summary
Introduced
02/07/2024
02/07/2024
In Committee
03/04/2024
03/04/2024
Crossed Over
Passed
Dead
05/08/2024
05/08/2024
Introduced Session
2024 Regular Session
Bill Summary
For income tax years commencing on or after January 1, 2024, but before January 1, 2026, the bill allows a refundable state income tax credit, which is intended to offset the various expenses that licensed teachers often incur throughout an academic year for classroom supplies, professional development costs, supplemental educational materials, field trips, and other items that improve the quality of the educational services that they provide, to a licensed teacher who is employed as a teacher in a public school on a full-time basis for at least one-half of an academic year (eligible teacher) during the income tax year for which the credit is claimed. The amount of the credit is $1,000 for an eligible teacher who is employed for the equivalent of an entire academic year and $500 for a teacher who is employed for one-half of an academic year. Two eligible teachers who file a joint income tax return may each claim the credit.
AI Summary
This bill allows a refundable state income tax credit for licensed teachers employed full-time in public schools for at least half an academic year. The credit is $1,000 for teachers employed for the entire academic year or $500 for those employed for half the year. Two eligible teachers filing a joint tax return can each claim the credit. The bill aims to offset the expenses teachers often incur for classroom supplies, professional development, and other educational items that benefit their students and the public. The credit is effective for tax years 2024 and 2025 and will be evaluated based on the number and value of credits claimed.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
House Committee on Appropriations Lay Over Unamended - Amendment(s) Failed (on 05/14/2024)
Bill Topics
Education
- ‐ Elementary and Secondary Education
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://leg.colorado.gov/bills/hb24-1221 | 02/07/2024 |
| Fiscal Note FN1 | https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_hb1221_00.pdf | 02/29/2024 |
| BillText | https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1221_01.pdf | 02/07/2024 |
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