Bill > SB319

This bill modifies the existing tax incentive program for higher education expenses in Colorado by updating several key provisions. The bill expands eligibility for the tuition and fee tax incentive to include students who completed high school on or after January 1, 2024, or are enrolled as of Fall 2024, and who are undergraduate students at a Colorado public institution of higher education. It introduces new definitions for dependent and independent students, and clarifies how household adjusted gross income is calculated, which now depends on whether the student is a dependent, single independent, or married independent student. The bill extends the tax incentive program through 2033, allowing eligible students to claim an incentive for qualifying semesters or terms based on tuition and fees paid minus any scholarships or grants. Public higher education institutions are required to report student information to the Department of Higher Education by January 31 each year, and the department must submit annual reports to legislative committees detailing the implementation and impact of the incentive program. Additionally, the bill appropriates $135,446 to the Department of Revenue for implementation, including funding for 1.9 full-time equivalent (FTE) positions and related operating expenses. The goal is to provide financial support to students from households with adjusted gross incomes of $90,000 or less, helping to make higher education more affordable.

Budget and Finance

https://leg.colorado.gov/bills/sb25-319