CO HB1052

Reinstates an income tax credit for Colorado seniors age 65 or older to help afford housing, with eligibility based on federal adjusted gross income limits and non-use of property tax exemptions.

For tax year 2024, eligible seniors filing single returns with income ≤$75,000 receive an $800 credit; those filing joint returns with combined income ≤$125,000 receive an $800 credit, with income-based reductions applied above $25,000 in income.

Seniors who qualify for grants under Article 31 (Colorado property tax relief) during calendar year 2024 are eligible to receive the full credit without income-based reductions.

Property tax administrators must report names and Social Security numbers of eligible applicants to the Department of Revenue by December 1, 2024, and April 1, 2025, with these reporting requirements expiring July 1, 2025.

Appropriates $113,407 to the Department of Revenue for the 2024-25 fiscal year to implement the tax credit, with an additional $6,756 reappropriated to the Department of Personnel for document management services.