Senate Bill 24-146: Income Tax Credit for Qualified Renters

• Creates a nonrefundable income tax credit for qualifying renters of a primary residence in Colorado for tax years 2024-2026, with the provision repealing December 31, 2035.

• Eligible taxpayers must rent their primary residence in Colorado and have federal adjusted gross income not exceeding $75,000 (single filers) or $150,000 (joint filers), with maximum credits of $1,000 (single) or $2,000 (joint filers) reduced by $20 for each $500 of income above the thresholds.

• Qualifying taxpayers who receive rent or heat assistance grants during the applicable calendar year receive the full credit amount without income-based reductions.

• Credit cannot be carried forward to future years, is nonrefundable, and is not counted as income or resources for determining eligibility for public assistance, medical assistance, or affordable housing programs.

• Appropriates $730,877 to the Department of Revenue for the 2024-25 fiscal year to cover staffing, system support, and administrative costs for implementing the credit program.