HB 24-1221: Income Tax Credit for Licensed Teachers

• Creates a refundable state income tax credit for licensed teachers employed full-time in Colorado public schools for at least one-half of an academic year during tax years 2024-2025.

• Provides $1,000 credit for teachers employed for an entire academic year (both January and December portions) and $500 credit for teachers employed for only one-half of an academic year.

• Allows two eligible teachers filing jointly to each claim the applicable credit amount independently.

• Credit amount exceeding a teacher's income tax liability is refunded to the teacher.

• Applies to income tax years commencing on or after January 1, 2024, but before January 1, 2026, with the provision automatically repealing effective December 31, 2030.