The Colorado Brownfields Tax Credit Needs Your Support!
Help Colorado extend this critical program and expand the available credits
from $3 million to $7 million per year
Overview
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 address the housing needs of our growing population.
In 2014, the Colorado General Assembly re-authorized the Colorado Brownfields Tax Credit Program with the passage of SB 14-073. 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):
- Colorado Department of Public Health and Environment (CDPHE) has issued approximately $8 million in tax credits, spurring on nearly $3 billion in infrastructure development & private investment in brownfield redevelopment projects.
- More than 300 acres of property have been cleaned up
- Over 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 August, 2018).
The program has been a resounding success, however demand for these credits far outpaces their availability. A coalition of interested stakeholders, including Tax Credit Connection, Inc., is 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 use them to clean up our communities and accelerate our economic growth.
Join our coalition!
A proposal was developed by The Capstone Group – (www.capstonegroup.com) to carry a re-authorization and expansion bill through the legislative process. With extensive expertise in lobbying tax credit issues, strong relationships with the Governor’s office and legislative leadership on both sides of the aisle, Capstone is uniquely positioned to successfully shepherd the bill through the lawmaking process on Capitol Hill. The stakeholder group is working to raise $24,000 to hire Capstone to help this become a reality.
We need your help! Tax Credit Connection has pledged $2,000, and we are asking you to please join us and pledge your support for this effort by clicking the pledge link below. You will only be required to pay your pledge when we reach our goal of raising $24,000 before the start of the upcoming legislative session.
We are seeking businesses, local governments, and other stakeholders to sign a letter of support to the Colorado General Assembly, encouraging the legislature to pass the re-authorization and expansion bill when it is introduced.
Sign the Letter and Pledge Your Support Now