HB 22-1205 Summary

• Creates a refundable income tax credit for seniors aged 65 and older with federal adjusted gross income of $75,000 or less who do not qualify for the existing senior property tax exemption.

• Provides $1,000 credit for seniors with income of $25,000 or less, reduced by $10 for every $500 of income above $25,000, with full credit available to those receiving grants under Article 31 of Colorado law.

• Credit is refundable, meaning seniors receive any amount exceeding their income tax liability, and the credit does not count as income or resources for determining eligibility for public assistance or medical assistance benefits.

• Appropriates $424,445 to the Department of Revenue for the 2022-23 fiscal year to administer the credit, including personnel, IT system support, and document management services.

• Takes effect 90 days after final adjournment of the general assembly, subject to voter approval if a referendum petition is filed within that period.