HOUSE BILL 24-1268
BY REPRESENTATIVE(S) Weissman and Ortiz, Amabile, Bacon, Bird,
Boesenecker, Brown, Clifford, Daugherty, deGruy Kennedy, Duran, Epps,
Froelich, Hamrick, Herod, Jodeh, Joseph, Kipp, Lieder, Lindsay, Lukens,
Mabrey, McLachlan, Ricks, Rutinel, Sirota, Snyder, Story, Titone, Valdez,
Velasco, Willford, Woodrow, Young, McCluskie;
also SENATOR(S) Exum and Fields, Bridges, Buckner, Coleman, Cutter,
Danielson, Ginal, Gonzales, Jaquez Lewis, Kolker, Michaelson Jenet,
Mullica, Priola, Roberts, Sullivan, Winter F., Fenberg.
C
ONCERNING FISCAL POLICY FOR THE FINANCIAL SUPPORT OF CERTAIN
LOW
-INCOME INDIVIDUALS BASED ON NEED , AND, IN CONNECTION
THEREWITH
, MAKING ORGANIZATIONAL MODIFICATIONS TO THE
GRANTS FOR REAL PROPERTY TAX ASSISTANCE AND HEAT OR FUEL
EXPENSES ASSISTANCE
, ENDING SUCH GRANTS FOR INDIVIDUALS WITH
A DISABILITY BEGINNING
JANUARY 1, 2025, AND CREATING AN
INCOME TAX CREDIT FOR QUALIFIED INDIVIDUALS WITH A DISABILITY
TO CLAIM FOR TAX YEARS COMMENCING ON OR AFTER
JANUARY 1,
2025.
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. In Colorado Revised Statutes, 39-31-101, amend
NOTE: This bill has been prepared for the signatures of the appropriate legislative
officers and the Governor. To determine whether the Governor has signed the bill
or taken other action on it, please consult the legislative status sheet, the legislative
history, or the Session Laws.
________
Capital letters or bold & italic numbers indicate new material added to existing law; dashes
through words or numbers indicate deletions from existing law and such material is not part of
the act. (1)(a), (1)(b), (1)(c)(I), (1)(d), (2)(d), (4), (5)(a), (5)(c), and (5)(d); repeal
(2.5); and add (1)(c)(III), (1.5), (2.1), and (5)(e) as follows:
39-31-101. Real property tax - tax equivalent - assistance - heat
or fuel expenses assistance - eligibility - applicability - definitions -
repeal. (1) (a) Individuals having resided within this state for the entire
taxable year who are sixty-five years of age or older during the taxable year
shall be
ARE eligible for a grant to be determined with respect to the income
taxes imposed by article 22 of this title based upon TITLE 39, SUBJECT TO
THE ADDITIONAL QUALIFICATION REQUIREMENTS OF THIS SECTION
, TO AID
IN
the payment by such persons
INDIVIDUALS of:
(I) Real estate taxes, including taxes on mobile homes, or trailer
coach specific ownership tax on, or tax-equivalent payments with respect
to, such
residences occupied by such persons; subject to the additional
qualification requirements of this section; INDIVIDUALS; OR
(II) HEAT OR FUEL EXPENSES FOR RESIDENCES OCCUPIED BY SUCH
INDIVIDUALS
.
(b) (I) Spouses are treated as jointly qualifying for the grant under
paragraph (a) of this subsection (1)
SUBSECTION (1)(a) OF THIS SECTION if
either spouse meets the age requirement and they jointly meet all the
limitations of subsection (3) of this section. In all cases spouses must file
one joint claim.
(II) A surviving spouse
WHO IS fifty-eight years of age or older shallbe treated as qualifying QUALIFIES for the grant under paragraph (a) of this
subsection (1) SUBSECTION (1)(a) OF THIS SECTION if such THE surviving
spouse meets all the limitations imposed by subsection (3) of this section.
(c) (I) B
EFORE JANUARY 1, 2025, the grant authorized by this section
shall
IS also be allowed to individuals having resided in this state for the
entire taxable year and coming within the limitations imposed by subsection
(3) of this section who, regardless of age, have a disability during the entire
taxable year to a degree sufficient to qualify for the payment to them of full
benefits from any bona fide public or private plan or source based solely
upon such disability.
