§ 24-36-201. Short Title
The short title of this part 2 is the “Colorado Loans for Increasing Main Street Business Economic Recovery Act” or “CLIMBER Act”. Source: L. 2020: Entire part added, (HB 20-1413), ch. 121, p. 503, § 1, effective June 23.
§ 24-36-202. Legislative Declaration
The general assembly hereby finds and declares that: There are nearly one hundred forty thousand small businesses with employees in Colorado; Small businesses in Colorado make up a disproportionately larger share of the economy of the state compared to the United States as a whole; Small businesses collectively employed over one million Coloradans before the […]
§ 24-36-203. Definitions
As used in this part 2, unless the context otherwise requires: “Colorado credit reserve” means the Colorado credit reserve program described in section 24-46-104 (1)(n). “Contract” means a contract entered into by the state treasurer in accordance with section 24-36-205 (1). “Department” means the department of the treasury. “Eligible borrower” means a business that, as […]
§ 24-36-204. Small Business Recovery Loan Program Oversight Board – Creation – Report – Repeal
The small business recovery loan program oversight board is hereby created in the department to help establish and oversee the terms and conditions of a contract or contracts through which the treasurer may provide first loss capital to a loan program or the Colorado credit reserve. This section does not prohibit a loan program manager […]
§ 24-36-205. Small Business Recovery Loan Program – Creation – Requirements – Oversight
The state treasurer is authorized to enter into a contract or contracts to establish a small business recovery loan program in accordance with this part 2. The purpose of the loan program is to support the state’s recovery from the economic crisis caused by COVID-19 through leveraging private investment to support Colorado small businesses recovering […]
§ 24-36-206. Small Business Recovery Tax Credits – Authorization to Issue – Terms – Report
A qualified taxpayer may purchase small business recovery tax credits from the department in accordance with this section and may apply the tax credits against its premium tax liability in accordance with section 24-36-207. The department is authorized to issue tax credit certificates to qualified taxpayers equal to the lesser of a total face value […]
§ 24-36-207. Use of Small Business Recovery Tax Credits – Carry Over
For a tax credit certificate issued in fiscal year 2020-21: The qualified taxpayer may claim up to fifty percent of the credit against premium tax liability incurred for a taxable year that begins on or after January 1, 2025; except that a taxpayer may not reduce its estimated tax payments in proportion to such credit […]
§ 24-36-208. Small Business Recovery Fund – Repeal
The small business recovery fund is hereby created in the state treasury. The fund consists of: Tax credit sale proceeds received from qualified taxpayers and deposited in the fund pursuant to section 24-36-205; Distributions, revenue, or money returned to the state from a loan program established pursuant to section 24-36-205 and deposited in the fund; […]
§ 24-36-209. Office of Economic Development
The office of economic development shall assist the state treasurer and the department in implementing this part 2. Source: L. 2020: Entire part added, (HB 20-1413), ch. 121, p. 518, § 1, effective June 23.
§ 24-36-210. Repeal of Part
This part 2 is repealed, effective December 31, 2033. Source: L. 2020: Entire part added, (HB 20-1413), ch. 121, p. 518, § 1, effective June 23.