Colorado 2024 Regular Session

Colorado House Bill HB1340 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
	1	+	Second Regular Session
	2	+	Seventy-fourth General Assembly
	3	+	STATE OF COLORADO
	4	+	REREVISED
	5	+	This Version Includes All Amendments
	6	+	Adopted in the Second House
	7	+	LLS NO. 24-0501.05 Jessica Herrera x4218
1	8		HOUSE BILL 24-1340
2		-	BY REPRESENTATIVE(S) Bird and Taggart, Amabile, Boesenecker,
3		-	Catlin, deGruy Kennedy, English, Froelich, Hamrick, Hernandez, Herod,
4		-	Jodeh, Joseph, Lieder, Lukens, Mabrey, Mauro, McLachlan, Ortiz, Ricks,
5		-	Rutinel, Sirota, Snyder, Soper, Titone, Valdez, Velasco, Weissman, Young,
6		-	McCluskie, Brown, Clifford, Garcia, Kipp, Lindsay, Marvin, Story;
7		-	also SENATOR(S) Kirkmeyer and Zenzinger, Bridges, Cutter, Exum,
8		-	Fields, Gardner, Gonzales, Hansen, Jaquez Lewis, Michaelson Jenet, Priola,
9		-	Rodriguez, Winter F., Fenberg.
	9	+	House Committees Senate Committees
	10	+	Education Finance
	11	+	Finance Appropriations
	12	+	Appropriations
	13	+	A BILL FOR AN ACT
10	14		C
11		-	ONCERNING THE CREATION OF INCENTIVES AGAINST THE STATE INCOME
12		-	TAX FOR STUDENTS PURSUING POST
13		-	-SECONDARY CREDENTIALS, AND,
14		-	IN CONNECTION THEREWITH, MAKING AN APPROPRIATION.
15		-
16		-	Be it enacted by the General Assembly of the State of Colorado:
17		-	SECTION 1. In Colorado Revised Statutes, add 39-22-570 as
18		-	follows:
19		-	39-22-570. Tuition and fee tax credit for qualifying students -
20		-	tax preference performance statement - legislative declaration -
21		-	definitions - repeal. (1) (a) T
22		-	HE GENERAL ASSEMBLY FINDS, DETERMINES,
23		-	AND DECLARES THAT:
24		-	NOTE: This bill has been prepared for the signatures of the appropriate legislative
25		-	officers and the Governor. To determine whether the Governor has signed the bill
26		-	or taken other action on it, please consult the legislative status sheet, the legislative
27		-	history, or the Session Laws.
28		-	________
29		-	Capital letters or bold & italic numbers indicate new material added to existing law; dashes
30		-	through words or numbers indicate deletions from existing law and such material is not part of
31		-	the act. (I) THE COST OF HIGHER EDUCATION AND STUDENT DEBT CAN BE A
32		-	DETERRENT FOR MANY STUDENTS TO PURSUE POST
33		-	-SECONDARY
34		-	CREDENTIALS
35		-	;
	15	+	ONCERNING THE CREATION OF I NCENTIVES AGAINST THE STATE101
	16	+	INCOME TAX FOR STUDENTS PURSUING POST -SECONDARY102
	17	+	CREDENTIALS, AND, IN CONNECTION THEREWITH, MAKING AN103
	18	+	APPROPRIATION.104
	19	+	Bill Summary
	20	+	(Note: This summary applies to this bill as introduced and does
	21	+	not reflect any amendments that may be subsequently adopted. If this bill
	22	+	passes third reading in the house of introduction, a bill summary that
	23	+	applies to the reengrossed version of this bill will be available at
	24	+	http://leg.colorado.gov
	25	+	.)
	26	+	The bill creates 2 separate state income tax incentives (incentives)
	27	+	to encourage enrollment in institutions of higher education. For income
	28	+	tax years commencing on or after January 1, 2024, but prior to January 1,
	29	+	SENATE
	30	+	Amended 3rd Reading
	31	+	May 8, 2024
	32	+	SENATE
	33	+	Amended 2nd Reading
	34	+	May 7, 2024
	35	+	HOUSE
	36	+	3rd Reading Unamended
	37	+	May 4, 2024
	38	+	HOUSE
	39	+	Amended 2nd Reading
	40	+	May 3, 2024
	41	+	HOUSE SPONSORSHIP
	42	+	Bird and Taggart, Amabile, Boesenecker, Catlin, deGruy Kennedy, English, Froelich,
	43	+	Hamrick, Hernandez, Herod, Jodeh, Joseph, Lieder, Lukens, Mabrey, Mauro, McCluskie,
	44	+	McLachlan, Ortiz, Ricks, Rutinel, Sirota, Snyder, Soper, Titone, Valdez, Velasco, Weissman,
	45	+	Young
	46	+	SENATE SPONSORSHIP
	47	+	Kirkmeyer and Zenzinger, Bridges, Cutter, Exum, Fenberg, Fields, Gardner, Gonzales,
	48	+	Hansen, Jaquez Lewis, Michaelson Jenet, Priola, Rodriguez, Winter F.
	49	+	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
	50	+	Capital letters or bold & italic numbers indicate new material to be added to existing law.
	51	+	Dashes through the words or numbers indicate deletions from existing law. 2030, the first incentive is available to a graduate of any Colorado
	52	+	institution of higher education with a credential required or supported by
	53	+	certain jobs identified by the 2023 Colorado talent pipeline report,
	54	+	defined by the bill as "top jobs", in the amount of $250 for the completion
	55	+	of a qualified program less than one year in duration, $500 for the
	56	+	completion of a qualified program between one year and 2 years in
	57	+	duration, $1,500 for graduates of an associate's degree program, and
	58	+	$3,000 for graduates of a bachelor's degree program.
	59	+	For income tax years commencing on or after January 1, 2026, but
	60	+	prior to January 1, 2030, the second incentive is available to an eligible
	61	+	transfer student attending a 4-year Colorado institution of higher
	62	+	education, in the amount of $50 per credit hour transferred from either a
	63	+	2-year Colorado institution of higher education or earned while under
	64	+	certain enrollment status in high school. The incentive is capped at 60
	65	+	credit hours or $3,000 and may only be awarded after the student
	66	+	completes at least 15 credits at the 4-year Colorado institution of higher
	67	+	education.
	68	+	Notwithstanding the incentive amounts otherwise allowed for both
	69	+	incentives, if the revenue forecast prepared by either legislative council
	70	+	staff or the office of state planning and budgeting in June of any income
	71	+	tax year for which an incentive is allowed projects that the amount of
	72	+	excess state revenues for the state fiscal year that ends during the income
	73	+	tax year will be:
	74	+	! At least $500 million but no more than $750 million, the
	75	+	amount of the incentive allowed is reduced by fifty percent
	76	+	for that income tax year.
