Organizations must meet the following criteria:

1. Applicant is based in Colorado
2. Asset will establish or expand training in the advanced manufacturing, clean energy, construction, infrastructure or semiconductor industry
3. Asset is either:
   1. Land in Colorado.
   2. Building in Colorado (purchasing, constructing or renovating).
   3. Equipment for use in Colorado for training purposes (personal equipment does not qualify).
4. Asset is unacquired/incomplete at time of application submission
5. Applicant is not receiving grants that already cover half the cost of the asset
6. Investment will result in increased job placements with a living wage in the advanced manufacturing, clean energy, construction, infrastructure or semiconductor industries

Please note: Local Governments, Institutes of Higher Education, Technical Colleges and Local District Colleges are ineligible to apply.

This tax credit has a multi-step application process:

1. Pre-Qualification Questionnaire (August 1-September 16, 2025)
   1. Brief questionnaire to verify tax credit eligibility 
   2. If eligible, invited to submit Reservation Application
2. Reservation Application (August 18-September 18, 2025)
   1. Application to be considered for tax credit
   2. $250-$500 application fee (depending on amount requested)
   3. Merit-based application review
   4. Selected applicants receive Reservation Approved letter December 2025
3. Progress Report (Dates Vary by Applicant)
   1. Applicants who do not submit an Issuance Request within 18 months of receiving the Reservation Approved letter, and every 12 months thereafter, must submit a Progress Report.
   2. If applicant is making adequate progress towards placing qualified asset into service, applicant receives Progress Report Approval letter.
   3. If applicant is not making adequate progress towards placing qualified asset into service, OEDIT will schedule a time to discuss progress, which may result in revoking tax credit reservation.
   4. Progress Report will ask about progress in placing the qualified asset into service; qualified asset photographs and copies of major invoices will be required, in addition to other information requested by the office.
4. Issuance Request (Dates Vary by Applicant)
   1. Once applicant has placed their qualified asset into service they must submit their Issuance Request.
   2. Issuance Fee is 3% of tax credit amount specified on Tax Credit Certificate.
   3. Issuance Request will ask about passthrough entities, taxpayer information and when qualified asset was placed into service; qualified asset photographs, expenditures spreadsheet and CPA review/audit will be required.
   4. If compliant, tax credit is issued through a Tax Credit Certificate.
5. Compliance Report (Dates Vary by Applicant)
   1. Tax Credit Certificate recipient must submit Compliance Report every 12 months for 15 years.
   2. Compliance Report will ask about qualified asset disposition and trainee numbers, demographics and geographic distribution.

The application will request the following information:

1. Your potentially qualified asset and the resulting training that will occur within the qualified industry.
2. How your newly established or expanded training will lead to increased job placement within a qualified industry with an industry-competitive wage.
3. Your industry’s related North American Industry Classification System (NAICS) and Standard Occupational Classification (SOC) codes.
4. Asset details, including:
   1. Type of asset.
   2. Counties to be served.
   3. Asset overlap with local higher ed institutions. 
      1. Justification, if overlap exists
   4. Community partners who will have access.
   5. Percentage of time asset will be used for training purposes.
   6. Quality of training.
   7. Value/Transferability of skills taught.
   8. Attainable industry-recognized training credentials, if any.
   9. Registered Apprenticeship Program, if available.
   10. Current number of annual trainees.
   11. Expected number of annual trainees after asset is in service.
   12. Trainee recruitment plans.
   13. Current number of training hours per week.
   14. Expected number of training hours per week after asset is in service.
   15. Wraparound services, if any.
   16. Current asset status (not started, active, etc.).
   17. Estimated date when it will be in service.
   18. Estimated total investment.
   19. Total tax credit request.
   20. Other tax credits or grants received to support this project.

The evaluation committee will consider the following when reviewing submissions:

1. Does the applicant provide sufficient detail to demonstrate why the qualified asset is needed to deliver quality training?
2. Does the applicant provide sufficient detail to demonstrate how their training will lead to increased job placement with a living wage?
3. Does the applicant provide sufficient detail to demonstrate a workforce shortage in a qualified industry?
4. Does the applicant provide sufficient detail to demonstrate a regional need that is not already being met elsewhere?
5. Does the applicant provide sufficient detail to demonstrate thoughtful regional partnerships that will maximize qualified asset reach?
6. Does the applicant provide sufficient detail to demonstrate that their training programs are of high quality, resulting in economic mobility?
7. Does the applicant provide sufficient detail to demonstrate that their training programs are of value, resulting in economic mobility?
8. Does the applicant anticipate a noticeable increase in trainees after the potentially qualified asset is placed into service?
9. Does the applicant anticipate a noticeable increase in training hours after the potentially qualified asset is placed into service?

