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CO SB050
Bill
AI Summary
- Creates a state income tax credit for eligible educators (as defined under federal tax code 26 U.S.C. § 62(d)(1)) for classroom supply purchases exceeding $250 but not exceeding $750
- Credit amount equals qualifying expenses above $250 up to $750, with any excess over income taxes owed refunded to the educator
- Applies to income tax years beginning January 1, 2020 through December 31, 2024
- Provision automatically repeals effective December 31, 2028
- Effective date is 90 days after final adjournment of the 2020 legislative session (August 5, 2020), subject to potential voter approval if referendum petition is filed
Legislative Description
Eligible Educator Supplies Tax Credit
Education & School Finance (Pre & K-12)
Last Action
Senate Committee on Finance Postpone Indefinitely
2/6/2020
Committee Referrals
Finance1/8/2020
Full Bill Text
No bill text available