HB 17-1002 Summary

• Extends Colorado's child care expenses income tax credit for low-income working families with federal adjusted gross income of $25,000 or less who can claim the credit regardless of their federal child care expenses credit amount.

• Credit availability depends on General Fund surplus: if June 2017 revenue estimate shows surplus of $2.9 million or greater for fiscal year 2016-17, credit applies to tax years 2017-2019; otherwise applies to tax years 2018-2020.

• Revenue reduction from the credit for tax years beginning January 1, 2017 through December 31, 2017 is excluded from the General Fund surplus calculation used to determine eligibility timing.

• Extends the repeal date of this tax credit provision from January 1, 2018 to January 1, 2022.

• Act takes effect August 9, 2017, unless a referendum petition is filed, in which case it requires voter approval at the November 2018 general election.