CO SB030

Creates a refundable state income tax credit for Colorado kindergarten through twelfth grade teachers and classroom paraprofessionals for classroom expenses beginning in tax year 2023 through 2027.

Maximum credit amount is $500 per income tax year for eligible educators who work at least 900 hours during a school year and are Colorado residents.

Covers expenses for books, supplies (excluding non-athletic health and physical education supplies), computer equipment with related software and services, and supplementary classroom materials.

Educators cannot claim the credit for expenses already claimed as a federal educator expense deduction under 26 U.S.C. Section 62(a)(2)(D) or for which they received reimbursement.

Credit amount exceeding income taxes owed is refunded to the educator; spouses filing jointly may each claim the full $500 credit.

Section repeals effective December 31, 2037.