Program Summary
The Community Revitalization Tax Credit (CRTC) program was established with HB24-1295, Creative Industry Community Revitalization Incentives. The CRTC program builds on the success of the previous Community Revitalization Grant program (2021-2023). CRG grants supported 59 creative capital projects that combined creative industry workforce housing, commercial spaces, performance space, community gathering spaces, child care centers, and/or retail partnerships for the purpose of economic recovery and diversification by supporting creative sector entrepreneurs, artisans, and community non-profit organizations.
The CRTC program continues the goal of the CRG program by extending the opportunity for community revitalization incentives for the support of creative industries by creating an income tax credit for expenses incurred in completing infrastructure that supports creative industries and creative industry workers.
CRTC will provide up to $50M in available tax credits (up to $10M a year for tax years 2025-2029) for eligible Colorado tax payers. Eligible projects can apply for tax credits up to $3M and up to 25% of the total eligible expenses of a project.
Business Funding & Incentives (BF&I) at the Office of Economic Development and International Trade (OEDIT) will issue tax credit and run the technical assistance; CCI will manage the program.
Overview
Type: Tax Credit
For: capital improvement projects located within creative districts, historic districts, neighborhood commercial centers, or main streets that support creative industries and their workers.
Amount: Eligible projects can apply for tax credits up to $3M and up to 25% of the total eligible expenses of a project.
Pre-qualification application opens: February 2025
OEDIT Divisions: Colorado Creative Industries and Business Funding & Incentives
- November 2024: Publish report summarizing the use of all of the money that was awarded as grants under the CRG grant program in the preceding fiscal year.
- December 2024: Adopt and announce policies, procedures, and guidelines for the new tax credit program
- February 2025: Finalize panel review committee for FY2025 program awardees.
- March 2025: Release application for CRTC program.
- May 2025: Close application
- June 2025: Announce recipients of the tax credit for the first year of credits.
An Eligible Project is a mixed-use capital improvement project within a creative district, a historic district, or a neighborhood commercial center or a main street that involves the construction, rehabilitation, conversion, remodeling, or other improvement of one or more buildings, structures, or facilities for uses that support creative industries and creative industry workers.
This includes affordable housing and live-work spaces for such workers and creative-use performance and exhibition spaces
Eligible Applicants: businesses, corporations, and non-profits
Eligible Expenses: Reasonable and necessary expenditures in accordance with guidelines developed by the office. This Includes infrastructure, capitalized assets, tenant finishes and creative use of furniture, fixtures and equipment.
The CRTC will be adjudicated by a review panel. Panelists will serve as advisors to the CCI Advisory Council.
The panel will review and score program applications with a standardized rubric and make recommendations to staff for approval by the CCI Advisory Council. Applicants will be notified via email, through the online grant portal, of the result of the funding recommendations after the CCI advisory Council approves the recommendations.
Proposals will be evaluated on:
- Community Engagement: 25%
- Project Impact: 25%
- Project Features: 25%
- Financial Status: 15%
- Implementation and Timeline: 10%
How is the tax credit dispersed? What if your business is operating at a loss?
Businesses operating at a loss may still be eligible for the CRTC and should complete the pre-qualification application.
Are local governments eligible?
Local governments are not eligible for the CRTC program.
Can you apply for historic and CCI tax credits for the same project?
Yes, although projects awarded either the CRTC or Historic Preservation Tax Credit are not automatically guaranteed tax credits from both programs. They are independent in statute and are managed by different divisions.
When you say this is for tax year 2025, and the State’s fiscal year (FY) is July-June, does that mean that tax year starts in July 2025? So then eligible expenses will be those happening July 2025-June 2026?
No, the State of Colorado FY is Jul. 1 - Jun. 30, while the tax year is Jan. 1 - Dec. 31.
Can you explain mixed-use? If we have a housing project and that’s the only element of the project, is it ineligible? What if it is a renovation of buildings to become housing on a mixed-use campus?
Eligible projects must demonstrate more than one use, and at least one use needs to have a direct public benefit. CCI will investigate the eligibility of a single use facility on a multi-use campus.
How is the application review board being assembled?
Anyone interested in serving on the CRTC or any CCI review panel may complete a review panel application on the CCI website. CCI will invite interested applicants to be on each review panel, which will make recommendations to the CCI council. Details on panelists will be published in Feb. 2025.
Are program officers available for Office Hours to talk through projects?
Yes, CCI's CRTC Program Manager will start January 6, 2025. Program office hours will be published in early January.
Program Manager