(III) T
HIS SUBSECTION (1)(c) IS REPEALED, EFFECTIVE DECEMBER 31,
PAGE 2-HOUSE BILL 24-1268 2030.
(d) (I) Eligibility under more than one provision of this subsection
(1) shall not operate to DOES NOT increase the amount of any grant available
to an individual or spouses under subsection (2) of this section;
EXCEPT
THAT
, AN INDIVIDUAL OR SPOUSES MAY CLAIM THE GRANT UNDER BOTH
SUBSECTIONS
(1)(a)(I) AND (1)(a)(II) OF THIS SECTION, IF APPLICABLE.
(II) T
HIS SUBSECTION (1)(d) IS REPEALED, EFFECTIVE DECEMBER 31,
2030.
(1.5) (a) T
HE GRANT SET FORTH IN SUBSECTION (1) OF THIS SECTION
IS ALLOWED AS FOLLOWS
:
(I) A
N INDIVIDUAL OR SPOUSES CLAIMING THE GRANT PURSUANT TO
SUBSECTION
(1)(a)(I) OR (1)(c) OF THIS SECTION MAY CLAIM THE GRANT IN
AN AMOUNT SET FORTH IN SUBSECTION
(2) OF THIS SECTION;
(II) A
N INDIVIDUAL OR SPOUSES CLAIMING THE GRANT PURSUANT TO
SUBSECTION
(1)(a)(II) OF THIS SECTION MAY CLAIM THE GRANT IN AN
AMOUNT SET FORTH IN SUBSECTION
(2.1) OF THIS SECTION; AND
(III) AN INDIVIDUAL OR SPOUSES CLAIMING THE GRANT PURSUANT
TO BOTH SUBSECTIONS
(1)(a)(I) AND (1)(a)(II) OF THIS SECTION MAY CLAIM
THE GRANT IN THE AMOUNT SET FORTH IN SUBSECTION
(2) OF THIS SECTION
PLUS THE AMOUNT SET FORTH IN SUBSECTION
(2.1) OF THIS SECTION.
(b) (I) T
HE PROVISIONS OF SUBSECTION (1.5)(a) OF THIS SECTION
APPLY TO AN INDIVIDUAL CLAIMING THE GRANT PURSUANT TO SUBSECTION
(1)(c) OF THIS SECTION.
(II) T
HIS SUBSECTION (1.5)(b) IS REPEALED, EFFECTIVE DECEMBER
31, 2030.
(2) A grant is the amount of the general property taxes actually paid
on the residence or the amount of taxes actually paid on a mobile home,
plus any tax-equivalent payments computed pursuant to subsection (4) of
this section, with respect to the rent of a trailer space during the year for
which the grant is claimed, the amount of the specific ownership tax
actually paid on a trailer coach, or the amount of the tax-equivalent
PAGE 3-HOUSE BILL 24-1268 payments, computed pursuant to subsection (4) of this section, actually
made during the year for which such grant is claimed, but in no event may
it exceed:
(d) For a grant claimed for the 2019
THE 2023 calendar year, either
seven hundred thirty-five EIGHT HUNDRED SEVENTY-TWO dollars reduced by
ten percent of the claimant's income over the phase-out amount or the
PROPERTY TAX flat grant amount, whichever amount is greater. For a grant
claimed for years commencing on or after January 1, 2020
JANUARY 1,
2024, either the maximum grant amount allowed under this subsection
(2)(d) for the prior year, adjusted for inflation and reduced by ten percent
of the claimant's income over the phase-out amount, or the
PROPERTY TAX
flat grant amount, whichever amount is greater.
