Audit: Colorado Conservation Credit Needs Closer Review
DENVER (AP) – Colorado auditors say the state Department of Revenue does not always adequately review the purpose cited for conservation easement tax credits aimed at promoting land protection.
Auditors said in a report that tax examiners should do a better job of paying attention to what conservation purpose is associated with the tax credit, whether it’s for wildlife protection or land preservation for recreation. The report released Tuesday says that ensuring the appropriateness of an easement’s purpose “is one of the cornerstones to the tax credit.”
The Department of Revenue agreed with audit recommendations and says it is working on implementing them.
The credit has been available since 2000. As of 2009, auditors say $640 million in tax credits have been claimed covering about 925,000 acres.
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