HB 16-1297 Summary

• Reduces the minimum annual contribution threshold for voluntary contributions on Colorado income tax returns from $75,000 to $50,000, allowing funds that fell below the previous threshold to continue appearing on tax forms.

• Increases the maximum number of voluntary contributions permitted on the income tax return form from 15 to 20 lines.

• Immediately reestablishes six voluntary contribution funds on the 2016 tax year form: Colorado Healthy Rivers Fund, Alzheimer's Association Fund, Colorado Multiple Sclerosis Fund, Colorado Cancer Fund, Make-A-Wish Foundation of Colorado Fund, and Unwanted Horse Fund.

• Extends the repeal dates for all six funds to January 1, 2022, unless the general assembly continues or reestablishes them by bill prior to that date.

• Standardizes the effective dates and procedures for voluntary contribution designation on income tax returns to align with the changes made by this bill.