(2.1) F
OR A GRANT CLAIMED FOR THE 2023 CALENDAR YEAR, EITHER
TWO HUNDRED FORTY DOLLARS REDUCED BY TEN PERCENT OF THE
CLAIMANT
'S INCOME OVER THE PHASE-OUT AMOUNT OR THE HEAT OR FUEL
EXPENSES FLAT GRANT AMOUNT
, WHICHEVER AMOUNT IS GREATER . FOR A
GRANT CLAIMED FOR YEARS COMMENCING ON OR AFTER
JANUARY 1, 2024,
EITHER THE MAXIMUM GRANT AMOUNT ALLOWED UNDER THIS SUBSECTION
(2.1) FOR THE PRIOR YEAR, ADJUSTED FOR INFLATION AND REDUCED BY TEN
PERCENT OF THE CLAIMANT
'S INCOME OVER THE PHASE-OUT AMOUNT, OR
THE HEAT OR FUEL EXPENSES FLAT GRANT AMOUNT
, WHICHEVER AMOUNT
IS GREATER
.
(2.5) In 2000 and in every even-numbered year thereafter, the
finance committees of the senate and the house of representatives shall
examine the grant amounts and reduction percentages set forth in subsection
(2) of this section, considering the level of the federal poverty index and
such other information as is available to the committees, and shall
determine whether said amounts and percentages should be modified.
(4) (a) The tax-equivalent amount for persons INDIVIDUALS
otherwise qualified who paid rent for the right to occupy premises as a
residence during the taxable year is twenty percent of the actual rent paid
during the taxable year, not including any charge for utilities or food,
FOR
THE PURPOSES OF CALCULATING THE AMOUNT OF THE GRANT PURSUANT TO
SUBSECTION
(2) OF THIS SECTION.
(b) To qualify as a tax-equivalent payment
SET FORTH IN
PAGE 4-HOUSE BILL 24-1268 SUBSECTION (4)(a) OF THIS SECTION, rent must have been paid as a part of
a bona fide tenancy or leasing agreement and shall DOES not include any
portion of payments made to institutions or facilities commonly known as
nursing homes but shall
DOES include rent paid for the use of a mobile home
or paid on trailer space if paid as a part of a bona fide tenancy.
(c) F
OR INDIVIDUALS OTHERWISE QUALIFIED WHO PAID HEAT OR FUEL
EXPENSES INDIRECTLY AS PART OF THEIR RENTAL PAYMENTS
, IT IS PRESUMED
THAT TEN PERCENT OF THE ACTUAL RENT PAID DURING THE TAXABLE YEAR
WAS FOR HEAT OR FUEL EXPENSES FOR THE PURPOSE OF CALCULATING THE
AMOUNT OF THE GRANT PURSUANT TO SUBSECTION
(2.1) OF THIS SECTION.
F
OR RENTAL PAYMENTS TO QUALIFY UNDER SUBSECTION (1)(a)(II) OF THIS
SECTION
, THEY MUST HAVE BEEN PAID AS A PART OF A BONA FIDE TENANCY
OR LEASE AGREEMENT
. RENTAL PAYMENTS MADE TO INSTITUTIONS OR
FACILITIES COMMONLY KNOWN AS NURSING HOMES DO NOT QUALIFY
, BUT
RENTAL PAYMENTS FOR THE USE OF A MOBILE HOME QUALIFY IF PAID AS A
PART OF A BONA FIDE TENANCY OR LEASE AGREEMENT
.
(5) As used in this section:
(a) "Flat grant amount" means an amount equal to two hundred
thirty-eight dollars for the 2019 calendar year, and for each year thereafter
the amount for the prior year adjusted for inflation. "HEAT OR FUEL
EXPENSES FLAT GRANT AMOUNT
" MEANS AN AMOUNT EQUAL TO
NINETY
-TWO DOLLARS FOR THE 2023 CALENDAR YEAR, AND FOR EACH YEAR
THEREAFTER THE AMOUNT FOR THE PRIOR YEAR ADJUSTED FOR INFLATION
.
(c) "Maximum eligible income amount" means:
(I) For an individual, income that is less than or equal to fifteen
thousand one hundred ninety-two EIGHTEEN THOUSAND TWENTY -SIX dollars
for the 2019 THE 2023 calendar year and for each year thereafter, the
amount for the prior year adjusted for inflation; and
(II) For spouses, income that is less than or equal to twenty thousand
five hundred eighteen TWENTY-FOUR THOUSAND THREE HUNDRED
FORTY
-FIVE dollars for the 2019
THE 2023 calendar year and for each year
thereafter, the amount for the prior year adjusted for inflation.
