Summary
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.