CO SB039

Establishes private school tuition income tax credit for tax years beginning January 1, 2018, allowing taxpayers to claim credits when enrolling dependent children in private schools or providing scholarships to qualified children.

Credit amounts equal the lesser of: tuition/scholarship paid or 50% of prior year state average per pupil revenues for full-time students, and 25% for half-time students.

Establishes home-based education income tax credit of $1,000 for full-time homeschooled children (previously in public school) and $500 for half-time, beginning January 1, 2018.

Both credits may be carried forward for 3 years but are not refundable; credits may be transferred to other taxpayers subject to specific limitations and reporting requirements.

Reduces the general fund appropriation to the Department of Education for districts' total program funding by $50,000,000 for the 2017-18 fiscal year.