Program Summary
The Community Revitalization Tax Credit (CRTC) program was established with HB24-1295, Creative Industry Community Revitalization Incentives. The CRTC program builds on the success of the previous Community Revitalization Grant (CRG) program (2021-2023). CRG grants supported 59 creative capital projects that combined creative industry workforce housing, commercial spaces, performance space, community gathering spaces, child care centers, and/or retail partnerships for the purpose of economic recovery and diversification by supporting creative sector entrepreneurs, artisans, and community non-profit organizations.
The CRTC program continues the goal of the CRG program by extending the opportunity for community revitalization incentives for the support of creative industries by creating an income tax credit for expenses incurred in completing infrastructure that supports creative industries and creative industry workers.
CRTC will provide up to $50 million in available tax credits (up to $10 million a year for tax years 2025-2029) for eligible Colorado tax payers. Eligible projects can apply for tax credits up to $3 million and up to 25% of the total eligible expenses of a project.
Business Funding and Incentives (BFI) at the Office of Economic Development and International Trade (OEDIT) will issue tax credit and run the technical assistance; CCI will manage the program.
Checkout the CRTC Virtual Info Session on YouTube
- The next CRTC virtual info session is Feb.10, 2025 from 10-11a.m.
- CRTC Office Hours will be available weekly starting Tuesday, Feb 11, 2025 from 11a.m-noon.
Overview
Type: Tax Credit
For: capital improvement projects located within creative districts, historic districts, neighborhood commercial centers, or main streets that support creative industries and their workers.
Amount: Eligible projects can apply for tax credits up to $3 million and up to 25% of the total eligible expenses of a project.
Pre-qualification application opens: February 3 and closes March 3, 2025
Program Guidelines available here
OEDIT Divisions: Colorado Creative Industries and Business Funding and Incentives
- May 2024: HB24-1295 Signed
- November 2024: Published report summarizing the use of all of the money that was awarded as grants under the CRG grant program in the preceding fiscal year.
- December 2024: Adopt and announce policies, procedures, and guidelines for the new tax credit program
- January 2025: CCI welcomes CRTC Program Manager
- February 3 to March 3, 2025: Pre-qualifying application opens to applicants
- February 10: CRTC virtual info session from 10:00 to 11:00 a.m.
- March 24 to April 21, 2025: Full Application for CRTC program opens to those who have pre-qualified.
- June 2025: Announce recipients of the tax credit for the first year of credits.
An Eligible Project is a mixed-use capital improvement project within a creative district, a historic district, or a neighborhood commercial center or a main street that involves the construction, rehabilitation, conversion, remodeling, or other improvement of one or more buildings, structures, or facilities for uses that support creative industries and creative industry workers.
This includes affordable housing and live-work spaces for such workers and creative-use performance and exhibition spaces
Eligible Applicants: businesses, corporations, and non-profits
Eligible Expenses: Reasonable and necessary expenditures in accordance with guidelines developed by the office. This Includes infrastructure, capitalized assets, tenant finishes and creative use of furniture, fixtures and equipment.
The Application Process
- Verify your eligibility. If you have questions, reach out to the program manager, nikolas.huebler@state.co.us, before you start the application.
- The questions below in the “Preliminary Application Questions” section are included in the preliminary application. We recommend that you copy and paste the questions in a Google Document or Word Document to draft your answers before submitting in the portal.
- Complete a preliminary application through the OEDIT portal. Log in to your account or create a new account. Paste answers to the narrative questions.
Preliminary Application Questions
- What is the name of the organization/entity applying for the CRTC?
- Please provide a brief project history and description; highlight how the project addresses the creative industries and/or creative sector needs within the community (250 words or less).
- Please identify project characteristics (select all that apply):
- Mixed-use project
- Project located in State Certified Creative District
- Project located in state-designated Main Street Community
- Project located in main street
- Project located in certified historic structure
- Project located in historic district
- Project located in neighborhood commercial center
- Project located in community experiencing economic hardship
- Project includes community and/or shared public space elements
- Project is adaptive reuse of historic structure
- Project is adaptive reuse of buildings not designated as historic
- Project is a new build / new construction
- Please describe the creative uses for the project (select all that apply):
- Creative/artistic space - studio / rehearsal / working space
- Creative/artistic space - performance space
- Creative/artistic space - educational space
- Creative / artistic space - gallery or retail space
- Creative / artistic space - culinary arts space
- Creative/artistic space - other space
- Administrative space for creative industries workforce
- Community creative/artistic flexible “flex” space
- None of the above
- Please select the mixed use priority areas that this project addresses in addition to creative needs (select all that apply):
- Housing units, Area Median income (AMI) 30-90%
- Housing units, Middle Income Housing AMI 80-120%
- Housing units, AMI higher than AMI 120% and/or Marking Rates
- Housing with live/work space
- Coworking
- Child care
- Community gathering space - non-arts
- Health care services
- Other
- Please select any additional project characteristics (select all that apply):
- Energy efficiency programs (renewable features such as solar, geothermal, all-electric, or EV charging stations)
- Approximate to mass transit or transportation services
- Walkable/accessible to downtown or employment centers
- Other
- Please provide a listing and description of any project partners.
