Bill to Amplify Conservation in Colorado
On Way to Governor for Signature
Will extend and expand Colorado’s Conservation Easement Tax Credit so that more working farms, ranches, wetlands, wildlife habitat are conserved
May 9, 2024 – GOLDEN – In the final day of the legislative session, the Colorado General assembly advanced a bill to extend and expand Colorado’s Conservation Easement Tax Credit to Governor Polis for his signature. Senate Bill 24-126, sponsored by Senators Faith Winter and Perry Will, and Representatives Meghan Lukens and Mike Lynch, builds upon the immense success of the tax credit program by increasing the tax credit cap by $5 million for a total of $50 million annually, which will help meet the current demand and expand the state's conservation reach. The bill also amended the tax credit program to ensure essential oversight of the program and to offset capital costs incurred by landowners who voluntarily choose to conserve their land.
“We are appreciative of the General Assembly’s continued commitment to invest in conservation for our state’s beloved lands, waters, wildlife and people,” said Amy Beatie, executive director of Keep It Colorado. “The conservation easement tax credit is one of the most critical conservation tools at our disposal and we are grateful to our sponsors for their leadership in spearheading this bill. The $5 million annual increase to the tax credit cap will help the state meet current demand, address the backlog in current projects and ensure that we miss fewer opportunities for conservation efforts across Colorado.”
”The Conservation Easement Tax Credit program is an unsung hero in our fight for a healthy, resilient, equitable and beautiful Colorado,” said Sen. Faith Winter, D-Westminster. “The bi-partisan support for SB 24-126 demonstrates once again that all Coloradans are vested in protecting biodiversity, reducing carbon emissions and supporting local economies for generations to come.”
“Colorado is a state made of special places. It always has been, and it's up to us to make sure that it always will be,” said Sen. Perry Will, R-New Castle. “I’m proud to have sponsored this bill and pleased that the program will continue to protect habitats and empower more Coloradans to preserve the land that we all call home.”
“I’m proud to join my colleagues in sponsoring this important bipartisan effort,” said Rep. Meghan Lukens, D-Steamboat Springs. “We are confident that this bill will help to spur a new era of conservation in Colorado that will provide myriad benefits to Coloradans in every corner of the state.”
“For over 20 years, hard working people around the state have generously shared the fruits of their labor for the benefit of all Coloradans. It is important that those contributions are not only rewarded but further incentivized,” said Rep. Mike Lynch, R-Wellington. “Our bill will ensure that good work can continue, and that the Colorado we know and love is conserved for generations to come.”
It should come as no surprise that SB 24-126 received broad support in both chambers, as recent polling shows that 83% of Colorado voters feel that more needs to be done to protect land, water and wildlife habitat in the state. And SB 24-126 benefits more than just the state’s conservation efforts , as a 2023 CSU Department of Agriculture and Resource Economics report indicates that Coloradans have good reason to invest in conservation. The study showed that every $1 Colorado invests in conservation yields the public between $31 and $49 in economic return. The total cumulative impact of conservation easement tax credits to Colorado taxpayers is estimated to be between $35 billion and $57 billion, or about $20,000 per acre conserved. View the infographic.
From protection of wildlife habitat, critical wetlands, urban open space, and working farms and ranches, to carbon reduction, support for biodiversity, and contributions to rural economic resiliency, SB 24-126 provides significant benefits for all Coloradans.
Keep It Colorado and the more than50 organizations and businesses that supported the legislation extend a heartfelt thank you to the sponsors of SB 24-126.
About Keep It Colorado
Keep It Colorado serves as a unified voice for conservation organizations focused on private lands conservation, and does so by bringing together land trusts, public agencies and conservation champions around a vision to create a Colorado where people, lands, waters and wildlife thrive. Keep It Colorado advocates for sound public policy; provides connection and collaboration opportunities for conservation partners; offers a forum to address emerging conservation issues and opportunities; pursues sustainable funding and programmatic tools and solutions; and works to advance a culture of conservation in Colorado. Learn more at www.keepitco.org.
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Contact:
Cody Wertz, cody@freestone-strategies.com, 303-518-2112
Gaspar Perricone, gaspar@freestone-strategies.com, 970-846-0669