	77	+	! Less than $500 million, the incentive is not allowed for that
	78	+	income tax year.
	79	+	Be it enacted by the General Assembly of the State of Colorado:1
	80	+	SECTION 1. In Colorado Revised Statutes, add 39-22-560 as2
	81	+	follows:3
	82	+	39-22-560. Tuition and fee tax credit for qualifying students4
	83	+	- tax preference performance statement - legislative declaration -5
	84	+	definitions - repeal. (1) (a) THE GENERAL ASSEMBLY FINDS,6
	85	+	DETERMINES, AND DECLARES THAT:7
	86	+	(I) THE COST OF HIGHER EDUCATION AND STUDENT DEBT CAN BE8
	87	+	A DETERRENT FOR MANY STUDENTS TO PURSUE POST-SECONDARY9
	88	+	1340-2- CREDENTIALS;1
36	89		(II) C
37		-	OLORADO'S POSTSECONDARY MATRICULATION RATE WAS LESS
38		-	THAN FIFTY PERCENT IN
39		-	2021 WITH A LARGE SHARE GOING OUT OF STATE .
40		-	P
41		-	OSTSECONDARY EDUCATION HELPS STUDENTS ACHIEVE ECONOMIC
42		-	MOBILITY
43		-	, AND STUDENTS ARE MORE LIKELY TO STAY IN COLORADO IF THEY
44		-	ATTEND INSTITUTIONS IN
45		-	COLORADO. BY INCENTIVIZING STUDENTS TO
46		-	ATTEND INSTITUTIONS IN
47		-	COLORADO, STUDENTS WILL SEE MORE ECONOMIC
48		-	MOBILITY WHILE BENEFITING THE STATE WORKFORCE
49		-	.
	90	+	OLORADO'S POSTSECONDARY MATRICULATION RATE WAS
	91	+	2
	92	+	LESS THAN FIFTY PERCENT IN 2021 WITH A LARGE SHARE GOING OUT OF3
	93	+	STATE. POSTSECONDARY EDUCATION HELPS STUDENTS ACHIEVE4
	94	+	ECONOMIC MOBILITY, AND STUDENTS ARE MORE LIKELY TO STAY IN5
	95	+	C
	96	+	OLORADO IF THEY ATTEND INSTITUTIONS IN COLORADO. BY
	97	+	6
	98	+	INCENTIVIZING STUDENTS TO ATTEND INSTITUTIONS IN COLORADO,7
	99	+	STUDENTS WILL SEE MORE ECONOMIC MOBILITY WHILE BENEFITING THE8
	100	+	STATE WORKFORCE.9
50	101		(III) I
51	102		T IS THE INTENT OF THE GENERAL ASSEMBLY THAT IN THE
52		-	EVENT OF A RECESSION
53		-	, EXISTING SUPPORT OF NEED-BASED FINANCIAL AID
54		-	BE A POTENTIAL BACKSTOP FOR THIS INCENTIVE
55		-	;
56		-	(IV) T
57		-	HE COSTS OF HIGHER EDUCATION ARE A BARRIER TO MANY
58		-	STUDENTS
59		-	. REDUCING THOSE COSTS AND STUDENT DEBT CAN HELP
60		-	STUDENTS NOT ONLY ATTEND COLLEGE BUT ALSO BE FINANCIALLY
61		-	SUCCESSFUL
62		-	. TARGETED INCENTIVES FOR ATTENDING PUBLIC INSTITUTIONS
63		-	OF HIGHER EDUCATION
64		-	, WHICH HAVE LOWER TUITION, HELP MORE STUDENTS
65		-	COMPLETE HIGHER EDUCATION WITH LESS OR NO DEBT AND HELP
66		-	COLORADO
67		-	RETAIN OUR OWN TALENT
68		-	.
	103	+	10
	104	+	EVENT OF A RECESSION, EXISTING SUPPORT OF NEED-BASED FINANCIAL AID11
	105	+	BE A POTENTIAL BACKSTOP FOR THIS INCENTIVE ;12
	106	+	(IV) THE COSTS OF HIGHER EDUCATION ARE A BARRIER TO MANY13
	107	+	STUDENTS. REDUCING THOSE COSTS AND STUDENT DEBT CAN HELP14
	108	+	STUDENTS NOT ONLY ATTEND COLLEGE BUT ALSO BE FINANCIALLY15
	109	+	SUCCESSFUL. TARGETED INCENTIVES FOR ATTENDING PUBLIC16
	110	+	INSTITUTIONS OF HIGHER EDUCATION, WHICH HAVE LOWER TUITION, HELP17
	111	+	MORE STUDENTS COMPLETE HIGHER EDUCATION WITH LESS OR NO DEBT18
	112	+	AND HELP COLORADO RETAIN OUR OWN TALENT .19
69	113		(V) B
70	114		UILDING BRIDGES TO HIGHER EDUCATION SUPPORTS OUR
71		-	STATE
72		-	'S STUDENTS AND ECONOMIC HEALTH .
73		-	(VI) T
74		-	O CONTINUE TO STRENGTHEN THE EDUCATIONAL PIPELINE , A
75		-	FINANCIAL INCENTIVE SHOULD BE PROVIDED TO LOW
76		-	- AND MIDDLE- INCOME
77		-	POST
78		-	-SECONDARY COLORADO STUDENTS.
79		-	(b) I
80		-	N ACCORDANCE WITH SECTION 39-21-304 (1), WHICH REQUIRES
81		-	EACH BILL THAT CREATES A NEW TAX EXPENDITURE TO INCLUDE A TAX
82		-	PREFERENCE PERFORMANCE STATEMENT AS PART OF A STATUTORY
83		-	LEGISLATIVE DECLARATION
84		-	, THE GENERAL ASSEMBLY FINDS AND DECLARES
85		-	THAT THE GENERAL LEGISLATIVE PURPOSES OF THIS TAX EXPENDITURE ARE
86		-	TO INDUCE CERTAIN DESIGNATED BEHAVIOR BY TAXPAYERS AND PROVIDE
87		-	TAX RELIEF FOR CERTAIN INDIVIDUALS
88		-	. SPECIFICALLY, THIS TAX
89		-	EXPENDITURE IS INTENDED TO ENCOURAGE STUDENTS TO ATTEND PUBLIC
90		-	PAGE 2-HOUSE BILL 24-1340 COLORADO INSTITUTIONS OF HIGHER EDUCATION AND REDUCE STUDENT
91		-	DEBT BY PROVIDING A YEARLY REFUNDABLE INCENTIVE TO STUDENTS IN
92		-	THEIR FIRST TWO YEARS OF HIGHER EDUCATION AGAINST THE TUITION AND
93		-	FEES PAID TO A
94		-	COLORADO PUBLIC INSTITUTION OF HIGHER EDUCATION .