- Please describe the community engagement process and how the project meets community goals and objectives. Be sure to include any involvement with local governmental agencies or other key stakeholders.
- What is the estimated timeline for project completion? (Include pre-development, planning, development, construction, permits and any other key dates)
- Please confirm that the design and engineering phases of the project have been completed. Include architect and builder information and any other pertinent processes that indicate project readiness.
- What is the total estimated project cost? Include any soft costs (feasibility studies, pre-development and design) and any infrastructure costs (dirt work, sidewalks, accessing water and waste water infrastructure).
- Please detail the total expenses and the total revenues including anticipated sources of funding. Include if funding sources are confirmed, pending (For example: grants under consideration), or intended (For example: intentions to apply for other grants, individual contributions goals, or other scenarios). Please note that the total project expenses need to equal the total anticipated sources of funding. Finally include any In kind donations and contributions (for example: Town is donating the land or water district is waiving tap fees).
- Please provide any other information relevant to the application or project.
The CRTC will be adjudicated by a review panel. Panelists will serve as advisors to the CCI Advisory Council.
The panel will review and score program applications with a standardized rubric and make recommendations to staff for approval by the CCI Advisory Council. Applicants will be notified via email, through the online grant portal, of the result of the funding recommendations after the CCI advisory Council approves the recommendations.
Proposals will be evaluated on:
- Community Engagement: 25%
- Project Impact: 25%
- Project Features: 25%
- Financial Status: 15%
- Implementation and Timeline: 10%
How is the tax credit dispersed? What if your business is operating at a loss?
Businesses operating at a loss may still be eligible for the CRTC and should complete the pre-qualification application.
Are local governments eligible?
Local governments are not eligible for the CRTC program.
Can you apply for historic and CCI tax credits for the same project?
Yes, although projects awarded either the CRTC or Historic Preservation Tax Credit are not automatically guaranteed tax credits from both programs. They are independent in statute and are managed by different divisions.
When you say this is for tax year 2025, and the State’s fiscal year (FY) is July-June, does that mean that tax year starts in July 2025? So then eligible expenses will be those happening July 2025-June 2026?
No, the State of Colorado FY is July 1-June 30, while the tax year is Jan. 1-Dec. 31.
Is this for new projects only or is it available for projects that launched in 2024?
Projects that launch prior to 2024 are eligible for the CRTC program. The tax credit will apply to eligible expenditures made in the tax year of application.
What is the eligible time period for allowable eligible expenses?
"This tax credit must be utilized within the taxable period that the approved project was placed in service."
Is building acquisition an eligible expense?
Building and land acquisition are not eligible expenses. Capital improvements and Furniture, Fixtures, and Equipment (FFE) for newly acquired buildings are eligible expenses.
Can you explain mixed-use? If we have a housing project and that’s the only element of the project, is it ineligible? What if it is a renovation of buildings to become housing on a mixed-use campus?
Eligible projects must demonstrate more than one use, and at least one use needs to have a direct public benefit. CCI will investigate the eligibility of a single use facility on a multi-use campus.
How is the application review board being assembled?
Anyone interested in serving on the CRTC or any CCI review panel may complete a review panel application on the CCI website. CCI will invite interested applicants to be on each review panel, which will make recommendations to the CCI council. Details on panelists will be published in Feb. 2025.
How do non-profits, which are not required to pay taxes benefit from a tax credit?
Colorado non-profits that are in good standing may receive tax credits by completing the DR 0990 form, which serves as a credit claim scheduled with the State of Colorado. More information at https://tax.colorado.gov/DR0990
Is a nonprofit organization able to sell the tax credits to tax paying entities?
No, the CRTC in nontransferable.
Can projects partner with local Housing Authority as the developer, and can they combine these tax credits with CHFA tax credits?
Yes, there is a limit that state funding sources for a project must not exceed 50% of project expenditure.
Are program officers available for Office Hours to talk through projects?
Yes, CCI's CRTC Program Manager will start January 6, 2025. Program office hours will be published in early January.
Program Manager
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