(d) "Phase-out amount" means:
PAGE 5-HOUSE BILL 24-1268 (I) In the case of an individual, an amount equal to eight thousand
one hundred sixty-nine NINE THOUSAND SIX HUNDRED NINETY -TWO dollars
for the 2019 THE 2023 calendar year and for each year thereafter, the
amount for the prior year adjusted for inflation; and
(II) In the case of spouses, an amount equal to thirteen thousand two
hundred five FIFTEEN THOUSAND SIX HUNDRED SIXTY -EIGHT dollars for the
2019 THE 2023 calendar year and for each year thereafter, the amount for
the prior year adjusted for inflation.
(e) "P
ROPERTY TAX FLAT GRANT AMOUNT " MEANS AN AMOUNT
EQUAL TO TWO HUNDRED EIGHTY
-TWO DOLLARS FOR THE 2023 CALENDAR
YEAR
, AND FOR EACH YEAR THEREAFTER THE AMOUNT FOR THE PRIOR YEAR
ADJUSTED FOR INFLATION
.
SECTION 2. In Colorado Revised Statutes, 39-31-102, amend
(1)(a), (2), (3), and (6); and repeal (5) as follows:
39-31-102. Procedures to obtain grant - department of revenue
- responsibilities. (1) (a) A grant authorized by section 39-31-101 or
39-31-104 shall MUST be paid from the reserve for refunds created by
section 39-22-622. Payments shall MUST be made on a quarterly basis, with
the amount of each payment equal to the total amount of the grant divided
by the number of quarters remaining in the calendar year in which the grant
is awarded, with the calculation including the quarter in which the grant is
awarded. Claimants meeting all qualification requirements for an entire
taxable year shall be
ARE entitled to a grant allowable pursuant to section
39-31-101. or 39-31-104 Grants paid pursuant to this subsection (1) shall
MUST be included for informational purposes in the general appropriation
bill or in supplemental appropriation bills for the purpose of complying with
the limitation on state fiscal year spending imposed by section 20 of article
X of the state constitution and section 24-77-103. C.R.S.
(2) The executive director shall prescribe the forms to be used for
the grants authorized by section 39-31-101 or 39-31-104 AND THE CREDIT
ALLOWED PURSUANT TO SECTION
39-31-104.5 and prepare any instructions
related to the forms. The executive director may create an electronic form
to be used in addition to the paper form. If a sales tax refund is allowed for
any given income tax year in accordance with section 39-22-2002, the
executive director shall include provisions on the forms to allow qualified
PAGE 6-HOUSE BILL 24-1268 individuals to apply for the refund pursuant to section 39-22-2003 (5)(c). To
receive a grant
OR CREDIT, an individual must claim the grant OR CREDIT on
the executive director's form.
(3) (a) If two or more persons
INDIVIDUALS, other than spouses, are
entitled to a grant authorized by section 39-31-101 or 39-31-104 it A CREDIT
ALLOWED PURSUANT TO SECTION
39-31-104.5, THE GRANT OR CREDIT may
be claimed by either or any of such persons meeting the qualificationstherefor THE INDIVIDUALS. When two or more persons INDIVIDUALS claim
the grant
OR CREDIT for the same residence, the executive director is
authorized to determine the proper allocation of such
THE grant OR CREDIT.
(b) No grant
OR CREDIT received pursuant to this section shall be
ARTICLE 31 IS treated as income for purposes of determining the eligibility
of any person INDIVIDUAL for old age pension benefits under article 2 of
title 26. C.R.S.
(5) Any person who is claimed as an exemption for purposes of the
Colorado income tax by any other person for the taxable year shall be
ineligible for the grant authorized by this section.
(6) The grant AUTHORIZED BY SECTION 39-31-101 for heat or fuel
expenses shall in no case NOT exceed the amount of the heat or fuel
expenses actually paid, and
A GRANT shall not be made unless the
appropriate form claiming the same is filed with the department of revenue
on or before the expiration of twenty-four months after the end of the
taxable year for which such credit or refund
THE GRANT is claimed.
