CO HB1079

Creates a private school tuition income tax credit for tax years beginning January 1, 2024, allowing taxpayers to claim credits for enrolling qualified children in private schools or providing scholarships, with credit amounts capped at 60% of prior year state average per pupil revenues for full-time attendance or 30% for half-time attendance.

Establishes an income tax credit for home-based education equal to 40% of prior year state average per pupil revenues for full-time public school prior enrollment or 20% for half-time prior enrollment, available for tax years beginning January 1, 2024.

Allows both credits to be carried forward for up to 3 years but not refunded, and permits taxpayers to transfer credits to other taxpayers subject to specific limitations and reporting requirements.

Requires private schools to issue credit certificates by December 15 each year and provide the Department of Revenue with electronic reports containing taxpayer names, account numbers, and social security numbers.

Takes effect 90 days after legislative adjournment, subject to referendum petition filing; if challenged, the act requires voter approval at the November 2024 general election to become effective.