HB13-1094: Income Tax Credit for School-Related Expenditures

• Creates an income tax credit for tax years beginning January 1, 2013, allowing parents or guardians of dependent children to claim 25% of school fees and supplies expenses, capped at $500 per year.

• Defines "qualified child" as a dependent enrolled in public or private school in Colorado or home-schooled in the state, and specifies eligible school supplies including backpacks, calculators, computers, notebooks, pencils, textbooks, and items requested by schools.

• Allows unused credits to be carried forward for up to 3 years but prohibits refunding any remaining balance after the 3-year carry-forward period expires.

• Takes effect 90 days after final adjournment of the general assembly (August 7, 2013, if sine die is May 8, 2013), subject to referendum petition provisions requiring voter approval at the November 2014 general election.