HB 22-1418 - Extension of Certain Unused Tax Credits

The following program is limited to Businesses that provide a strong economic benefit to the state from existing operations, in a “Strategic Industry” with substantial ($400,000+) expiring Job Growth Incentive Tax Credits (JGITC) or Enterprise Zone (EZ) tax credits in tax years 2021 through 2025, and for businesses who can demonstrate they experienced significant financial hardship as a result of the COVID-19 pandemic. Review HB22-1418 Extension Of Certain Unused Tax Credits, (PDF).

OEDIT has taken the following steps to date, to stand up this program:

  • OEDIT held a stakeholder input meeting on December 12, 2022, to workshop program requirements and guidelines while also seeking public comment from those interested.
  • OEDIT proposed a set of Draft Guidelines to the Economic Development Commission (EDC) during our monthly meeting on January 19, 2023. 
  • At the request of the Commission, OEDIT performed an additional analysis that supports the Draft Guidelines and the eligibility requirements therein; extended our public comment window, and performed additional outreach to publicize the program across the State. 
  • The Economic Development Commission approved and finalized Program Guidelines for HB 22-1418, the Extension of Certain Unused Tax Credits, on February 16, 2023. 

OEDIT is now opening the first, of potentially five, annual Expression of Interest Windows for HB 22-1418, the Extension of Certain Unused Tax Credits. Companies that have previously earned eligible JGITC and Enterprise Zone Tax Credit Certificates and meet the initial eligibility requirements as described in the Program Guidelines posted below, should notify our office if they wish to compile and submit a formal application. In order to express interest in the extension of certain unused tax credits, you must email oedit_bfi-i@state.co.us with “HB 22-1418 company name Expression of Interest” in the subject line; please include a brief summary of your eligible tax credit certificates which are set to expire with a balance of at least $400,000, unused, between Calendar Year 2021 and 2025. Please also briefly explain why your business’ industry is strategic to Colorado and how COVID caused significant financial hardship to your business.

This first Expression of Interest Window will close on April 30th, 2023, and will reopen for the second annual Expression of Interest Window in March 2024.

In the summer of 2023, OEDIT will work with interested companies to compile and submit a formal application to the Colorado Economic Development Commission for approval. OEDIT estimates that applications will be ready to present during our September 21, 2023, EDC Meeting. 

OEDIT will open this Expression of Interest Window annually from March 1st to April 30th, up until funds are fully dispersed or until Calendar Year 2025. 

Program Guidelines - HB 22 1418 (PDF)

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