Colorado § 24-48.5-603 - Definitions.

§ 24-48.5-603. Definitions.

As used in this part 6, unless the context otherwise requires:

(1) "Colorado credit reserve" means the Colorado credit reserve program described in section 24-46-104 (1)(n).

(2) "Contract" means a contract entered into by the office of economic development in accordance with section 24-48.5-605 (1).

(3) "Department" means the department of the treasury.

(4) "Eligible borrower" means a business that, as determined by the oversight board:

(a) Has its principal place of business in the state;

(b) Has at least one but fewer than one hundred employees;

(c) Can demonstrate that it had at least one year of positive cash flow as determined by the oversight board; and

(d) Can demonstrate that it has a current debt-service coverage ratio of at least one-to-one or a higher level as determined by the oversight board.

(5) "Loan program" means the small business recovery and resiliency loan program established in accordance with section 24-48.5-605.

(6) "Loan program manager" means an entity the office of economic development contracts with to establish and administer the loan program in accordance with section 24-48.5-605 (2).

(7) "Office" means the Colorado office of economic development created in section 24-48.5-101.

(8) "Oversight board" means the small business recovery and resiliency loan program oversight board created in section 24-48.5-604.

(9) "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.

(10) "Qualified taxpayer" means 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 6. "Qualified taxpayer" also includes an insurance company that receives or assumes a tax credit transferred in accordance with section 24-48.5-606 (7)(e) or 24-48.5-607 (6), or that receives or assumes a tax credit as an affiliate of a qualified taxpayer or transferee. For purposes of this part 6, "affiliate" has the same meaning as set forth in section 10-3-801 (1).

(11) "Small business recovery and resiliency fund" or "fund" means the small business recovery and resiliency fund established in section 24-48.5-608.

(12) "Small business recovery tax credit" or "tax credit" means the tax credit created in section 24-48.5-606.

(13) "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 and that is deposited in the small business recovery and resiliency fund.

Source: L. 2024: Entire part added with relocations, (HB 24-1453), ch. 355, p. 2416, § 1, effective September 1.

Editor's note: This section is similar to former § 24-36-203 as it existed prior to 2024.