CO HB1045

Doubles the maximum state income tax credit for long-term care insurance from $150 to $300 per policy, effective for tax years beginning January 1, 2025

Increases federal taxable income eligibility limits: single filers from $50,000 to $100,000; joint filers from $50,000/$100,000 to $100,000/$200,000 depending on number of policies claimed

Requires annual inflation adjustments to both the income limits and credit amounts beginning with tax year 2026, based on the Denver-Aurora-Lakewood Consumer Price Index

Applies to income tax years commencing on or after January 1, 2025