The Colorado legislature is considering a bill that would impose a cap on the aggregate amount of state income tax credits available annually to taxpayers for the donation of a conservation easement.  Currently, Section 39-22-522(2.5), C.R.S., provides that the Colorado Division of Real Estate may not issue state income tax credit certificates for conservation easement donations that exceed $22 million in each of the calendar years 2011 and 2012 and $34 million in the calendar year 2013.  Introduced on January 31, 2013, House Bill 13-1183 provides for an extension of the aggregate calendar-year income tax credit cap, limiting the total income tax credits that may be claimed by all taxpayers to $45 million in the calendar year 2014 and in each calendar year thereafter.  While the cap amount has been increased from the amount provided for in the prior calendar years 2011, 2012 and 2013, the legislation does not provide for any increase in the cap amount on a going forward basis—the calendar-year cap will remain at $45 million unless Section 39-22-522(2.5), C.R.S., is further amended by the legislature in the future.  If a cap is reached in any given calendar year, any additional income tax credit certificate applications received by the Division for the applicable year will be placed on a wait list for consideration the next available calendar year for which the Division has not issued income tax credit certificates in excess of the cap for such year.  Currently, there is no limit on the dollar amount of income tax credit certificate applications that may be waitlisted.  However, this bill introduces a $15 million wait list cap in any given calendar year.  Because the calendar year 2012 cap was reached, certain income tax credit certificate applications received by the Division in 2012 were waitlisted to the calendar year 2013, and, as of March 22, 2013, the Division has issued a total of $5,439,729 in income tax credit certificates for conservation easement donations.  Because income tax credit certificate applications are considered by the Division in the order received, it is advantageous for taxpayers to apply for such certificates sooner rather than later in the applicable calendar year if possible.  This bill passed on third reading on March 18, 2013 by vote of 51 to 13, and has been introduced in the Senate and assigned to the Senate Finance Committee.