	115	+	20
	116	+	STATE'S STUDENTS AND ECONOMIC HEALTH .21
	117	+	(VI) TO CONTINUE TO STRENGTHEN THE EDUCATIONAL PIPELINE,22
	118	+	A FINANCIAL INCENTIVE SHOULD BE PROVIDED TO LOW - AND MIDDLE-23
	119	+	INCOME POST-SECONDARY COLORADO STUDENTS.24
	120	+	(b) IN ACCORDANCE WITH SECTION 39-21-304 (1), WHICH25
	121	+	REQUIRES EACH BILL THAT CREATES A NEW TAX EXPENDITURE TO INCLUDE26
	122	+	A TAX PREFERENCE PERFORMANCE STATEMENT AS PART OF A STATUTORY27
	123	+	1340
	124	+	-3- LEGISLATIVE DECLARATION, THE GENERAL ASSEMBLY FINDS AND1
	125	+	DECLARES THAT THE GENERAL LEGISLATIVE PURPOSES OF THIS TAX2
	126	+	EXPENDITURE ARE TO INDUCE CERTAIN DESIGNATED BEHAVIOR BY3
	127	+	TAXPAYERS AND PROVIDE TAX RELIEF FOR CERTAIN INDIVIDUALS.4
	128	+	SPECIFICALLY, THIS TAX EXPENDITURE IS INTENDED TO ENCOURAGE5
	129	+	STUDENTS TO ATTEND PUBLIC COLORADO INSTITUTIONS OF HIGHER6
	130	+	EDUCATION AND REDUCE STUDENT DEBT BY PROVIDING A YEARLY7
	131	+	REFUNDABLE INCENTIVE TO STUDENTS IN THEIR FIRST TWO YEARS OF8
	132	+	HIGHER EDUCATION AGAINST THE TUITION AND FEES PAID TO A COLORADO9
	133	+	PUBLIC INSTITUTION OF HIGHER EDUCATION .10
95	134		(c) T
96		-	HE TAX INCENTIVE PROVIDES A YEARLY REFUNDABLE CREDIT TO
97		-	STUDENTS AGAINST THE TUITION AND FEE COSTS PAID TO A PUBLIC
98		-	TWO
99		-	-YEAR OR FOUR-YEAR INSTITUTION, AREA TECHNICAL COLLEGE , OR
100		-	LOCAL DISTRICT COLLEGE IN THEIR FIRST TWO YEARS OF HIGHER EDUCATION
101		-	.
102		-	E
103		-	LIGIBLE STUDENTS ARE THOSE WHO ARE CLASSIFIED AS IN -STATE
104		-	STUDENTS
105		-	, ENROLL IN AT LEAST SIX CREDIT HOURS IN A SEMESTER OR TERM,
106		-	HAVE AT LEAST A 2.5 GRADE POINT AVERAGE IN A SEMESTER OR TERM ,
107		-	MATRICULATED IN COLLEGE WITHIN TWO YEARS OF HIGH SCHOOL
108		-	GRADUATION
109		-	, AND HAVE A FEDERAL ADJUSTED GROSS HOUSEHOLD INCOME
110		-	OF NINETY THOUSAND DOLLARS OR LESS AS INDICATED ON THE FREE
111		-	APPLICATION FOR FEDERAL STUDENT AID OR
112		-	COLORADO APPLICATION FOR
113		-	STATE FINANCIAL AID
114		-	.
	135	+	HE TAX INCENTIVE PROVIDES A YEARLY REFUNDABLE CREDIT
	136	+	11
	137	+	TO STUDENTS AGAINST THE TUITION AND FEE COSTS PAID TO A PUBLIC12
	138	+	TWO-YEAR OR FOUR-YEAR INSTITUTION, AREA TECHNICAL COLLEGE, OR13
	139	+	LOCAL DISTRICT COLLEGE IN THEIR FIRST TWO YEARS OF HIGHER14
	140	+	EDUCATION. ELIGIBLE STUDENTS ARE THOSE WHO ARE CLASSIFIED AS15
	141	+	IN-STATE STUDENTS, ENROLL IN AT LEAST SIX CREDIT HOURS IN A16
	142	+	SEMESTER OR TERM, HAVE AT LEAST A 2.5 GRADE POINT AVERAGE IN A17
	143	+	SEMESTER OR TERM, MATRICULATED IN COLLEGE WITHIN TWO YEARS OF18
	144	+	HIGH SCHOOL GRADUATION , AND HAVE A FEDERAL ADJUSTED GROSS19
	145	+	HOUSEHOLD INCOME OF NINETY THOUSAND DOLLARS OR LESS AS20
	146	+	INDICATED ON THE FREE APPLICATION FOR FEDERAL STUDENT AID OR21
	147	+	C
	148	+	OLORADO APPLICATION FOR STATE FINANCIAL AID .
	149	+	22
115	150		(d) T
116	151		HE 2022 AMERICAN COMMUNITY SURVEY CONDUCTED BY THE
117		-	UNITED STATES CENSUS BUREAU FOUND THAT THE MEDIAN HOUSEHOLD
118		-	INCOME IN
119		-	COLORADO IS EIGHTY NINE THOUSAND THREE HUNDRED TWO
120		-	DOLLARS
121		-	. A NINETY THOUSAND DOLLAR INCOME THRESHOLD ENSURES THAT
122		-	ALL
123		-	COLORADO HOUSEHOLDS AT OR BELOW MEDIAN INCOME WILL BE ABLE
124		-	TO BENEFIT FROM THIS INCENTIVE
125		-	.
126		-	(e) T
127		-	HE GENERAL ASSEMBLY AND THE STATE AUDITOR SHALL
128		-	MEASURE THE EFFECTIVENESS OF THE INCENTIVE IN ACHIEVING THE PURPOSE
129		-	SPECIFIED IN SUBSECTION
130		-	(1)(b) OF THIS SECTION BASED ON THE NUMBER OF
131		-	INCENTIVES THAT ARE CLAIMED
132		-	.
133		-	(2) A
134		-	S USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE
135		-	REQUIRES
136		-	:
	152	+	23
	153	+	U
	154	+	NITED STATES CENSUS BUREAU FOUND THAT THE MEDIAN HOUSEHOLD
	155	+	24
	156	+	INCOME IN COLORADO IS EIGHTY NINE THOUSAND THREE HUNDRED TWO25
	157	+	DOLLARS. A NINETY THOUSAND DOLLAR INCOME THRESHOLD ENSURES26
	158	+	THAT ALL COLORADO HOUSEHOLDS AT OR BELOW MEDIAN INCOME WILL27
	159	+	1340
	160	+	-4- BE ABLE TO BENEFIT FROM THIS INCENTIVE.1
	161	+	(e) THE GENERAL ASSEMBLY AND THE STATE AUDITOR SHALL2
	162	+	MEASURE THE EFFECTIVENESS OF THE INCENTIVE IN ACHIEVING THE3
	163	+	PURPOSE SPECIFIED IN SUBSECTION (1)(b) OF THIS SECTION BASED ON THE4
	164	+	NUMBER OF INCENTIVES THAT ARE CLAIMED .5
	165	+	(2) AS USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE6
	166	+	REQUIRES:7
137	167		(a) "A
138	168		CADEMIC YEAR" MEANS THE PERIOD BEGINNING WITH A
139		-	COLORADO PUBLIC INSTITUTION OF HIGHER EDUCATION 'S FALL SEMESTER OR
140		-	TERM AND ENDING THE FOLLOWING CALENDAR YEAR AT THE CONCLUSION
141		-	OF THE
142		-	COLORADO PUBLIC INSTITUTION OF HIGHER EDUCATION 'S SUMMER
143		-	SEMESTER OR TERM
144		-	.
