|
Home
Bruce Back HB01-1107 HB01-1286 SB01-023 SB01-064 SB01-070 SB01-175 Guest Book |
House Bill 1107_L.001 |
|
| The Original Bill | Amendment in Microsoft Word Format | |
| HB1107_L.001 SENATE FLOOR AMENDMENT Second Reading HB01-1107 Date _________ BY SENATOR Cairns Amendment No. ___________ Amend reengrossed bill, page 2, after line 1, insert the following: "SECTION 1. Legislative declaration. (1) The general assembly hereby finds and declares that, with the rapidly escalating cost of natural gas, individuals with limited incomes are having an increasingly difficult time finding adequate resources to heat their homes this winter. (2) The general assembly further finds and declares that it is necessary to provide immediate financial assistance to such individuals through the low-income energy assistance program and such other additional sources of funding for low-income energy assistance that can be derived from the private sector to encourage and affirm private charity. SECTION 2. Part 5 of article 22 of title 39, Colorado Revised Statutes, is amended BY THE ADDITION OF A NEW SECTION to read: 39-22-527. Credit for low-income energy assistance - repeal. (1) FOR ANY INCOME TAX YEAR COMMENCING ON OR AFTER JANUARY 1, 2001, BUT PRIOR TO JANUARY 1, 2002, ANY TAXPAYER WHO MAKES A QUALIFYING CONTRIBUTION SHALL BE ALLOWED A CREDIT AGAINST THE INCOME TAX IMPOSED BY THIS ARTICLE IN AN AMOUNT EQUAL TO SUCH CONTRIBUTION. (2) FOR PURPOSES OF THIS SECTION, A "QUALIFYING CONTRIBUTION" MEANS A MONETARY CONTRIBUTION TO: (a) THE COLORADO LOW-INCOME ENERGY ASSISTANCE PROGRAM ADMINISTERED BY THE DEPARTMENT OF HUMAN SERVICES; (b) A PRIVATE ENERGY ASSISTANCE CHARITY; OR (c) A FAITH-BASED OR OTHER CHARITY THAT DISPERSES THE MONEYS TO PAY THE HOME HEATING EXPENSES OF LOW-INCOME INDIVIDUALS. (3) THE CREDIT ALLOWED BY THIS SECTION SHALL NOT EXCEED ONE THOUSAND DOLLARS OR THE TAXPAYER'S ACTUAL INCOME TAX LIABILITY FOR THE TAX YEAR FOR WHICH THE CREDIT IS CLAIMED, WHICHEVER IS LESS. (4) IF THE AMOUNT OF THE CREDIT ALLOWED PURSUANT TO THIS SECTION EXCEEDS THE AMOUNT OF INCOME TAXES OTHERWISE DUE ON THE TAXPAYER'S INCOME IN THE INCOME TAX YEAR FOR WHICH THE CREDIT IS BEING CLAIMED, THE AMOUNT OF THE CREDIT NOT USED AS AN OFFSET AGAINST INCOME TAXES IN SAID INCOME TAX YEAR MAY BE CARRIED FORWARD AND USED AS A CREDIT AGAINST SUBSEQUENT YEARS' INCOME TAX LIABILITY FOR A PERIOD NOT TO EXCEED FIVE YEARS AND SHALL BE APPLIED FIRST TO THE EARLIEST INCOME TAX YEARS POSSIBLE. ANY CREDIT REMAINING AFTER SAID PERIOD SHALL NOT BE REFUNDED OR CREDITED TO THE TAXPAYER. (5) ANY CREDIT CLAIMED PURSUANT TO THIS SECTION SHALL BE ACCOMPANIED BY AN AFFIDAVIT OR SUCH OTHER RECEIPTS OR FORMS AS MAY REQUIRED BY THE EXECUTIVE DIRECTOR TO VERIFY THE AMOUNT AND USE OF THE QUALIFYING CONTRIBUTION. (6) THIS SECTION IS REPEALED, EFFECTIVE JULY 1, 2003.". Renumber succeeding sections accordingly. ** *** ** *** ** |
||