Taxpayers may claim a credit of 12% of the federal prior year minimum tax credit actually claimed on the current year federal income tax return (total of lines 25 and 27, 2012 federal Form 8801). The credit is limited to the net tax liability due (Colorado normal tax plus AMT). Any excess credit cannot be carried forward to another tax year [§39-22-105(3), C.R.S.]
Part-year residents and nonresidents must apportion the credit in the ratio of the prior-year Colorado-source MFAMTI to the prior year’s total MFAMTI. For example, if a nonresident's 2007 MFAMTI was 30% Colorado source, the 2008 credit would be 30% of 12% of the 2008 federal minimum tax credit.