2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › OTHER AGENCIES (§§ 24-40-101 — 24-49.9-102) › Article 48.5 - OFFICE OF ECONOMIC DEVELOPMENT (§§ 24-48.5-101 — 24-48.5-706) › Part 6 - COLORADO LOANS FOR INCREASING MAIN STREET BUSINESS ECONOMIC RESILIENCY ACT (§§ 24-48.5-601 — 24-48.5-609) › Section 24-48.5-603 - [Effective 9/1/2024] 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.
Renumbered from C.R.S. §
24-36-203
and amended by 2024 Ch. 355,§ 1, eff. 9/1/2024.
Amended by 2023 Ch. 250,§ 1, eff. 8/7/2023.
Amended by 2022 Ch. 374, § 1, eff. 6/3/2022.
Amended by 2020EX1 Ch. 5, § 2, eff. 12/7/2020.
Added by 2020 Ch. 121, § 1, eff. 6/23/2020.
L. 2020: Entire part added, (HB 20-1413), ch. 506, p. 506, § 1, effective June 23. L. 2020, 1st Ex. Sess.: (10) amended, (HB 20B-1006), ch. 5, p. 32, § 2, effective December 7.
2023 Ch. 250, was passed without a safety clause. See Colo. Const. art. V, § 1(3).