Colorado § 39-22-630 - Charitable contributions made through qualified intermediaries - eligibility for income tax credits maintained - definitions.

§ 39-22-630. Charitable contributions made through qualified intermediaries - eligibility for income tax credits maintained - definitions.

(1) For income tax years commencing on or after January 1, 2024, a taxpayer may claim a credit for making a contribution to a qualified intermediary to the same extent that the taxpayer could claim a credit for making the contribution directly to a recipient organization so long as the recipient organization is approved or certified, to the extent required and in accordance with the process required by the law authorizing the credit, as meeting the criteria required to receive such a direct contribution. Nothing in this subsection (1) modifies or eliminates any obligation of a recipient organization, as set forth in a state law, rule, or agency guideline, to issue tax credit certificates, collect information from donors, provide information to the department of revenue or any other state agency, or take any other action necessary for the proper administration of a credit.

(2) As used in this section:

(a) "Credit" means any credit against the taxes imposed pursuant to this article 22 or article 30 of this title 39 that is authorized by law.

(b) "Qualified intermediary" means an organization that has attained tax exempt status under section 501 (c)(3) of the internal revenue code if the organization is obligated, except when exercising variance power as required or authorized by law or federal regulations, to disburse contributions received from a taxpayer to a recipient organization as directed by the taxpayer.

(c) "Recipient organization" means an organization that has attained tax exempt status under section 501 (c)(3) of the internal revenue code and includes any program or project of the organization to which a taxpayer may make a contribution for which the taxpayer may claim a credit.

Source: L. 2024: Entire section added, (SB 24-016), ch. 476, p. 3338, § 2, effective August 7.

SUBPART 2

REPORTABLE TRANSACTIONS

Cross references: For the legislative declaration contained in the 2009 act adding this subpart 2, see section 1 of chapter 75, Session Laws of Colorado 2009.