Bill > HB1045

This bill modifies Colorado's long-term care insurance income tax credit by adjusting income thresholds and credit amounts for different tax years. For income tax years before January 1, 2025, the credit remains available for single filers with federal taxable income under $50,000 and joint filers with income under $50,000 (for one policy) or $100,000 (for two policies). Starting January 1, 2025, these income thresholds will increase to $100,000 for single filers and $100,000 or $200,000 for joint filers, depending on the number of policies. Additionally, the maximum credit amount will increase from $150 to $300 per policy. Beginning January 1, 2026, the bill requires the executive director to annually adjust the income limits and maximum credit amount to reflect inflation, using the Denver-Aurora-Lakewood Consumer Price Index as the benchmark. The bill will take effect after the standard 90-day legislative period, with a potential referendum process that could delay implementation until the November 2026 election if challenged.

Budget and Finance

https://leg.colorado.gov/bills/hb25-1045