CO SB001

Establishes a permanent, refundable state Earned Income Tax Credit (EITC) equal to 10% of the federal EITC for eligible Colorado resident individuals, effective after the existing EITC trigger is activated in fiscal year 2013 or later.

Creates a refundable state Child Tax Credit for families with children under age 6, with credit amounts ranging from 5-30% of the federal child tax credit depending on family income and filing status (single filers capped at $75,000 AGI, joint filers capped at $85,000 AGI).

Child Tax Credit is contingent on federal "Marketplace Fairness Act of 2013" (or substantially similar act) being enacted by Congress and Colorado implementing minimum simplification requirements, with credit unavailable before tax year 2014.

Credits are refundable (excess credits over tax liability are refunded to individuals) and do not count as income or resources for determining eligibility for public assistance or medical assistance benefits.

Appropriates $60,000 from the general fund for fiscal year 2013-2014 to the Department of Revenue for contract programming services to implement the act.