NOTE: The governor signed this measure on 3/14/2014.
      
      
      HOUSE BILL 14-1074
      
      
      BY REPRESENTATIVE(S) Court and DelGrosso, Becker, Fields, Gerou,
      Hamner, Hullinghorst, Kraft-Tharp, Labuda, Melton, Pabon, Pettersen,
      Schafer, Tyler, Williams, Young, Ferrandino, Rosenthal, Ryden, Vigil;
      also SENATOR(S) Johnston, Kefalas.
      
      
      Concerning payments that a nonprofit owner of a tax-exempt
           property may receive for reasonable expenses incurred
           without affecting the tax-exempt status of the property.
      
      
      Be it enacted by the General Assembly of the State of Colorado:
      
           SECTION 1.  In Colorado Revised Statutes, 39-3-116, amend (2)
      (c) as follows:
      
           39-3-116.  Combination use of property - charitable, religious,
      and educational purposes - exemption - limitations. (2)  In the event that
      such property is used by any person or organization other than the owner:
      
           (c)  The amount received by the owner for the use of such property
      specified in sections 39-3-107 to 39-3-113.5, other than from any
      shareholder or member of the owner or from any person or organization
      controlled by an organization which also controls such shareholder or
      member, shall must not exceed one dollar per year plus an equitable
      portion of the reasonable expenses incurred in the operation and
      maintenance of the property so used. For purposes of this paragraph (c),
      reasonable expenses shall include interest expenses, depreciation,
      long-term maintenance expenses allowed in accordance with
      generally accepted accounting principles, capital expenses
      dedicated to refurbishing the property, and expenses incurred to
      allow the property to conserve energy, water, or other natural
      resources, but shall do not include depreciation or any amount expended
      to reduce debt.
      
           SECTION 2.  Applicability. This act applies to property tax years
      commencing on or after January 1, 2014.
      
           SECTION 3.  Safety clause. The general assembly hereby finds,
      determines, and declares that this act is necessary for the immediate
      preservation of the public peace, health, and safety.
      
      
      
      
      ________________________________________________________
      Mark Ferrandino                        Morgan Carroll
      SPEAKER OF THE HOUSE                     PRESIDENT OF
      OF REPRESENTATIVES                         THE SENATE
      
      
      
      
      
      
      ____________________________  ____________________________
      Marilyn Eddins                      Cindi L. Markwell
      CHIEF CLERK OF THE HOUSE                 SECRETARY OF
      OF REPRESENTATIVES                         THE SENATE
      
      
      
      
                  APPROVED________________________________________
      
      
      
      
      
                                    _________________________________________
                                    John W. Hickenlooper
                                    GOVERNOR OF THE STATE OF COLORADO