CO HB1317

Eliminates the senior property tax exemption (reduces maximum exemption to $0) effective January 1, 2020, while preserving the disabled veterans exemption.

Creates a refundable income tax credit for qualifying seniors (age 65+, income ≤$65,000 adjusted for inflation) available for 10 tax years starting January 1, 2020, with a maximum credit of $700 (adjusted for inflation) for those with income ≤$12,000.

Credit amount decreases by approximately $50 (adjusted for inflation) per income grouping above the base income amount, with excess credit amount over taxes due refunded to the senior.

Establishes the credit stabilization cash fund to balance annual transfers between the general fund and the credit fund based on whether actual credits exceed or fall short of projected backfill amounts for the eliminated exemption.

Allows qualifying seniors to deduct refundable credit portions from taxable income for tax years 2021-2030 to prevent double taxation when credits are paid as refunds.