CO HB1195

Permits eligible taxpayers to claim the permanent earned income tax credit (EITC) beginning with the 2015 income tax year instead of waiting for the EITC refund mechanism trigger.

Repeals the EITC refund mechanism that previously required excess state revenues above a specified threshold to trigger the credit.

Makes conforming amendments to Colorado Revised Statutes section 39-22-627 to reflect the repeal of the EITC refund mechanism and eliminate references to the trigger provision.

Removes legislative declarations that the EITC credit was a mechanism to refund excess state revenues as required by the state constitution and that the credit had not been in effect since 2001.

Takes effect July 1, 2015.