Today the Colorado legislature passed HB21-1233, the Conservation Easement Enhancement and Rural Stimulus Act. The Act was proposed and shepherded by Keep It Colorado, and will now proceed to the Governor’s desk to be signed.
The Act modifies the Colorado conservation easement tax credit program by increasing the amount of tax credits that a landowner can obtain from a conservation easement donation to 90% of the fair market value of the conservation easement up to a maximum of $5,000,000. This increase will be retroactive to January 1, 2021. Certain water entities are also now allowed to receive tax credits, including government entities who will receive a transferrable expense amount which may be transferred to an entity that can use the amount as a tax credit. And the Act modifies certain administrative procedures, including the process used to track sales of tax credits.
Congratulations to Keep It Colorado and the conservation community on this important win!