Written by Jeremy Cristensen
Help Extend this critical program and expand the available credits from $3 million to $7 million per year
Whether or not you’ve ever purchased or used Colorado brownfields tax credits, chances are you have benefited from them! Over the past 17 years, this program has helped Colorado become a healthier, more prosperous place to live and work by cleaning up polluted properties in our communities, spurring on economic development, and helping to address the housing needs of our growing population.
In 2014, the Colorado General Assembly reinstated the Colorado Brownfields Tax Credit Program with the passage of SB 073. The legislation authorized $3 million in tax credits to be issued annually with a cap of $525,000 for individual projects. Since 2015 (when the program was reinstated after a 4-year hiatus):
• CDPHE has issued approximately $8 million in tax credits, spurring on nearly $3 billion in infrastructure development and private investment in Brownfield cleanup and redevelopment.
• Nearly 300 acres of property have been cleaned up
• Approximately 2,100 new jobs were created
• Over 4,000 new infill housing units were built to serve the needs of our growing population.
• By having these redevelopment projects done through the Voluntary Cleanup Program, CDPHE indicates it was able to facilitate better cleanup outcomes, resulting in a cleaner environment. (Statistics were provided by CDPHE and are current as of Aug, 2018).
The program has been a resounding success, however demand for these credits far outpaces their availability. A coalition of interested stakeholders are working reauthorize, refine and expand the Colorado Brownfields Tax Credit Program. Together we are organizing support for new legislation in the upcoming session of the Colorado General Assembly that would reauthorize the program beyond 2022 when it is currently set to expire, and expand the yearly cap of available credits from $3 million to $7 million so that more projects in more areas can utilize them to clean up our communities and accelerate our economic growth.
Join our coalition! We are also seeking businesses, local governments, and other stakeholders to sign on to a letter of support to the Colorado General Assembly, encouraging the legislature to pass the reauthorization and expansion bill when it is introduced. Read the letter here.
For more information, and to add your name to the list of supporters, visit www.taxcreditconnection.com or call (970) 532-9865.