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CO HB1016
Bill
Status
Introduced
1/9/2023
Primary Sponsor
Shannon Bird
Click for details
AI Summary
- Creates a $700 income tax credit for qualifying public service retirees for tax years 2023 and 2024 only
- Eligible individuals must be at least 55 years old and be retirees of Colorado public pension plans administered by the state or local governments
- Credit amount exceeding income taxes owed is refunded to the retiree
- Legislative findings cite rising inflation rates and inadequate cost-of-living adjustments in public pension plans as justification for the tax relief
- Statute automatically repeals on December 31, 2034; act takes effect 90 days after final adjournment unless subject to voter referendum in November 2024
Legislative Description
Temp Tax Credit For Public Service Retirees
State Government
Last Action
House Committee on Appropriations Lay Over Unamended - Amendment(s) Failed
5/11/2023
Committee Referrals
Appropriations1/30/2023
Finance1/9/2023
Full Bill Text
No bill text available