CO HB1047

Increases the Colorado state income tax deduction for qualified tuition program contributions from $30,000 to $40,000 for married taxpayers filing jointly, applicable to tax years beginning January 1, 2022 and later.

Maintains the $20,000 deduction limit for individual taxpayers filing single returns.

Applies to payments made to Colorado's collegeinvest program, state-affiliated qualified tuition programs under Internal Revenue Code Section 529, and qualified ABLE programs (through January 1, 2026).

Authorizes collegeinvest to treat beneficiary changes as non-qualifying distributions if made to circumvent the deduction limits.

Takes effect 90 days after final adjournment of the general assembly, or on the date of official vote declaration if subject to a referendum petition approved by voters at the November 2024 general election.