Colorado § 24-36-402 - Definitions.
Full text of Colorado Colorado Revised Statutes § 24-36-402 — Definitions., with citation guidance and answers to common questions.
§ 24-36-402. Definitions.
As used in this part 4, unless the context otherwise requires:
(1) "Department" means the department of the treasury.
(2) "Division of insurance" means the division of insurance in the department of regulatory agencies created in section 10-1-103.
(3) "Premium tax liability" means the liability imposed by section 10-3-209 or 10-6-128, or, in the case of a repeal or reduction by the state of the liability imposed by section 10-3-209 or 10-6-128, any other tax liability imposed upon an insurance company by the state.
(4) (a) "Qualified taxpayer" means:
(I) An insurance company authorized to do business in Colorado that has premium tax liability owing to the state and that purchases a tax credit under this part 4; or
(II) An entity, other than an insurance company, authorized to do business in Colorado that contracts with the department to purchase a tax credit that remains unsold following the application process for insurance companies conducted by the department pursuant to section 24-36-403.
(b) "Qualified taxpayer" also includes an insurance company that receives or assumes a tax credit transferred in accordance with section 24-36-403 (7)(e) or 24-36-404 (5).
(5) "Tax credit" means the tax credit created in section 24-36-403.
(6) "Tax credit sale proceeds" or "sale proceeds" means the money or other liquid asset acceptable to the state treasurer that a qualified taxpayer pays to the department that is deposited as specified in section 24-36-406.
Source: L. 2025, 1st Ex. Sess.: Entire part added, (HB 25B-1004), ch. 8, p. 26, § 1, effective August 28; (6) amended, (HB 25B-1006), ch. 10, p. 48, § 7, effective August 29. L. 2026: (4) amended, (HB 26-1346), ch. 274, p. 1545, § 1, effective June 1.
Editor's note: Section 17(2) of chapter 10 (HB 25B-1006), Session Laws of Colorado 2025, First Extraordinary Session, provides that the act changing subsection (6) takes effect only if HB 25B-1004 becomes law and takes effect one day after the effective date of HB 25B-1004. HB 25B-1004 became law and took effect August 28, 2025.
Frequently Asked Questions About Colorado § 24-36-402
What does Colorado Revised Statutes § 24-36-402 cover?
Section 24-36-402 ("Definitions.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 24-36-402?
A common citation format is "Colorado Revised Statutes § 24-36-402" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 24-36-402 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.