145		-	(b) "C
146		-	OLORADO PUBLIC INSTITUTION OF HIGHER EDUCATION " MEANS:
147		-	PAGE 3-HOUSE BILL 24-1340 (I) A PUBLIC, POST-SECONDARY INSTITUTION THAT IS GOVERNED BY
148		-	THE BOARD OF GOVERNORS OF THE
149		-	COLORADO STATE UNIVERSITY SYSTEM ,
150		-	THE BOARD OF REGENTS OF THE UNIVERSITY OF COLORADO, THE BOARD OF
151		-	TRUSTEES OF THE
152		-	COLORADO SCHOOL OF MINES , THE BOARD OF TRUSTEES
153		-	OF THE UNIVERSITY OF NORTHERN
154		-	COLORADO, THE BOARD OF TRUSTEES OF
155		-	ADAMS STATE UNIVERSITY , THE BOARD OF TRUSTEES OF WESTERN
156		-	COLORADO UNIVERSITY, THE BOARD OF TRUSTEES OF COLORADO MESA
157		-	UNIVERSITY
158		-	, THE BOARD OF TRUSTEES OF FORT LEWIS COLLEGE, THE BOARD
159		-	OF TRUSTEES OF METROPOLITAN STATE UNIVERSITY OF
160		-	DENVER, OR THE
161		-	STATE BOARD FOR COMMUNITY COLLEGES AND OCCUPATIONAL EDUCATION
162		-	;
163		-	(II) A
164		-	N AREA TECHNICAL COLLEGE , AS DEFINED IN SECTION
165		-	23-60-103 (1); OR
166		-	(III) COLORADO MOUNTAIN COLLEGE AND AIMS COMMUNITY
167		-	COLLEGE
168		-	.
169		-	(c) "E
170		-	LIGIBLE STUDENT" MEANS AN INDIVIDUAL WHO:
171		-	(I) H
172		-	AS MATRICULATED AT A COLORADO PUBLIC INSTITUTION OF
173		-	HIGHER EDUCATION WITHIN TWO YEARS OF COMPLETION OF HIGH SCHOOL
174		-	GRADUATION OR AN EQUIVALENT
175		-	.
176		-	(II) I
177		-	S DESIGNATED AS A DEGREE OR CREDENTIAL SEEKING STUDENT
178		-	AT A
179		-	COLORADO PUBLIC INSTITUTION OF HIGHER EDUCATION FOR THE
180		-	SEMESTER OR TERM FOR WHICH AN INCENTIVE IS CLAIMED
181		-	;
182		-	(III) Q
183		-	UALIFIES FOR IN-STATE TUITION, AS DESCRIBED IN ARTICLE 7
184		-	OF TITLE 23, FOR THE SEMESTER OR TERM FOR WHICH THE INCENTIVE IS
185		-	CLAIMED
186		-	; AND
187		-	(IV) HAS COMPLETED A FREE APPLICATION FOR FEDERAL STUDENT
188		-	AID
189		-	(FAFSA) OR COLORADO APPLICATION FOR STATE FINANCIAL AID
190		-	(CASFA) FOR THE SEMESTER OR TERM FOR WHICH AN INCENTIVE IS CLAIMED
191		-	THAT INDICATES THAT THE STUDENT
192		-	'S HOUSEHOLD HAS AN ADJUSTED GROSS
193		-	INCOME THAT IS NINETY THOUSAND DOLLARS OR LESS
194		-	.
195		-	(d) "I
196		-	NCENTIVE" MEANS THE REFUNDABLE CREDIT ALLOWED BY THIS
197		-	SECTION
198		-	.
199		-	PAGE 4-HOUSE BILL 24-1340 (e) "QUALIFYING SEMESTER OR TERM" MEANS A SEMESTER OR TERM
200		-	THAT THE ELIGIBLE STUDENT
201		-	:
	169	+	8
	170	+	C
	171	+	OLORADO PUBLIC INSTITUTION OF HIGHER EDUCATION 'S FALL SEMESTER
	172	+	9
	173	+	OR TERM AND ENDING THE FOLLOWING CALENDAR YEAR AT THE10
	174	+	CONCLUSION OF THE COLORADO PUBLIC INSTITUTION OF HIGHER11
	175	+	EDUCATION'S SUMMER SEMESTER OR TERM .12
	176	+	(b) "COLORADO PUBLIC INSTITUTION OF HIGHER EDUCATION "13
	177	+	MEANS:14
	178	+	(I) A PUBLIC, POST-SECONDARY INSTITUTION THAT IS GOVERNED15
	179	+	BY THE BOARD OF GOVERNORS OF THE COLORADO STATE UNIVERSITY16
	180	+	SYSTEM, THE BOARD OF REGENTS OF THE UNIVERSITY OF COLORADO, THE17
	181	+	BOARD OF TRUSTEES OF THE COLORADO SCHOOL OF MINES, THE BOARD OF18
	182	+	TRUSTEES OF THE UNIVERSITY OF NORTHERN COLORADO, THE BOARD OF19
	183	+	TRUSTEES OF ADAMS STATE UNIVERSITY, THE BOARD OF TRUSTEES OF20
	184	+	WESTERN COLORADO UNIVERSITY, THE BOARD OF TRUSTEES OF21
	185	+	COLORADO MESA UNIVERSITY, THE BOARD OF TRUSTEES OF FORT LEWIS22
	186	+	COLLEGE, THE BOARD OF TRUSTEES OF METROPOLITAN STATE UNIVERSITY23
	187	+	OF DENVER, OR THE STATE BOARD FOR COMMUNITY COLLEGES AND24
	188	+	OCCUPATIONAL EDUCATION ; 25
	189	+	(II) AN AREA TECHNICAL COLLEGE , AS DEFINED IN SECTION26
	190	+	23-60-103 (1); OR27
	191	+	1340
	192	+	-5- (III) COLORADO MOUNTAIN COLLEGE AND AIMS COMMUNITY1
	193	+	COLLEGE.2
	194	+	(c) "ELIGIBLE STUDENT" MEANS AN INDIVIDUAL WHO:3
	195	+	(I) HAS MATRICULATED AT A COLORADO PUBLIC INSTITUTION OF4
	196	+	HIGHER EDUCATION WITHIN TWO YEARS OF COMPLETION OF HIGH SCHOOL5
	197	+	GRADUATION OR AN EQUIVALENT .6
	198	+	(II) IS DESIGNATED AS A DEGREE OR CREDENTIAL SEEKING7
	199	+	STUDENT AT A COLORADO PUBLIC INSTITUTION OF HIGHER EDUCATION FOR8
	200	+	THE SEMESTER OR TERM FOR WHICH AN INCENTIVE IS CLAIMED ;9
	201	+	(III) QUALIFIES FOR IN-STATE TUITION, AS DESCRIBED IN ARTICLE10