SECTION 3. In Colorado Revised Statutes, repeal 39-31-104.
SECTION 4. In Colorado Revised Statutes, add 39-31-104.5 as
follows:
39-31-104.5. Tax credit for assistance for individuals with a
disability - tax preference performance statement - legislative
declaration - definitions. (1) (a) T
HE GENERAL ASSEMBLY FINDS AND
DECLARES THAT IN ACCORDANCE WITH SECTION
39-21-304, THE TAX
EXPENDITURE CREATED IN THIS SECTION IS INTENDED TO REDUCE NET TAXES
PAID BY CERTAIN INDIVIDUALS
. SPECIFICALLY THE TAX EXPENDITURE IS
INTENDED TO PROVIDE ASSISTANCE THROUGH AN INCOME TAX CREDIT FOR
PAGE 7-HOUSE BILL 24-1268 INDIVIDUALS WITH A DISABILITY WHO DO NOT HAVE INCOME ABOVE A
CERTAIN THRESHOLD AMOUNT
.
(b) T
HE GENERAL ASSEMBLY AND THE STATE AUDITOR SHALL
MEASURE THE EFFECTIVENESS OF THE TAX EXPENDITURE IN ACHIEVING THE
PURPOSE SPECIFIED IN SUBSECTION
(1)(a) OF THIS SECTION BASED ON THE
NUMBER OF TAXPAYERS WHO HAVE CLAIMED THE CREDIT AND THE TOTAL
AMOUNT OF CREDITS CLAIMED
.
(2) A
S USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE
REQUIRES
:
(a) "C
REDIT" MEANS THE CREDIT AGAINST INCOME TAX THAT IS
CREATED IN THIS SECTION
.
(b) "I
NFLATION" MEANS THE ANNUAL PERCENTAGE CHANGE IN THE
UNITED STATES DEPARTMENT OF LABOR , BUREAU OF LABOR STATISTICS,
CONSUMER PRICE INDEX FOR DENVER-AURORA-LAKEWOOD FOR ALL ITEMS
AND ALL URBAN CONSUMERS
, OR ITS SUCCESSOR INDEX.
(c) (I) "Q
UALIFIED INDIVIDUAL" MEANS A RESIDENT INDIVIDUAL WHO
HAS A DISABILITY DURING THE ENTIRE INCOME TAX YEAR TO A DEGREE
SUFFICIENT TO QUALIFY FOR THE PAYMENT TO THE INDIVIDUAL OF FULL
BENEFITS FROM ANY BONA FIDE PUBLIC OR PRIVATE PLAN OR SOURCE BASED
SOLELY UPON SUCH DISABILITY
.
(II) A
N INDIVIDUAL HAS A DISABILITY FOR PURPOSES OF SUBSECTION
(2)(c)(I) OF THIS SECTION IF THE INDIVIDUAL IS UNABLE TO ENGAGE IN ANY
SUBSTANTIAL GAINFUL ACTIVITY BY REASON OF ANY MEDICALLY
DETERMINABLE PHYSICAL OR MENTAL IMPAIRMENT THAT CAN BE EXPECTED
TO RESULT IN DEATH OR THAT HAS LASTED FOR A CONTINUOUS PERIOD OF
NOT LESS THAN TWELVE MONTHS
.
(3) F
OR INCOME TAX YEARS COMMENCING ON OR AFTER JANUARY 1,
2025,
A QUALIFIED INDIVIDUAL IS ALLOWED A CREDIT AGAINST THE TAX
IMPOSED BY ARTICLE
22 OF THIS TITLE 39 IN AN AMOUNT SET FORTH IN
SUBSECTION
(4) OF THIS SECTION.
