HB 23-1112 CO

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Became Law

For the income tax year commencing on January 1, 2024, the act increases the earned income tax credit that a resident individual can claim on their state income tax return from 25% to 38% of the federal credit claimed on the resident individual's federal income tax return. The amount a taxpayer can claim as an income tax credit for the state child tax credit has been calculated based on a percentage, which varies depending on the taxpayer's income level, of what the taxpayer claimed for a federal child tax credit. For income tax years commencing on and after January 1, 2024, the act restructures the state child tax credit so that the amount of the credit that a taxpayer can claim is a flat rate instead of a percentage of what the taxpayer claimed for the federal child tax credit as follows: A taxpayer filing a single return with adjusted gross income of $25,000 or less and taxpayers filing a joint return with adjusted gross income of $35,000 or less can claim $1,200; A taxpayer filing a single return with adjusted gross income greater than $25,000 but less than or equal to $50,000 and taxpayers filing a joint return with adjusted gross income greater than $35,000 but less than or equal to $60,000 can claim $600; and A taxpayer filing a single return with adjusted gross income greater than $50,000 but less than or equal to $75,000 and taxpayers filing a joint return with adjusted gross income greater than $60,000 but less than or equal to $85,000 can claim $200. The act also provides that for income tax years commencing on and after January 1, 2025, the department of revenue must adjust the adjusted gross income amounts to reflect inflation if cumulative inflation since the last adjustment, when applied to the current limits, results in an increase of at least $1,000 when the adjusted limits are rounded to the nearest $1,000. APPROVED by Governor June 7, 2023 EFFECTIVE August 7, 2023 NOTE: This act was passed without a safety clause and takes effect 90 days after sine die. (Note: This summary applies to this bill as enacted.)

• Shannon Bird · primary
• Mary Young · primary
• Chris Hansen · primary
• Chris Kolker Democratic · primary

1. Jun 7, 2023 Governor Signed · executive
2. May 22, 2023 Sent to the Governor · executive
3. May 22, 2023 Signed by the President of the Senate · upper
4. May 22, 2023 Signed by the Speaker of the House · lower
5. May 7, 2023 House Considered Senate Amendments - Result was to Concur - Repass · lower
6. May 6, 2023 Senate Third Reading Passed with Amendments - Floor · upper
7. May 5, 2023 Senate Second Reading Special Order - Passed with Amendments - Committee, Floor · upper
8. May 5, 2023 Senate Committee on Appropriations Refer Unamended to Senate Committee of the Whole · upper
9. May 4, 2023 Senate Committee on Finance Refer Amended to Appropriations · upper
10. May 1, 2023 Introduced In Senate - Assigned to Finance · upper
11. Apr 29, 2023 House Third Reading Passed - No Amendments · lower
12. Apr 27, 2023 House Third Reading Laid Over Daily - No Amendments · lower
13. Apr 26, 2023 House Second Reading Special Order - Passed with Amendments - Committee, Floor · lower
14. Apr 25, 2023 House Second Reading Special Order - Laid Over Daily - No Amendments · lower
15. Apr 25, 2023 House Committee on Appropriations Refer Amended to House Committee of the Whole · lower
16. Mar 27, 2023 House Committee on Finance Refer Unamended to Appropriations · lower
17. Jan 23, 2023 Introduced In House - Assigned to Finance · lower