SB 24-152 CO

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Passed One Chamber

The bill creates a tax incentive program to be administered by the department of agriculture and the department of revenue to encourage local food and beverage retailers to purchase agricultural commodities from local producers practicing regenerative agriculture. For income tax years commencing on or after January 1, 2024, but before January 1, 2029, January 1, 2026, but before January 1, 2031, qualifying retailers that purchase produce and animal products from qualifying local producers are allowed an income tax credit in an amount equal to 25% of the total amount paid for all such purchases by the qualifying retailer in the income tax year in accordance with the requirements and limitations set forth in section 2 of the bill. Section 3 makes a conforming amendment to allow the exchange between the department of agriculture and the department of revenue of otherwise confidential tax information pertinent to an income tax credit claim allowed pursuant to section 2. To claim the credit, a qualifying retailer must annually apply for and receive a tax credit certificate from the department of agriculture, which tax credit certificate must then be filed with the department of revenue. The department of agriculture shall not issue tax credit certificates that exceed an aggregate amount of $2,500,000 in a calendar year. Moreover, notwithstanding any other provision of the bill, if the June 2025 revenue forecast and each June revenue forecast thereafter through the June 2029 forecast, as prepared by either legislative council staff or the office of state planning and budgeting, projects that state revenues will not increase by at least 4% for the next fiscal year, then the amount of the credit any qualifying retailer may claim pursuant to the bill in said next fiscal year is reduced by 50%; except that, if the amount of a reduced tax credit is equal to or less than $500, then the department of agriculture shall not issue a tax credit certificate at all. (Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.) (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

• Cleave Simpson Republican · primary
• Dylan Roberts Democratic · primary
• Karen McCormick Democratic · primary

1. May 14, 2024 House Committee on Appropriations Lay Over Unamended - Amendment(s) Failed · lower
2. Apr 29, 2024 House Committee on Finance Refer Amended to Appropriations · lower
3. Apr 22, 2024 House Committee on Agriculture, Water & Natural Resources Refer Amended to Finance · lower
4. Apr 17, 2024 Introduced In House - Assigned to Agriculture, Water & Natural Resources · lower
5. Apr 17, 2024 Senate Third Reading Passed - No Amendments · upper
6. Apr 16, 2024 Senate Second Reading Special Order - Passed with Amendments - Committee · upper
7. Apr 16, 2024 Senate Committee on Appropriations Refer Amended - Consent Calendar to Senate Committee of the Whole · upper
8. Mar 19, 2024 Senate Committee on Finance Refer Amended to Appropriations · upper
9. Mar 7, 2024 Senate Committee on Agriculture & Natural Resources Refer Unamended to Finance · upper
10. Feb 7, 2024 Introduced In Senate - Assigned to Agriculture & Natural Resources · upper