CO SB083

Establishes a private school tuition income tax credit effective January 1, 2019, allowing taxpayers to claim credits for enrolling qualified children in private schools or providing scholarships, with credit amounts capped at 50% of prior-year state average per pupil revenues for full-time attendance or 25% for half-time attendance.

Creates a home-based education income tax credit of $1,000 for taxpayers using home schooling for children previously enrolled full-time in public schools, and $500 for half-time prior enrollment.

Allows both credits to be carried forward for 3 years but prohibits refunds; credits may be transferred to other taxpayers subject to specific limitations and filing requirements.

Reduces the general fund appropriation to the Department of Education by $51,800,000 for the 2018-19 state fiscal year to offset tax credit costs.

Takes effect 90 days after final adjournment of the 2018 legislative session unless subject to a successful referendum petition, in which case it requires voter approval in the November 2018 general election.