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Reese Henry & Company, Inc.
Phone 970.925 3771
Fax 970.925.3979

Aspen Office
400 East Main Street
Aspen, CO 81611

Carbondale Office
0326 Hwy 133, Suite 200
Carbondale, CO 81623

The Colorado legislature has been busy!!!
Our state legislatures, as well as Gov. Ritter’s office, has been busy in the first half of 2009. The regular session of the legislature ended with several bills signed into law by the Governor. The following is a brief list of the bills enacted that have significant tax impact.

• A new state tax credit, the Colorado Innovation Investment Tax Credit, was signed into law for certain investments in qualified small businesses made during the 2010 calendar year by individuals, LLCs, partnerships, or S-corporations.

• The Colorado-source capital gain subtraction has been modified to limit the net capital gain subtraction to a maximum $100,000 for any single year for transactions occurring after 2009. Effective for transactions occurring after 2014, the expanded subtraction is repealed in total.

• The homestead property tax exemption for qualifying senior citizens is repealed for property tax year 2009. The repeal is temporary and only affects the 2009 property tax year.

• The legislature also implemented or extended a number of Colorado tax credits for:
             • Donated water rights
             • Investments in commercial vehicles
             • Investments in alternative fuel vehicles

If you are thinking of starting a new business venture, or considering expanding into new areas with your existing business, please contact us so that we can help you evaluate the potential for utilizing these credits. Remember, there are creative ways to structure businesses such that they can utilize tax incentives.

If you are considering the sale of business or investment property, please contact us to determine the advantages of selling in 2009 while the Colorado capital gain subtraction is still in effect.

As Always, Contact us BEFORE you act!!!

Reese Henry & Company, Inc.
400 East Main Street Aspen, CO 81611
970.925 3771

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