(4) (a) T
HE CREDIT MAY BE CLAIMED IN AN AMOUNT EQUAL TO :
PAGE 8-HOUSE BILL 24-1268 (I) ONE THOUSAND TWO HUNDRED DOLLARS FOR :
(A) A
QUALIFIED INDIVIDUAL FILING A SINGLE RETURN WHO HAS A
FEDERAL ADJUSTED GROSS INCOME LESS THAN OR EQUAL TO TEN THOUSAND
DOLLARS
;
(B) T
WO QUALIFIED INDIVIDUALS FILING A JOINT RETURN WITH A
FEDERAL ADJUSTED GROSS INCOME LESS THAN OR EQUAL TO SIXTEEN
THOUSAND DOLLARS
; OR
(C) A QUALIFIED INDIVIDUAL AND A NONQUALIFIED INDIVIDUAL
FILING A JOINT RETURN WITH A FEDERAL ADJUSTED GROSS INCOME LESS
THAN OR EQUAL TO SIXTEEN THOUSAND DOLLARS
;
(II) O
NE THOUSAND DOLLARS FOR :
(A) A
QUALIFIED INDIVIDUAL FILING A SINGLE RETURN WHO HAS A
FEDERAL ADJUSTED GROSS INCOME GREATER THAN TEN THOUSAND DOLLARS
BUT LESS THAN OR EQUAL TO TWELVE THOUSAND FIVE HUNDRED DOLLARS
;
(B) T
WO QUALIFIED INDIVIDUALS FILING A JOINT RETURN WITH A
FEDERAL ADJUSTED GROSS INCOME GREATER THAN SIXTEEN THOUSAND
DOLLARS BUT LESS THAN OR EQUAL TO TWENTY THOUSAND DOLLARS
; OR
(C) A QUALIFIED INDIVIDUAL AND A NONQUALIFIED INDIVIDUAL
FILING A JOINT RETURN WITH A FEDERAL ADJUSTED GROSS INCOME GREATER
THAN SIXTEEN THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO TWENTY
THOUSAND DOLLARS
;
(III) E
IGHT HUNDRED DOLLARS FOR :
(A) A
QUALIFIED INDIVIDUAL FILING A SINGLE RETURN WHO HAS A
FEDERAL ADJUSTED GROSS INCOME GREATER THAN TWELVE THOUSAND FIVE
HUNDRED DOLLARS BUT LESS THAN OR EQUAL TO FIFTEEN THOUSAND
DOLLARS
;
(B) T
WO QUALIFIED INDIVIDUALS FILING A JOINT RETURN WITH A
FEDERAL ADJUSTED GROSS INCOME GREATER THAN TWENTY THOUSAND
DOLLARS BUT LESS THAN OR EQUAL TO TWENTY
-FOUR THOUSAND DOLLARS ;
OR
PAGE 9-HOUSE BILL 24-1268 (C) A QUALIFIED INDIVIDUAL AND A NONQUALIFIED INDIVIDUAL
FILING A JOINT RETURN WITH A FEDERAL ADJUSTED GROSS INCOME GREATER
THAN TWENTY THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO
TWENTY
-FOUR THOUSAND DOLLARS ;
(IV) S
IX HUNDRED DOLLARS FOR:
(A)
A QUALIFIED INDIVIDUAL FILING A SINGLE RETURN WHO HAS A
FEDERAL ADJUSTED GROSS INCOME GREATER THAN FIFTEEN THOUSAND
DOLLARS BUT LESS THAN OR EQUAL TO SEVENTEEN THOUSAND FIVE
HUNDRED DOLLARS
;
(B) T
WO QUALIFIED INDIVIDUALS FILING A JOINT RETURN WITH A
FEDERAL ADJUSTED GROSS INCOME GREATER THAN TWENTY
-FOUR
THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO TWENTY
-EIGHT
THOUSAND DOLLARS
; OR
(C) A QUALIFIED INDIVIDUAL AND A NONQUALIFIED INDIVIDUAL
FILING A JOINT RETURN WITH A FEDERAL ADJUSTED GROSS INCOME GREATER
THAN TWENTY
-FOUR THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO
TWENTY
-EIGHT THOUSAND DOLLARS ; AND
(V) FOUR HUNDRED DOLLARS FOR :
(A) A
QUALIFIED INDIVIDUAL FILING A SINGLE RETURN WHO HAS A
FEDERAL ADJUSTED GROSS INCOME GREATER THAN SEVENTEEN THOUSAND
FIVE HUNDRED DOLLARS BUT LESS THAN OR EQUAL TO TWENTY THOUSAND
DOLLARS
;
(B) T
WO QUALIFIED INDIVIDUALS FILING A JOINT RETURN WITH A
FEDERAL ADJUSTED GROSS INCOME GREATER THAN TWENTY
-EIGHT
THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO THIRTY
-TWO THOUSAND
DOLLARS
; OR
(C) A QUALIFIED INDIVIDUAL AND A NONQUALIFIED INDIVIDUAL
FILING A JOINT RETURN WITH A FEDERAL ADJUSTED GROSS INCOME GREATER
THAN TWENTY
-EIGHT THOUSAND DOLLARS BUT LESS THAN OR EQUAL TO
THIRTY
-TWO THOUSAND DOLLARS .
