Grand County Fire Chiefs recommend tax subtraction
December 12, 2012
GRAND COUNTY FIRE CHIEFS RECOMMEND TAX SUBTRACTION
GRANBY, COLORADO: As tax season approaches, The Grand County Fire Chiefs want make sure the Grand County taxpayers are taking advantage of the “Wildfire Mitigation Measures Subtraction” on their income taxes. You can obtain a copy of the document at colorado.gov/cs/Satellite/Revenue/REVX/1193047059436.
For income tax years 2009 through 2013, Colorado individuals, estates and trusts may subtract from federal taxable income 50% of the costs incurred in performing wildfire mitigation measures that meet the following guidelines:
ο The taxpayer must own the property and the property must be in Colorado
ο The property must be in the wildland-urban interface area
ο The measures must be authorized by a community wildfire protection plan adopted by the local government
ο The total amount of the subtraction cannot exceed $2,500 or the owner’s federal taxable income, whichever is less.
For questions or more information, please contact your certified public accountant or visit taxcolorado.com.