CO SB016

Allows taxpayers to claim state income tax credits for charitable contributions made through qualified intermediaries (tax-exempt organizations) rather than only direct contributions to recipient organizations, effective for tax years beginning January 1, 2024.

Requires qualified intermediaries to be 501(c)(3) tax-exempt organizations obligated to disburse contributions to recipient organizations as directed by the taxpayer, except when exercising variance power as authorized by law.

Modifies the Colorado homeless contribution tax credit certificate to display only the last four digits of a taxpayer's social security number instead of all digits, while maintaining the full federal employer identification number.

Extends review deadlines for approved nonprofit organizations and projects under the homeless contribution tax credit program from February 15, 2023-2024 to June 30, 2025-2026, with annual reviews thereafter on June 30 instead of February 15.

Appropriates $41,769 to the department of revenue for the 2024-25 fiscal year and $5,000 to the department of local affairs to implement the act.