(b) (I) A
QUALIFIED INDIVIDUAL WHO FILES A SINGLE RETURN AND
PAGE 10-HOUSE BILL 24-1268 HAS A FEDERAL ADJUSTED GROSS INCOME GREATER THAN TWENTY
THOUSAND DOLLARS IS NOT ALLOWED A CREDIT UNDER THIS SECTION
.
(II) T
WO QUALIFIED INDIVIDUALS, OR A QUALIFIED INDIVIDUAL AND
A NONQUALIFIED INDIVIDUAL
, WHO FILE A JOINT RETURN WITH A FEDERAL
ADJUSTED GROSS INCOME GREATER THAN THIRTY
-TWO THOUSAND DOLLARS
ARE NOT ALLOWED A CREDIT UNDER THIS SECTION
.
(c) (I) T
HE DEPARTMENT OF REVENUE SHALL ANNUALLY ADJUST FOR
INFLATION THE CREDIT AMOUNTS SET FORTH IN SUBSECTION
(4)(a) OF THIS
SECTION IF CUMULATIVE INFLATION SINCE THE LAST ADJUSTMENT
, WHEN
APPLIED TO THE CURRENT CREDIT AMOUNTS
, RESULTS IN AN INCREASE OF AT
LEAST TEN DOLLARS WHEN THE ADJUSTED CREDIT AMOUNTS ARE ROUNDED
TO THE NEAREST TEN DOLLARS
.
(II) T
HE DEPARTMENT OF REVENUE SHALL ANNUALLY ADJUST FOR
INFLATION THE ADJUSTED GROSS INCOME AMOUNTS SET FORTH IN
SUBSECTIONS
(4)(a) AND (4)(b) OF THIS SECTION IF CUMULATIVE INFLATION
SINCE THE LAST ADJUSTMENT
, WHEN APPLIED TO THE CURRENT ADJUSTED
GROSS INCOME AMOUNTS
, RESULTS IN AN INCREASE OF AT LEAST ONE
HUNDRED DOLLARS WHEN THE ADJUSTED GROSS INCOME AMOUNTS
, AS
ADJUSTED
, ARE ROUNDED TO THE NEAREST ONE HUNDRED DOLLARS .
(5) I
F THE CREDIT EXCEEDS THE INCOME TAXES DUE ON THE
QUALIFIED INDIVIDUAL
'S INCOME, THE AMOUNT OF THE CREDIT NOT USED TO
OFFSET INCOME TAXES IS NOT CARRIED FORWARD AND MUST BE REFUNDED
TO THE QUALIFIED INDIVIDUAL
.
(6) A
QUALIFIED INDIVIDUAL WHO CLAIMS THE CREDIT CANNOT IN
THE SAME TAX YEAR ALSO CLAIM THE GRANT ALLOWED PURSUANT TO
SECTION
39-31-101.
(7) T
HE CREDIT RECEIVED PURSUANT TO THIS SECTION IS NOT
TREATED AS INCOME FOR PURPOSES OF DETERMINING THE ELIGIBILITY OF
ANY INDIVIDUAL FOR OLD AGE PENSION BENEFITS UNDER ARTICLE
2 OF TITLE
26.
(8) N
OTWITHSTANDING SECTION 39-21-304 (4), THE CREDIT
CONTINUES INDEFINITELY
.
