CO SB044

Creates a refundable income tax credit of $700 for qualifying Public Employees' Retirement Association (PERA) retirees for tax years 2024 and 2025 only.

Eligibility requires being age 65 or older at the end of the tax year, a full-time Colorado resident, and having federal adjusted gross income not exceeding $38,000 (single filer) or $76,000 (joint filer).

Credit is fully refundable, meaning retirees receive the full $700 amount even if it exceeds their income tax liability.

Appropriates $172,163 to the Department of Revenue for 2024-25 to implement the credit, including personnel, IT system support, and administrative costs.

The credit provision automatically repeals on December 31, 2035, and the act requires voter approval at the November 2024 general election to take effect.