	202	+	7 OF TITLE 23, FOR THE SEMESTER OR TERM FOR WHICH THE INCENTIVE IS11
	203	+	CLAIMED; AND12
	204	+	(IV) HAS COMPLETED A FREE APPLICATION FOR FEDERAL STUDENT13
	205	+	AID (FAFSA) OR COLORADO APPLICATION FOR STATE FINANCIAL AID14
	206	+	(CASFA) FOR THE SEMESTER OR TERM FOR WHICH AN INCENTIVE IS15
	207	+	CLAIMED THAT INDICATES THAT THE STUDENT'S HOUSEHOLD HAS AN16
	208	+	ADJUSTED GROSS INCOME THAT IS NINETY THOUSAND DOLLARS OR LESS . 17
	209	+	18
	210	+	(d) "INCENTIVE" MEANS THE REFUNDABLE CREDIT ALLOWED BY19
	211	+	THIS SECTION.20
	212	+	(e) "Q
	213	+	UALIFYING SEMESTER OR TERM " MEANS A SEMESTER OR
	214	+	21
	215	+	TERM THAT THE ELIGIBLE STUDENT:22
202	216		(I)
203	217		BEGINS WITH FEWER THAN SIXTY -SIX CREDIT HOURS
204		-	ACCUMULATED
205		-	, INCLUDING ALL CREDITS TRANSFERRED TO THE COLORADO
206		-	PUBLIC INSTITUTION OF HIGHER EDUCATION
207		-	, EXCEPT THOSE CREDITS EARNED
208		-	THROUGH PRIOR LEARNING ASSESSMENT
209		-	, CONCURRENT ENROLLMENT ,
210		-	ADVANCED PLACEMENT , THE INTERNATIONAL BACCALAUREATE PROGRAM ,
211		-	MILITARY CREDITS, OR ANY OTHER CREDITS ACCUMULATED PRIOR TO
212		-	MATRICULATION AT ANY INSTITUTION OF HIGHER EDUCATION
213		-	; AND
214		-	(II) COMPLETES EARNING AT LEAST SIX CREDIT HOURS OR
215		-	EQUIVALENT WITH A GRADE POINT AVERAGE OF
216		-	2.5 OR HIGHER.
217		-	(f) "S
218		-	CHOLARSHIPS OR GRANTS" MEANS THE SUM OF ANY AMOUNT
219		-	PAID FOR THE BENEFIT OF AN ELIGIBLE STUDENT THAT ARE REQUIRED TO BE
220		-	TAKEN INTO ACCOUNT PURSUANT TO SECTION
221		-	25A (g)(2) OF THE INTERNAL
222		-	REVENUE CODE
223		-	.
224		-	(g) "T
225		-	UITION AND FEES" HAS THE SAME MEANING AS "QUALIFIED
226		-	TUITION AND RELATED EXPENSES
227		-	" AS DEFINED IN SECTION 25A (f)(1) OF THE
228		-	INTERNAL REVENUE CODE THAT ARE PAID BY OR FOR THE BENEFIT OF AN
229		-	ELIGIBLE STUDENT
230		-	.
231		-	(3) (a) F
232		-	OR EACH INCOME TAX YEAR COMMENCING ON OR AFTER
233		-	JANUARY 1, 2025, BUT PRIOR TO JANUARY 1, 2033, AN ELIGIBLE STUDENT IS
234		-	ALLOWED AN INCENTIVE AGAINST THE INCOME TAXES IMPOSED BY THIS
235		-	ARTICLE
236		-	22 FOR EVERY QUALIFYING SEMESTER OR TERM COMPLETED DURING
237		-	THE ACADEMIC YEAR ENDING DURING THE INCOME TAX YEAR
238		-	.
	218	+	23
	219	+	ACCUMULATED, INCLUDING ALL CREDITS TRANSFERRED TO THE24
	220	+	C
	221	+	OLORADO PUBLIC INSTITUTION OF HIGHER EDUCATION , EXCEPT THOSE
	222	+	25
	223	+	CREDITS EARNED THROUGH PRIOR LEARNING ASSESSMENT , CONCURRENT26
	224	+	ENROLLMENT, ADVANCED PLACEMENT , THE INTERNATIONAL27
	225	+	1340
	226	+	-6- BACCALAUREATE PROGRAM , MILITARY CREDITS, OR ANY OTHER CREDITS1
	227	+	ACCUMULATED PRIOR TO MATRICULATION AT ANY INSTITUTION OF HIGHER2
	228	+	EDUCATION; AND3
	229	+	(II)
	230	+	COMPLETES EARNING AT LEAST SIX CREDIT HOURS OR
	231	+	4
	232	+	EQUIVALENT WITH A GRADE POINT AVERAGE OF 2.5 OR HIGHER.5
	233	+	(f) "SCHOLARSHIPS OR GRANTS" MEANS THE SUM OF ANY AMOUNT6
	234	+	PAID FOR THE BENEFIT OF AN ELIGIBLE STUDENT THAT ARE REQUIRED TO7
	235	+	BE TAKEN INTO ACCOUNT PURSUANT TO SECTION 25A (g)(2) OF THE8
	236	+	INTERNAL REVENUE CODE.9
	237	+	(g) "TUITION AND FEES" HAS THE SAME MEANING AS "QUALIFIED10
	238	+	TUITION AND RELATED EXPENSES" AS DEFINED IN SECTION 25A (f)(1) OF11
	239	+	THE INTERNAL REVENUE CODE THAT ARE PAID BY OR FOR THE BENEFIT OF12
	240	+	AN ELIGIBLE STUDENT.13
	241	+	(3) (a) FOR EACH INCOME TAX YEAR COMMENCING ON OR AFTER14
	242	+	JANUARY 1, 2025, BUT PRIOR TO JANUARY 1, 2033, AN ELIGIBLE15
	243	+	STUDENT IS ALLOWED AN INCENTIVE AGAINST THE INCOME TAXES IMPOSED16
	244	+	BY THIS ARTICLE 22 FOR EVERY QUALIFYING SEMESTER OR TERM17
	245	+	COMPLETED DURING THE ACADEMIC YEAR ENDING DURING THE INCOME18
	246	+	TAX YEAR.19
239	247		(b) T
240		-	HE AMOUNT OF INCENTIVE ALLOWED TO AN ELIGIBLE STUDENT
241		-	FOR EACH INCOME TAX YEAR IS EQUAL TO THE AMOUNT PAID BY OR FOR THE
242		-	BENEFIT OF THE ELIGIBLE STUDENT IN TUITION AND FEES TO A
243		-	COLORADO
244		-	PUBLIC INSTITUTION OF HIGHER EDUCATION MINUS ANY SCHOLARSHIPS OR
245		-	GRANTS FOR EACH QUALIFYING SEMESTER OR TERM DURING THE ACADEMIC
246		-	YEAR COMPLETED DURING THE PRIOR CALENDAR YEAR
247		-	.
