CO HB1314

Allows individual taxpayers to claim a 25% income tax credit for contributions of money, securities, or property to eligible endowment or institutional funds, effective for tax years 2015-2017.

Eligible funds must belong to Colorado charitable organizations (501(c)(3) tax-exempt entities) and be managed under the Uniform Prudent Management of Institutional Funds Act; excludes donor-advised funds and private foundations.

Maximum credit per taxpayer per tax year is $25,000; unused credits may be carried forward for up to 5 succeeding tax years but are not refunded.

Colorado charitable organizations receiving contributions must issue credit certificates to taxpayers, who must submit the certificate with their income tax returns to claim the credit.

Taxpayers cannot claim this credit if they claim any other state income tax credit for the same contribution.