CO SB045

Creates a private school tuition income tax credit for tax years beginning January 1, 2016, allowing taxpayers to claim credits when enrolling dependent children in private schools or providing scholarships to qualified children.

Full-time private school attendance generates a credit equal to the lesser of tuition paid, scholarship provided, or 50% of the previous year's state average per pupil revenues; half-time attendance generates a credit equal to the lesser of tuition paid, scholarship provided, or 25% of state average per pupil revenues.

Establishes a home-based education tax credit providing $1,000 for taxpayers who switch full-time public school students to home education and $500 for half-time public school students, available for tax years beginning January 1, 2016.

Both credits may be carried forward for 3 years but are not refundable; unused credits remaining after the 3-year period may be refunded or credited to the taxpayer.

Requires private schools to issue credit certificates to eligible taxpayers and report issued certificates to the Department of Revenue by December 15 each year; grants the Department rulemaking authority.