248		-	(4) (a) E
249		-	ACH COLORADO PUBLIC INSTITUTION OF HIGHER EDUCATION
250		-	IS REQUIRED BY
251		-	JANUARY 15, 2026, AND EVERY JANUARY 15 THEREAFTER
252		-	UNTIL
253		-	2033, TO ELECTRONICALLY REPORT EACH ELIGIBLE STUDENT FOR ANY
254		-	PAGE 5-HOUSE BILL 24-1340 QUALIFYING SEMESTER OR TERM COMPLETED DURING THE ACADEMIC YEAR
255		-	COMPLETED DURING THE PRIOR CALENDAR YEAR TO THE DEPARTMENT OF
256		-	HIGHER EDUCATION IN A FORMAT PRESCRIBED BY THE DEPARTMENT OF
257		-	HIGHER EDUCATION THAT INCLUDES
258		-	:
259		-	(I) T
260		-	HE STUDENT'S TAX IDENTIFICATION NUMBER OR SOCIAL
261		-	SECURITY NUMBER
262		-	; AND
263		-	(II) THE AMOUNT OF TUITION AND FEES PAID MINUS ANY
264		-	SCHOLARSHIPS OR GRANTS
265		-	.
266		-	(b) B
267		-	Y JANUARY 31, 2026, AND EVERY JANUARY 31 THEREAFTER
268		-	THROUGH
269		-	2033, THE COLORADO PUBLIC INSTITUTION OF HIGHER EDUCATION
270		-	SHALL PROVIDE EACH ELIGIBLE STUDENT WITH A STATEMENT CONTAINING
271		-	THE INFORMATION PERTAINING TO THAT STUDENT
272		-	'S ELIGIBILITY AND THE
273		-	AMOUNT REPORTED TO THE DEPARTMENT OF HIGHER EDUCATION PURSUANT
274		-	TO SUBSECTION
275		-	(4)(a)(II) OF THIS SECTION.
	248	+	HE AMOUNT OF INCENTIVE ALLOWED TO AN ELIGIBLE
	249	+	20
	250	+	STUDENT FOR EACH INCOME TAX YEAR IS EQUAL TO THE AMOUNT PAID BY21
	251	+	OR FOR THE BENEFIT OF THE ELIGIBLE STUDENT IN TUITION AND FEES TO A22
	252	+	C
	253	+	OLORADO PUBLIC INSTITUTION OF HIGHER EDUCATION MINUS ANY
	254	+	23
	255	+	SCHOLARSHIPS OR GRANTS FOR EACH QUALIFYING SEMESTER OR TERM24
	256	+	DURING THE ACADEMIC YEAR COMPLETED DURING THE PRIOR CALENDAR25
	257	+	YEAR.26
	258	+	(4) (a) EACH COLORADO PUBLIC INSTITUTION OF HIGHER27
	259	+	1340
	260	+	-7- EDUCATION IS REQUIRED BY JANUARY 15, 2026, AND EVERY JANUARY 151
	261	+	THEREAFTER UNTIL 2033, TO ELECTRONICALLY REPORT EACH ELIGIBLE2
	262	+	STUDENT FOR ANY QUALIFYING SEMESTER OR TERM COMPLETED DURING3
	263	+	THE ACADEMIC YEAR COMPLETED DURING THE PRIOR CALENDAR YEAR TO4
	264	+	THE DEPARTMENT OF HIGHER EDUCATION IN A FORMAT PRESCRIBED BY5
	265	+	THE DEPARTMENT OF HIGHER EDUCATION THAT INCLUDES:6
	266	+	(I) THE STUDENT'S TAX IDENTIFICATION NUMBER OR SOCIAL7
	267	+	SECURITY NUMBER; AND8
	268	+	(II) THE AMOUNT OF TUITION AND FEES PAID MINUS ANY9
	269	+	SCHOLARSHIPS OR GRANTS.10
	270	+	(b) BY JANUARY 31, 2026, AND EVERY JANUARY 31 THEREAFTER11
	271	+	THROUGH 2033, THE COLORADO PUBLIC INSTITUTION OF HIGHER12
	272	+	EDUCATION SHALL PROVIDE EACH ELIGIBLE STUDENT WITH A STATEMENT13
	273	+	CONTAINING THE INFORMATION PERTAINING TO THAT STUDENT 'S14
	274	+	ELIGIBILITY AND THE AMOUNT REPORTED TO THE DEPARTMENT OF HIGHER15
	275	+	EDUCATION PURSUANT TO SUBSECTION (4)(a)(II) OF THIS SECTION.16
276	276		(c) T
277	277		HE DEPARTMENT OF HIGHER EDUCATION IS REQUIRED BY
278		-	JANUARY 31, 2026, AND EVERY JANUARY 31 THEREAFTER THROUGH 2034,
279		-	TO ELECTRONICALLY REPORT THE INFORMATION RECEIVED PURSUANT TO
280		-	SUBSECTION
281		-	(4)(a) OF THIS SECTION ALONG WITH ANY LATER CORRECTIONS
282		-	OR ADDITIONS TO THE DEPARTMENT OF REVENUE IN A FORMAT PRESCRIBED
283		-	BY THE EXECUTIVE DIRECTOR
284		-	.
285		-	(5) T
286		-	HE AMOUNT OF THE INCENTIVE ALLOWED UNDER THIS SECTION
287		-	THAT EXCEEDS THE ELIGIBLE STUDENT
288		-	'S INCOME TAXES DUE IS REFUNDED TO
289		-	THE TAXPAYER
290		-	.
291		-	(6) (a) T
292		-	HE DEPARTMENT OF HIGHER EDUCATION , IN CONSULTATION
293		-	WITH
294		-	COLORADO PUBLIC INSTITUTIONS OF HIGHER EDUCATION , SHALL
295		-	DETERMINE EACH INSTITUTION
296		-	'S AVERAGE PERCENTAGE OF STATE AND
297		-	INSTITUTIONAL FINANCIAL AID ALLOCATED TO THE RESIDENT STUDENT
298		-	POPULATION WHO HAVE A FAMILY INCOME OF NINETY THOUSAND DOLLARS
299		-	OR LESS IN EACH YEAR OF THE THREE YEARS PRIOR TO
300		-	2025.
