Get the POWER of PRO!
Support Center > Knowledge base> Article: Do I Qualify for the Colorado Plastic Recycling Investment Tax Credit?

Do I Qualify for the Colorado Plastic Recycling Investment Tax Credit?

Article ID: 33700 Email Print
Question
Do I Qualify fot the Colorado Plastic Recycling Investment Tax Credit?

Answer

GENERAL INFORMATION

The plastic recycling investment tax credit is equal to 20% of the first $10,000 of net expenditures to third parties for rent, wages, supplies, consumable tools, equipment, test inventory and utilities made for new plastic recycling technology in Colorado. The credit is available to Colorado resident individuals only. [§39-22-114.5, C.R.S.]

The maximum credit that can be claimed on Colorado Form 104 in any tax year is limited to the net tax liability. Any credit in excess of this amount may be carried forward for up to five years. The credit is not available to C corporations, S corporations, partnerships or other pass through entities. [§39-22-309, C.R.S. ]

CLAIMING THE CREDIT

The credit is claimed on Colorado Form 104CR. Taxpayers claiming the plastic recycling investment tax credit must attach copies of receipts, bills or other documentation of qualified expenses to the tax return when filed. If the return is filed electronically, the required documentation may be scanned and uploaded to Revenue Online using the E-Filer Attachment function, or if unable to do so, mailed separately with form DR 1778.


related articles

Article Details
Views: 881 Created on: Jun 15, 2013
Date updated: Sep 03, 2015
Posted in: STATES, Colorado

Poor Outstanding