Tax Credit for Commercial Building Conversion

March 13, 2024



The bill would create a new refundable tax credit beginning in January 2026 to help cover certain costs related to the conversion of a commercial structure to a residential structure, including costs related to elevator modifications, window modifications, utility upgrades, plumbing modifications, and facade changes. The credit is capped at $3 million for any one project and $5 million during any calendar year. Amounts over the cap would rollover to the next calendar year. The Colorado Office of Economic Development and International Trade would oversee the program and vet applicants based on criteria including a project's access to public transportation, the geographic diversity of applicants and whether a project is receiving other incentives.

Legislative Updates

  • 2024-02-29
    House Committee on Finance Refer Amended to Appropriations
  • 2024-01-29 / Introduced
    Introduced In Senate - Assigned to Finance

This content is updated every Thursday, but is not a comprehensive list of updates. If you have questions regarding a specific piece of legislation, please contact DGS partner, Sarah Kellner.

About Davis Graham & Stubbs LLP

Davis Graham & Stubbs LLP, one of the Rocky Mountain region’s preeminent law firms, serves clients nationally and internationally, with a strong focus on corporate finance and governance, mergers and acquisitions, natural resources, environmental law, real estate, and complex litigation. Our lawyers have extensive experience working with companies in the energy, mining, technology, hospitality, private equity, manufacturing, asset management, and aviation industries. As the exclusive member firm in Colorado for Lex Mundi, the world’s leading network of independent law firms, DGS has access to in-depth experience in 100+ countries worldwide.