	278	+	17
	279	+	J
	280	+	ANUARY 31, 2026, AND EVERY JANUARY 31 THEREAFTER THROUGH 2034,
	281	+	18
	282	+	TO ELECTRONICALLY REPORT THE INFORMATION RECEIVED PURSUANT TO19
	283	+	SUBSECTION (4)(a) OF THIS SECTION ALONG WITH ANY LATER20
	284	+	CORRECTIONS OR ADDITIONS TO THE DEPARTMENT OF REVENUE IN A21
	285	+	FORMAT PRESCRIBED BY THE EXECUTIVE DIRECTOR .22
	286	+	(5) THE AMOUNT OF THE INCENTIVE ALLOWED UNDER THIS23
	287	+	SECTION THAT EXCEEDS THE ELIGIBLE STUDENT'S INCOME TAXES DUE24
	288	+	IS REFUNDED TO THE TAXPAYER.25
	289	+	(6) (a) THE DEPARTMENT OF HIGHER EDUCATION , IN CONSULTATION26
	290	+	WITH COLORADO PUBLIC INSTITUTIONS OF HIGHER EDUCATION, SHALL27
	291	+	1340
	292	+	-8- DETERMINE EACH INSTITUTION'S AVERAGE PERCENTAGE OF STATE AND1
	293	+	INSTITUTIONAL FINANCIAL AID ALLOCATED TO THE RESIDENT STUDENT2
	294	+	POPULATION WHO HAVE A FAMILY INCOME OF NINETY THOUSAND DOLLARS3
	295	+	OR LESS IN EACH YEAR OF THE THREE YEARS PRIOR TO 2025.4
301	296		(b) E
302	297		ACH COLORADO PUBLIC INSTITUTION OF HIGHER EDUCATION
303		-	SHALL MAINTAIN A PERCENTAGE OF STATE AND INSTITUTIONAL FINANCIAL
304		-	AID TO RESIDENT STUDENTS WHO HAVE AN ADJUSTED GROSS HOUSEHOLD
305		-	INCOME OF NINETY THOUSAND DOLLARS OR LESS THAT IS EQUAL TO OR
306		-	PAGE 6-HOUSE BILL 24-1340 GREATER THAN THE AVERAGE PERCENTAGE OF STATE AND INSTITUTIONAL
307		-	FINANCIAL AID CALCULATED BY THE DEPARTMENT OF HIGHER EDUCATION IN
308		-	EACH OF THE THREE ACADEMIC YEARS PRIOR TO THE ACADEMIC YEAR
309		-	2024-25.
	298	+	5
	299	+	SHALL MAINTAIN A PERCENTAGE OF STATE AND INSTITUTIONAL FI NANCIAL6
	300	+	AID TO RESIDENT STUDENTS WHO HAVE AN ADJUSTED GROSS HOUSEHOLD7
	301	+	INCOME OF NINETY THOUSAND DOLLARS OR LESS THAT IS EQUAL TO OR8
	302	+	GREATER THAN THE AVERAGE PERCENTAGE OF STATE AND INSTITUTIONAL9
	303	+	FINANCIAL AID CALCULATED BY THE DEPARTMENT OF HIGHER EDUCATION10
	304	+	IN EACH OF THE THREE ACADEMIC YEARS PRIOR TO THE ACADEMIC YEAR11
	305	+	2024-25.12
310	306		(c) I
311	307		F AN INSTITUTION DOES NOT MAINTAIN THE PERCENTAGE , THE
312		-	INSTITUTION SHALL NOTIFY THE DEPARTMENT OF HIGHER EDUCATION BY A
313		-	DATE DETERMINED BY THE DEPARTME NT OF HIGHER EDUCATION AND MUST
314		-	INCLUDE IN THE NOTIFICATION A DESCRIPTION OF CHANGES TO
315		-	INSTITUTIONAL FINANCES OR THE STUDENT POPULATION THAT PREVENTED
316		-	THE INSTITUTION FROM MAINTAINING THE STATE AND INSTITUTIONAL
317		-	FINANCIAL AID ALLOCATION PERCENTAGE
318		-	. THE DEPARTMENT OF HIGHER
319		-	EDUCATION SHALL INCLUDE THIS INFORMATION IN ITS REPORT DESCRIBED IN
320		-	SUBSECTION
321		-	(7)(d) OF THIS SECTION.
322		-	(d) O
323		-	N OR BEFORE JUNE 30, 2027, AND EACH YEAR THEREAFTER
324		-	UNTIL
325		-	2037, THE DEPARTMENT OF HIGHER EDUCATION SHALL SUBMIT A
326		-	REPORT TO THE JOINT BUDGET COMMITTEE AND THE HOUSE OF
327		-	REPRESENTATIVES AND SENATE EDUCATION COMMITTEES
328		-	, OR ANY
329		-	SUCCESSOR COMMITTEES
330		-	, INCLUDING, FOR EACH INSTITUTION, THE AVERAGE
331		-	PERCENTAGE OF STATE AND INSTITUTIONAL FINANCIAL AID ALLOCATED TO
332		-	THE RESIDENT STUDENT POPULATION WHO HAVE A FAMILY INCOME OF
333		-	NINETY THOUSAND DOLLARS OR LESS IN THE THREE ACADEMIC YEARS PRIOR
334		-	TO THE ACADEMIC YEAR
335		-	2024-25, AND IN EACH ACADEMIC YEAR
336		-	THEREAFTER UNTIL
337		-	2034. THE DEPARTMENT OF HIGHER EDUCATION SHALL
338		-	INCLUDE IN THE REPORT STUDENT ENROLLMENT INFORMATION FOR ELIGIBLE
339		-	AND NON
340		-	-ELIGIBLE STUDENTS, DISAGGREGATED BY INCOME , AND SHALL
341		-	INCLUDE
342		-	, ONCE THE DATE IS AVAILABLE , DISAGGREGATED OUTCOME
343		-	MEASURES BY INCOME FOR ELIGIBLE AND NON
344		-	-ELIGIBLE STUDENTS,
345		-	INCLUDING BUT NOT LIMITED TO STUDENT RETENTION AND COMPLETION
346		-	RATES
347		-	. EACH COLORADO PUBLIC INSTITUTION OF HIGHER EDUCATION SHALL
348		-	ANNUALLY REPORT STUDENT LEVEL FINANCIAL AID
349		-	, STUDENT ELIGIBILITY,
350		-	AND INCENTIVE ELIGIBILITY INFORMATION TO THE DEPARTMENT OF HIGHER
351		-	EDUCATION THAT THE DEPARTMENT OF HIGHER EDUCATION DEEMS
352		-	NECESSARY TO PROVIDE TO THE DEPARTMENT OF REVENUE FOR INCENTIVE
353		-	ADMINISTRATION OR FOR INCLUSION IN THE REPORT
354		-	.
