 02, January 25, 2019, effective 12/18/201842 CR 02, January 25, 2019, effective 12/18/2018, expires 4/17/201942 CR 06, March 25, 2019, effective 4/14/201943 CR 04, February 25, 2020, effective 3/16/202043 CR 13, July 10, 2020, effective 6/2/202043 CR 17, September 10, 2020, effective 9/30/202044 CR 03, February 10, 2021, effective 3/2/202144 CR 07, April 10, 2021, effective 4/30/202144 CR 08, April 25, 2021, effective 5/15/202145 CR 01, January 10, 2022, effective 1/30/202245 CR 04, February 25, 2022, effective 3/17/202245 CR 05, March 10, 2022, effective 3/30/202246 CR 11, June 10, 2023, effective 5/2/202346 CR 09, May 10, 2023, effective 5/30/2023