The act extends the conservation easement oversight commission (commission) and the certified holder program indefinitely. The act replaces a nonvoting member of the commission who represents the great outdoors Colorado trust fund (GOCO) with a voting member who represents GOCO and who is appointed by and serves at the pleasure of the executive director of GOCO. The act also adds a voting member appointed by the governor who meets the definition of "socially disadvantaged farmer or rancher" as defined in federal law. A conservation easement tax credit (credit) is not available for income tax years commencing after December 31, 2031, except for credits created on or before December 31, 2031, and subsequently transferred or carried over as a credit in other tax years. The cap for the total value of credits that may be claimed by and credited to donors of a conservation easement (easement) in one calendar year is increased from $45 million to $50 million starting in calendar year 2025. Credits filed after the cap is reached are placed in a priority system of allocation based on the date the application for the credit was filed, the completeness of the application, and whether the application is approved. Earlier filed credits take precedence over later filed credits. Credits for easements donated in a prior year are eligible for tax credit certificates in subsequent years in order of application. The act provides that for conservation easements donated on or after January 1, 2027, a taxpayer may claim 80% of the fair market value of the donated portion of the easement. Credits may be issued in increments of no more than $1.5 million per year. The total aggregate amount of the credit that may be refunded to the owners, partners, and shareholders of an entity donating an easement may not exceed $200,000 for income tax years beginning on or after January 1, 2027. On and after January 1, 2027, the act eliminates the requirement that to claim the credit, the state controller must certify that the amount of state revenues for the fiscal year ending in the income tax year for which the refund is claimed exceeds the limitation on state fiscal year spending for that fiscal year. The act allows an easement granted on or after January 1, 2025, to include a provision that, subject to specified requirements, allows the holder to approve expanded wind or solar energy facilities that are compatible with and do not impair conservation values. For the 2024-25 state fiscal year, $12,925 is appropriated from the conservation cash fund to the department of regulatory agencies for use by the division of conservation. APPROVED by Governor May 20, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)