355		-	(7) T
356		-	HIS SECTION IS REPEALED, EFFECTIVE DECEMBER 31, 2037.
357		-	SECTION 2. Appropriation. (1) For the 2024-25 state fiscal year,
358		-	PAGE 7-HOUSE BILL 24-1340 $101,756 is appropriated to the department of higher education for use by
359		-	the Colorado commission on higher education and higher education special
360		-	purpose programs. This appropriation is from the general fund and is based
361		-	on the assumption that the commission will require an additional 1.3 FTE.
362		-	To implement this act, the commission may use this appropriation for
363		-	administration.
364		-	SECTION 3. Act subject to petition - effective date. This act
365		-	takes effect at 12:01 a.m. on the day following the expiration of the
366		-	ninety-day period after final adjournment of the general assembly; except
367		-	that, if a referendum petition is filed pursuant to section 1 (3) of article V
368		-	of the state constitution against this act or an item, section, or part of this act
369		-	within such period, then the act, item, section, or part will not take effect
370		-	unless approved by the people at the general election to be held in
371		-	PAGE 8-HOUSE BILL 24-1340 November 2024 and, in such case, will take effect on the date of the official
372		-	declaration of the vote thereon by the governor.
373		-	____________________________ ____________________________
374		-	Julie McCluskie Steve Fenberg
375		-	SPEAKER OF THE HOUSE PRESIDENT OF
376		-	OF REPRESENTATIVES THE SENATE
377		-	____________________________ ____________________________
378		-	Robin Jones Cindi L. Markwell
379		-	CHIEF CLERK OF THE HOUSE SECRETARY OF
380		-	OF REPRESENTATIVES THE SENATE
381		-	APPROVED________________________________________
382		-	(Date and Time)
383		-	_________________________________________
384		-	Jared S. Polis
385		-	GOVERNOR OF THE STATE OF COLORADO
386		-	PAGE 9-HOUSE BILL 24-1340
	308	+	13
	309	+	INSTITUTION SHALL NOTIFY THE DEPARTMENT OF HIGHER EDUCATION BY14
	310	+	A DATE DETERMINED BY THE DEPARTMENT OF HIGHER EDUCATION AND15
	311	+	MUST INCLUDE IN THE NOTIFICATION A DESCRIPTION OF CHANGES TO16
	312	+	INSTITUTIONAL FINANCES OR THE STUDENT POPULATION THAT PREVENTED17
	313	+	THE INSTITUTION FROM MAINTAINING THE STATE AND INSTITUTIONAL18
	314	+	FINANCIAL AID ALLOCATION PERCENTAGE . THE DEPARTMENT OF HIGHER19
	315	+	EDUCATION SHALL INCLUDE THIS INFORMATION IN ITS REPORT DESCRIBED20
	316	+	IN SUBSECTION (7)(d) OF THIS SECTION.21
	317	+	(d) ON OR BEFORE JUNE 30, 2027, AND EACH YEAR THEREAFTER22
	318	+	UNTIL 2037, THE DEPARTMENT OF HIGHER EDUCATION SHALL SUBMIT A23
	319	+	REPORT TO THE JOINT BUDGET COMMITTEE AND THE HOUSE OF24
	320	+	REPRESENTATIVES AND SENATE EDUCATION COMMITTEES, OR ANY25
	321	+	SUCCESSOR COMMITTEES , INCLUDING, FOR EACH INSTITUTION, THE26
	322	+	AVERAGE PERCENTAGE OF STATE AND INSTITUTIONAL FINANCIAL AID27
	323	+	1340
	324	+	-9- ALLOCATED TO THE RESIDENT STUDENT POPULATION WHO HAVE A FAMILY1
	325	+	INCOME OF NINETY THOUSAND DOLLARS OR LESS IN THE THREE ACADEMIC2
	326	+	YEARS PRIOR TO THE ACADEMIC YEAR 2024-25, AND IN EACH ACADEMIC3
	327	+	YEAR THEREAFTER UNTIL 2034. THE DEPARTMENT OF HIGHER EDUCATION4
	328	+	SHALL INCLUDE IN THE REPORT STUDENT ENROLLMENT INFORMATION FOR5
	329	+	ELIGIBLE AND NON-ELIGIBLE STUDENTS, DISAGGREGATED BY INCOME, AND6
	330	+	SHALL INCLUDE, ONCE THE DATE IS AVAILABLE , DISAGGREGATED7
	331	+	OUTCOME MEASURES BY INCOME FOR ELIGIBLE AND NON-ELIGIBLE8
	332	+	STUDENTS, INCLUDING BUT NOT LIMITED TO STUDENT RETENTION AND9
	333	+	COMPLETION RATES. EACH COLORADO PUBLIC INSTITUTION OF HIGHER10
	334	+	EDUCATION SHALL ANNUALLY REPORT STUDENT LEVEL FINANCIAL AID,11
	335	+	STUDENT ELIGIBILITY, AND INCENTIVE ELIGIBILITY INFORMATION TO THE12
	336	+	DEPARTMENT OF HIGHER EDUCATION THAT THE DEPARTMENT OF HIGHER13
	337	+	EDUCATION DEEMS NECESSARY TO PROVIDE TO THE DEPARTMENT OF14
	338	+	REVENUE FOR INCENTIVE ADMINISTRATION OR FOR INCLUSION IN THE15
	339	+	REPORT.16
	340	+	(7) THIS SECTION IS REPEALED, EFFECTIVE DECEMBER 31, 2037.17
	341	+	SECTION 2. Appropriation. (1) For the 2024-25 state fiscal 18
	342	+	year, $101,756 is appropriated to the department of higher education for19
	343	+	use by the Colorado commission on higher education and higher20
	344	+	education special purpose programs. This appropriation is from the21
	345	+	general fund and is based on the assumption that the commission will22
	346	+	require an additional 1.3 FTE. To implement this act, the commission23
	347	+	may use this appropriation for administration.24
	348	+	SECTION 3. Act subject to petition - effective date. This act25
	349	+	takes effect at 12:01 a.m. on the day following the expiration of the26
	350	+	ninety-day period after final adjournment of the general assembly; except27
	351	+	1340
	352	+	-10- that, if a referendum petition is filed pursuant to section 1 (3) of article V1
	353	+	of the state constitution against this act or an item, section, or part of this2
	354	+	act within such period, then the act, item, section, or part will not take3
	355	+	effect unless approved by the people at the general election to be held in4
	356	+	November 2024 and, in such case, will take effect on the date of the5
	357	+	official declaration of the vote thereon by the governor.6
	358	+	1340
	359	+	-11-