CHIPS Refundable Tax Credit Program

Note: The Economic Development Commission provides approval and oversight of this program; program requirements and definitions are subject to change, and the EDC may require additional contingencies for projects upon approval. The CHIPS Refundable Tax Credits Program was created through House Bill 23-1260 to maximize incentives available to eligible semiconductor and advanced manufacturing industries in Colorado available from fiscal year 2023-24 through fiscal year 2028-29. Taxpayers engaged in semiconductor or advanced manufacturing industries as defined in statute may apply through the Colorado Office of Economic Development and International Trade to the Economic Development Commission (EDC), who is authorized to grant conditional refundable tax credits subject to the statutory requirements of the program. The total amount of all refund certificates approved by the EDC cannot exceed $15 million per fiscal year. The total amount of all refund certificates approved by the EDC for all fiscal years from July 1, 2023, through June 30, 2029, cannot exceed $75 million. Applicants that have applied, are applying, or will apply for federal funds under the CHIPS & Science Act must demonstrate that they are engaged or will engage in a project eligible for one of these income tax credits. The tax credits are performance-based and must be earned within 12 years of EDC approval.