CO SB013

Extends an existing refundable income tax credit for income-qualified seniors for tax years 2025 and 2026, adding to the credit previously available for 2022 and 2024

Qualifying seniors must be 65 or older, have federal AGI of $75,000 or less (single) or $125,000 or less (joint), and not claim the senior property tax exemption for the same year

Credit amount is $800 for single filers or joint filers with AGI of $25,000 or less, reduced by $8 (single) or $4 (joint) for every $500 of income above $25,000

Seniors who also qualify for property tax/rent assistance or heat assistance grants in 2025 or 2026 receive the full credit amount without income-based reductions

Requires the property tax administrator to provide reports to the Department of Revenue by December 1, 2025 and 2026 identifying taxpayers eligible for the homestead property tax exemption