HB 14-1072 Summary

• Creates a child care expenses tax credit for Colorado resident individuals with federal adjusted gross income of $25,000 or less for tax years 2014-2016.

• Credit equals 25% of child care expenses, with maximum of $500 for one dependent or $1,000 for two or more dependents under age 13.

• Allows credit to be refunded to individuals if the credit amount exceeds their income tax liability, making it accessible to those with minimal tax obligations.

• Requires taxpayer identification information for child care providers to be included on tax returns, with exception for due diligence efforts.

• Appropriates $61,381 and 0.6 FTE to the Department of Revenue for fiscal year 2014-2015 to implement the credit.