HB23B-1002 Summary

• Increases the Colorado earned income tax credit rate from 25 percent to 50 percent of the federal credit for tax year 2023 only, applying to resident individuals in subsections (2), (2.5), and (2.7).

• The credit increase is structured as a method of refunding excess state revenues from fiscal year 2022-23 that must be returned to taxpayers under the state constitution.

• Appropriates $51,483 to the Department of Revenue for the 2023-24 fiscal year, including $23,175 for GenTax IT system support, $13,792 for personal services in taxation, $14,000 for executive director administration, and $516 for document management.

• Appropriates an additional $516 to the Department of Personnel for document management services to support the Department of Revenue.