Signed by Governor Jared Polis

Vote Smart's Synopsis:

Vote to amend and pass a bill that establishes an employer tax credit for providing employees with sustainable alternative forms of transport to work.

Highlights:

• Establishes an employer tax credit equal to 50% of the amount spent by an employer to provide alternative forms of transportation for the income tax years between January 1, 2023 and January 1, 2025, with the following specifications (Sec. 1, Pgs. 2 & 4 & 5).

• That alternative transportation options refers to free or partially subsidized forms of transportation provided accessible to employees in Colorado in order to reduce costs of commuting and reduce emissions from commuting, like ridesharing, bicycles, and vans;

• That the options provided must be offered to all employees in Colorado, or that an equivalent option must be offered to each employee, regardless of status, position, or contract in order to claim the credit;

• That the maximum amount spent by an employer in any income tax year to claim for credit is $250,000; and

• That the maximum amount spent on a single employee by an employer to claim for credit is $2,000.

• Requires local governments and nonprofit organizations to file a corporate income tax return for each tax year that they claim the credit (Sec. 1, Pg. 5).

• Appropriates $93,758 from the General Fund to the Department of Revenue for the 2022-2023 state fiscal year to implement this act (Sec. 2, Pg. 5).

• Appropriates $12,194 of reappropriated funds from the Department of Revenue to the Department of Personnel for the 2022-2023 fiscal year to implement this act (Sec. 2, Pg. 6).

• Specifies that this act takes effect January 1, 2023 (Sec. 3, Pg. 6).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that establishes an employer tax credit for providing employees with sustainable alternative forms of transport to work.

Highlights:

• Establishes an employer tax credit equal to 50% of the amount spent by an employer to provide alternative forms of transportation for the income tax years between January 1, 2023 and January 1, 2025, with the following specifications (Sec. 1, Pgs. 2 & 4 & 5).

• That alternative transportation options refers to free or partially subsidized forms of transportation provided accessible to employees in Colorado in order to reduce costs of commuting and reduce emissions from commuting, like ridesharing, bicycles, and vans;

• That the options provided must be offered to all employees in Colorado, or that an equivalent option must be offered to each employee, regardless of status, position, or contract in order to claim the credit;

• That the maximum amount spent by an employer in any income tax year to claim for credit is $250,000; and

• That the maximum amount spent on a single employee by an employer to claim for credit is $2,000.

• Requires local governments and nonprofit organizations to file a corporate income tax return for each tax year that they claim the credit (Sec. 1, Pg. 5).

• Appropriates $93,758 from the General Fund to the Department of Revenue for the 2022-2023 state fiscal year to implement this act (Sec. 2, Pg. 5).

• Appropriates $12,194 of reappropriated funds from the Department of Revenue to the Department of Personnel for the 2022-2023 fiscal year to implement this act (Sec. 2, Pg. 6).

• Specifies that this act takes effect January 1, 2023 (Sec. 3, Pg. 6).

Full Bill Text