Form Dr 0076 - Certification Form Of Qualified Nature Of Enterprise Zone Rehabilitation Expenditures - 2009
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4TAXPAYER SERVICE DIVISION
FYI – For Your Information
Vacant Commercial Building
Rehabilitation Credit For Enterprise
Zones
QUALIFIED REHABILITATION
The owner or tenant of a building in an
EXPENDITURES
enterprise zone that is at least 20 years
old and that has been completely vacant
“Qualified expenditures” are expenditures
for at least two years can claim a tax
associated with any exterior improve-
credit of 25 percent of the cost of rehabili-
ments, structural improvements, me-
tating such building for commercial use.
chanical improvements, or electrical
The credit is limited to $50,000 per
improvements necessary to rehabilitate a
building. [§39-30-105.6, C.R.S.]
building for commercial use.
This tax credit is intended to encourage
Qualified expenditures include but shall
building owners and tenants in Enter-
not be limited to: expenditures associated
prise Zones to put these buildings back
with demolition, carpentry, sheetrock,
into use. A taxpayer must submit the DR
plaster, painting, ceilings, fixtures, doors,
0076 certification from the Enterprise
windows, sprinkler systems installed for
Zone administrator and documentation of
fire protection purposes, roofing and
the qualified expenditure. However, any
flashing, exterior repair, cleaning,
taxpayer who claims the Historic Preser-
tuckpointing, and cleanup.
vation Credit or is allowed a credit for
Qualified expenditures do not include:
costs incurred in the rehabilitation of
expenditures commonly referred to as soft
property through the provisions of section
costs, which include but are not limited to
38 of the Internal Revenue Code of 1986,
costs associated with appraisals; architec-
as amended, shall not be allowed to claim
tural, engineering, and interior design
the tax credit for rehabilitation of vacant
fees; legal, accounting, and realtor fees;
buildings in an Enterprise Zone. (The
loan fees; sales and marketing; closing;
taxpayer is allowed to claim the enter-
building permit, use and inspection fees;
prise zone investment tax credit for such
bids; insurance; project signs and phones;
rehabilitation.)
Colorado Department
temporary power; bid bonds; copying; and
of Revenue
If the amount of the credit exceeds the
rent loss during construction. Qualified
Taxpayer Service Division
amount of income taxes owed by the
expenditures also do not include: costs
1375 Sherman St.
Denver, Colorado 80261
taxpayer, the remaining credit which is
associated with acquisition; interior
not claimed in a tax year may be carried
Forms and other services:
furnishings; new additions except as may
(303) 238-FAST (3278)
forward up to five years. The credit must
be required to comply with building and
Assistance:
be applied to the earliest income tax year
(303) 238-SERV (7378)
safety codes; total demolition followed by
possible.
new construction; excavation; grading;
paving; landscaping; and repairs to out-
buildings. [§39-20-105.6 (4), C.R.S.].
PAGE 1 OF 4
INCOME 24 (02/09)
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