PAGE 11-HOUSE BILL 24-1268 (9) THE CREDIT ALLOWED BY THIS SECTION IS ADMINISTERED IN THE
SAME MANNER AS OTHER CREDITS AGAINST THE TAX IMPOSED BY ARTICLE
22 OF THIS TITLE 39.
SECTION 5. In Colorado Revised Statutes, amend 39-31-105 as
follows:
39-31-105. Executive director - rule-making - collection of
erroneous payments - waiver. (1) The executive director of the
department of revenue may promulgate rules necessary for the
administration of this article
ARTICLE 31. Such rules shall be promulgated
in accordance with article 4 of title 24. C.R.S.
(2) If the department of revenue incorrectly pays a grant under
section 39-31-101 or 39-31-104 as a result of a departmental error, the
executive director of the department may waive the reimbursement of the
grant and any related interest or penalties that accrue.
SECTION 6. In Colorado Revised Statutes, 39-22-120, amend
(5)(c)(I) as follows:
39-22-120. Legislative declaration - state sales tax refund - offset
against state income tax. (5) (c) (I) Notwithstanding any provision of
paragraph (b) of this subsection (5)
SUBSECTION (5)(b) OF THIS SECTION to
the contrary, a qualified individual as defined in subparagraph (II) or (IV)
of paragraph (a) of subsection (2) SUBSECTION (2)(a)(II) OR (2)(a)(IV) of
this section who claims a property tax
OR HEAT OR FUEL assistance grant
pursuant to section 39-31-101 or a heat or fuel expenses assistance grantpursuant to section 39-31-104 may claim a refund authorized by this section
on the assistance grant application form described in section 39-31-102 (2).
Claiming a refund on such assistance grant application form shall be in lieu
of claiming the refund on an income tax return pursuant to paragraph (b) of
this subsection (5) SUBSECTION (5)(b) OF THIS SECTION. Any refund claimed
pursuant to this paragraph (c) shall SUBSECTION (5)(c) MUST be claimed on
or before April 15, 1999.
SECTION 7. In Colorado Revised Statutes, 39-22-2003, amend
(5)(c)(I) as follows:
39-22-2003. State sales tax refund - offset against state income
PAGE 12-HOUSE BILL 24-1268 tax - qualified individuals. (5) (c) (I) Notwithstanding any provision of
paragraph (b) of this subsection (5) SUBSECTION (5)(b) OF THIS SECTION to
the contrary, a qualified individual as defined in subparagraph (II) or (IV)
of paragraph (a) of subsection (1) SUBSECTION (1)(a)(II) OR (1)(a)(IV) of
this section who claims a property tax
OR HEAT OR FUEL assistance grant
pursuant to section 39-31-101 or a heat or fuel expenses assistance grantpursuant to section 39-31-104 may claim a refund authorized by this section
on the assistance grant application form described in section 39-31-102 (2).
Claiming a refund on such assistance grant application form shall be in lieu
of claiming the refund on an income tax return pursuant to paragraph (b) of
this subsection (5) SUBSECTION (5)(b) OF THIS SECTION. Any refund claimed
pursuant to this paragraph (c) SUBSECTION (5)(c) shall be claimed on or
before April 15 of the calendar year following the tax year for which the
refund is being claimed.
SECTION 8. Act subject to petition - effective date. This act
takes effect at 12:01 a.m. on the day following the expiration of the
ninety-day period after final adjournment of the general assembly; except
that, if a referendum petition is filed pursuant to section 1 (3) of article V
of the state constitution against this act or an item, section, or part of this act
within such period, then the act, item, section, or part will not take effect
unless approved by the people at the general election to be held in
PAGE 13-HOUSE BILL 24-1268 November 2024 and, in such case, will take effect on the date of the official
declaration of the vote thereon by the governor.
____________________________ ____________________________
Julie McCluskie Steve Fenberg
SPEAKER OF THE HOUSE PRESIDENT OF
OF REPRESENTATIVES THE SENATE
____________________________ ____________________________
Robin Jones Cindi L. Markwell
CHIEF CLERK OF THE HOUSE SECRETARY OF
OF REPRESENTATIVES THE SENATE
APPROVED________________________________________
(Date and Time)
_________________________________________
Jared S. Polis
GOVERNOR OF THE STATE OF COLORADO
PAGE 14-HOUSE BILL 24-1268