2023 Colorado Revised Statutes › Title 39 - TAXATION (§§ 39-1-101 — 39-37-301) › SPECIFIC TAXES (§§ 39-20-101 — 39-37-301) › AVIATION DEVELOPMENT ZONE ACT (§§ 39-35-101 — 39-37-301) › Article 35 - AVIATION DEVELOPMENT ZONE ACT (§§ 39-35-101 — 39-35-106) › Section 39-35-105 - Reporting requirements

(1)
Any aircraft manufacturer that claims a new employee income tax credit pursuant to section
39-35-104
shall file an annual progress report with the office and the department of revenue within ninety days of the end of the manufacturer's income tax year.
(2)
The annual progress report shall include, but shall not be limited to, the following:
(a)
(I)
If the aircraft manufacturer is a corporation, the corporate name of the aircraft manufacturer and the name of the chief officer of the aircraft manufacturer; or
(II)
If the aircraft manufacturer is one or more individuals doing business as a partnership or other pass-through entity under a distinct business name, the business name used by the partnership or other pass-through entity.
(b)
The business address and phone number of the aircraft manufacturer;
(c)
A statement of the number of new employees for which the aircraft manufacturer claimed an income tax credit pursuant to section
39-35-104
and the total amount of the income tax credit claimed for the income tax year for which the report is prepared;
(d)
Payroll or other data to verify the number of full-time employees employed by the aircraft manufacturer during the income tax year in which the aircraft manufacturer claimed an income tax credit pursuant to section
39-35-104
and data to verify the number of full-time employees employed by the aircraft manufacturer for the two income tax years immediately preceding such income tax year;
(e)
The average annual compensation level, including benefits, of the full-time employees employed by the aircraft manufacturer;
(f)
A statement of the total number of new employees retained during the income tax year for which the report is prepared if the aircraft manufacturer claimed an income tax credit pursuant to section
39-35-104
for the prior income tax year;
(g)
A statement as to whether the aircraft manufacturer reduced employment at any other site in the state that is controlled by the aircraft manufacturer as a result of automation, merger, acquisition, corporate restructuring, or other business activity; and
(h)
Any other information reasonably required by the office or the department of revenue to evaluate the progress and effectiveness of the incentives allowed to aircraft manufacturers pursuant to section
39-35-104
.
(3)
An annual progress report submitted to the office and the department of revenue shall include a signed certification as to the accuracy of the report by the chief officer of the aircraft manufacturer.
(4)
The office shall include the annual progress reports submitted to the office pursuant to this section in an annual report to the general assembly.
(5)
The department of revenue may review the annual progress reports submitted pursuant to this section and, on the basis of any information contained in such reports, conduct an audit of the taxpayer pursuant to section
24-35-108(1)(c)
, C.R.S.
(6)
The information submitted in the annual progress report to the office and the department of revenue shall be considered public records as defined in section
24-72-202(6)
, C.R.S., and shall be preserved for at least five years by the office. The office shall be the custodian of the reports and shall make the reports available for inspection by any person at reasonable times. Nothing in this subsection (6) shall be construed to permit the disclosure to the public of any Colorado income tax return or of any information that reveals the amount of compensation paid to any individual employee.
L. 2005: Entire article added, p. 1492, § 1, effective August 8.