CO HB1080

Establishes a private school tuition income tax credit beginning January 1, 2021, allowing taxpayers to claim credits when enrolling qualified children in private schools or providing scholarships, capped at 50% of prior year state average per pupil revenues for full-time attendance or 25% for half-time attendance

Establishes a home-based education income tax credit beginning January 1, 2021, providing $1,000 for taxpayers whose qualified children were previously in full-time public school or $500 for those previously in half-time public school

Both credits may be carried forward for 3 years but are not refundable; taxpayers may transfer unused credits to other taxpayers subject to specified limitations including written statements and verification requirements

Credits apply only to dependent children who were enrolled in Colorado public schools in the prior year or were not yet school-age, excluding children already in private schools or home-based education as of the effective date

Private schools must issue credit certificates to eligible taxpayers upon application and report all issued certificates to the Department of Revenue by December 15 each year