Eligibility Questions

• Who is eligible for the tax credit?
  • Please see the “Eligibility Requirements” section above.
• Are non-profit organizations eligible to apply?
  • Yes, non-profit organizations may apply.
• Are K-12 schools or higher ed institutions eligible to apply?
  • No, education institutions may not apply, however they can be a partner with a business entity who would apply for and receive the tax credit.
• What constitutes an IIJA, IRA or CHIPS impacted organization?
  • Advanced manufacturing, clean energy, infrastructure and semiconductors.
• I do not see a NAICS or SOC code linked to my industry. Does this mean my organization is ineligible for the tax credit?
  • You may still apply; NAICS and SOC codes do not apply to all industries.
• What is considered a potentially qualified asset?
  • Land, building and equipment; personal equipment does not qualify.
• Can the tax credit be claimed for facilities and equipment already being utilized for training purposes?
  • The asset cannot already be in service. Needs to be acquired, constructed or reconstructed/remodeled. Projects currently in progress are acceptable. 
• Is there a minimum number of hours the new or expanded training facilities or equipment need to be used to be eligible for the tax credit?
  • No, but projects that maximize the facility or equipment for training purposes will be prioritized.

Application Questions

• How much can I apply for in tax credits?
  • You may request up to 50% of the estimated total investment.
• When can I apply for the tax credit?
  • The next application cycle begins August 1, 2025. The Pre-Qualification Application will run August 1 through September 16th, and the Reservation Application will run August 18th through September 18th. Notifications will go out in December 2025. 
• What is the application process for the tax credit?
  • Please see the "Application Process” section above.
• How should I prepare for the reservation application?
  • Please see the “How To Prepare for the Application Process” section above.
• When do I need to submit my reservation application?
  • If your Pre-Qualification Application is approved, you will gain access to the Reservation Application on or after August 18th through September 18th. 
• Is the application first-come, first-served?
  • No, there is a merit-based review by an evaluation committee made up of industry and training experts as well as OEDIT personnel.
• What does the merit review process entail?
  • Please see the “Selection Process” section above
• When will we be notified of our application status?
  • Applicants will be notified of their status in December 2025.
• If our reservation application is approved, are we guaranteed to receive the tax credit?
  • No. Please review the “Application Process” section above to see what happens after the Reservation Application.
• What are the expectations of those who have been granted a tax credit reservation but have not yet received their tax credit certificate?
  • Please review the “Application Process” section above to see what is expected after the Reservation Application. 
• What if we over or underestimated the tax credit amount when applying?
  • The tax credit issued will not exceed the amount reserved. If the original estimate was higher than the amount that was actually earned, the tax credit will be equal to the amount earned. If the original estimate was lower than the actual credit earned, the amount reserved will be issued.
• Once I have my tax credit certificate, what do I do when filing my taxes?
  • Tax credits must be applied to the tax year that the asset was placed in service. There is a line for Colorado tax credits on the return. Enter the amount of the total tax credit on this line and include a printed copy of the tax credit certificate when filing your return. Non-profits will complete a Colorado form DR 0990 and include it with their return.

Miscellaneous Questions

• What kind of tax credit is this?
  • This is a fully refundable, non-transferrable tax credit.
• How long will this tax credit be available?
  • Applications will be accepted through December 31, 2029.
• How will the funding be spread out until 2033?
  • $15 million in tax credits annually are available for reservation to approved projects except in years where less than 4% growth is forecast by the general assembly. In these years there will be $7.5 million available for reservations. Only reserved funds will be issued up to the amount earned, not to exceed the reservation amount. 
• Can my organization claim other tax credits if approved for the Opportunity Now tax credit?
  • Yes, as long as the tax credit coverage does not exceed 50% of the qualified asset investment.
• Can my organization apply for this tax credit if already an Opportunity Now grant recipient?
  • Yes, as long as the tax credit coverage does not exceed 50% of the qualified asset investment.