(1) Any certified investor that makes an investment of certified capital pursuant to an allocation of premium tax credits as set forth in section 10-3.5106 shall, during the year of investment, earn a vested credit against state premium tax liability equal to one hundred percent of the certified investor's investment of certified capital. With respect to investments of certified capital made after January 31, 2002, but before January 31, 2004, a certified investor shall be entitled to take up to ten percent of the vested premium tax credit each year beginning in tax year 2003 and continuing thereafter for ten years or, if the credit is carried forward pursuant to subsection (2) of this section, until the credit is fully utilized.
The credit to be applied against state premium tax liability in any one year shall notexceed the state premium tax liability of the certified investor for such taxable year. All unused credits against state premium tax liability may be carried forward for up to ten years from the date on which the credit may first be utilized.
A certified investor claiming a credit against state premium tax liability earned through an investment in a certified capital company shall not be required to pay any additional or retaliatory tax as a result of claiming such credit.
Source: L. 2001: Entire article added, p. 1530, § 1, effective June 9. L. 2004: (1) amended, p. 26, § 4, effective March 4; (1) amended, p. 45, § 4, effective March 4.
Editor's note: Amendments to subsection (1) by House Bill 04-1206 and Senate Bill 04106 were harmonized.
Cross references: For the legislative declaration contained in the 2004 act amending subsection (1), see section 1 of chapter 11, Session Laws of Colorado 2004. For the legislative declaration contained in the 2004 act amending subsection (1), see section 1 of chapter 12, Session Laws of Colorado 2004.