Community Digest Forest Management » Tax breaks for Wildfire Mitigation

Tax breaks for Wildfire Mitigation

Posted on: November 10th, 2023
Income Tax Topics: Wildfire Mitigation Measures 1 Revised December 2022 Colorado allows an income tax subtraction for wildfire mitigation measures performed on property located in Colorado. For tax years 2023 through 2025, an income tax credit is also allowed for performing wildlife mitigation measures. Both the subtraction and the credit are allowed to qualifying taxpayers who incur actual outof-pocket expenses for wildfire mitigation measures on their property. A taxpayer who meets all applicable requirements may claim both the subtraction and the credit for the costs they incur in performing wildfire mitigation measures.
https://tax.colorado.gov/sites/tax/files/documents/ITT_Wildfire_Mitigation_Measures_Dec_2022.pdf
 
From Kris Gibson