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CO SB013

CO SB013
Senior Housing Income Tax Credit Extension

summary

Introduced
01/08/2025
In Committee
01/28/2025
Crossed Over
Passed
Dead
05/07/2025

Introduced Session

Potential new amendment
2025 Regular Session

Bill Summary

Legislative Oversight Committee Concerning Tax Policy. Section 2 of the bill extends a refundable income tax credit (credit) that is available for the income tax years commencing on January 1, 2022, and January 1, 2024, so that the credit is also available for the income tax years commencing on January 1, 2025, and January 1, 2026. For each income tax year, the credit is for a qualifying senior, which means a resident individual who: ! Is 65 years of age or older at the end of the income tax year; ! Has federal adjusted gross income (AGI) that is less than or equal to $75,000 if filing a single return, or less than or equal to $125,000 if filing a joint return; and ! Has not claimed the senior property tax exemption for the property tax year that coincides with the income tax year. The amount of the credit for both the 2025 and 2026 income tax years is: ! $800 for a qualifying senior filing a single return with federal AGI that is $25,000 or less. For every $500 of federal AGI above $25,000, the amount of the credit is reduced by $8. ! $800 for 2 taxpayers filing a joint return with federal AGI that is $25,000 or less. For every $500 of federal AGI above $25,000, the amount of the credit is reduced by $4. ! $400 for each taxpayer, in the case of 2 taxpayers who share the same primary residence, and may legally file a joint return but actually file separate returns and both claim the credit. For every $500 of federal AGI above $25,000, the amount of the credit is reduced by $4. Notwithstanding the income-based reductions in the allowable credit amount, a taxpayer who also qualifies for a property tax and rent assistance grant or heat assistance grant during the calendar year 2025 or is eligible to receive the full amount of the credit. Section 1 requires the property tax administrator to provide reports from counties related to taxpayers who are eligible for and actually claim the homestead property tax exemption.

AI Summary

This bill extends a refundable income tax credit for seniors for the tax years 2025 and 2026, with specific eligibility and credit amount provisions. To qualify, a senior must be 65 years or older, have a federal adjusted gross income (AGI) of $75,000 or less for single filers and $125,000 or less for joint filers, and have not claimed a property tax exemption for the corresponding property tax year. The credit amount varies based on income: single filers and joint filers can receive up to $800 if their AGI is $25,000 or less, with the credit gradually reducing as income increases. For couples filing separately who share a primary residence, each can claim a $400 credit. Additionally, the bill allows taxpayers who qualify for certain property tax or heat assistance grants to receive the full credit amount without income-based reductions. The bill also requires the property tax administrator to provide reports to the revenue department about homestead property tax exemption applicants for the tax years 2025 and 2026, extending previous reporting requirements and updating the repeal date of these reporting provisions.

Committee Categories

Budget and Finance

Sponsors (5)

Last Action

Senate Committee on Appropriations Lay Over Unamended - Amendment(s) Failed (on 05/08/2025)

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