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ProSeries Frequently Asked Questions

Colorado Individual Enterprise Zone Credit Limitation May Be Incorrect

Products Affected:

• ProSeries/Colorado Individual
• ProSeries Express/Colorado Individual
• ProSeries Basic/Colorado Individual

Situation

When a Colorado return has a tax liability of more than $5,000 and an Enterprise Zone Credit of more than $5,000 but less than the tax liability, the Enterprise Zone Credit is not limited to the correct amount.

Workaround

1. Override Form 104, Individual Income Tax Return, line 22 with the correct amount of the credit.
2. On Form 104CR, Individual Credit Schedule, Credits to be carried forward to 2007, enter any unused credit.

For more information see FYI 11 (Enterprise Zone Investment Tax Credit), on the Colorado Department of Revenue Web site.

This situation has been reported to our development team.

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