Colorado Outrage 2

Remember yesterday we talked with Colorado farmer Julie Gentz about a program in which the state offered a conservation easement whereby If a landowner had a piece of property which could be turned into a housing development, a mine operation or a wildlife habitat, that landowner could place an easement or restriction of the use on that land forever, and in exchange the state of Colorado would give the landowner dollar for dollar tax credits. “They came back several years later and said we did allow you tax credits but now we have decided that the appraisers we licensed are no longer providing valid appraisals. We are going to say that there are appraisals are no good, we are going to say that you owe us 100% of the tax credits back plus we are going to charge you penalties and interest and by the way, if you sold those tax credits to a third-party, there is a good chance the third-party will find it necessary to sue you will as well because you have sold them something that years later has been found to have no value based on our disqualification of your appraiser. So what's at issue is that the state went back years later,disqualified appraisers that they had originally approved, then, even worse, in 2008 and 2011, they passed legislation that the Department of revenue and took and applied retroactively. It says in this little press release you owe $700,000, correct? Yes. The tax credits penalties and interest is $700,000. That's an outrage. Thank you.