Second Regular Session
               Seventieth General Assembly
                    STATE OF COLORADO
                                                 INTRODUCED
                                                           
                                                           
 LLS NO. 16-0937.01 Esther van Mourik x4215HOUSE BILL 16-1292
                    HOUSE SPONSORSHIP
 Kagan,  Lebsock, Rosenthal, Ryden, Vigil
 
                   SENATE SPONSORSHIP
 Donovan, 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 House Committees
 Senate Committees
 
 
 Public Health Care & Human Services
 
 
 
 Finance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                         A BILL FOR AN ACT
       Concerning an income tax credit for certain qualifying
            taxpayers with both child and relative dependents.
       
       
                           Bill Summary
       
            (Note:  This summary applies to this bill as introduced and does
       not reflect any amendments that may be subsequently adopted. If this bill
       passes third reading in the house of introduction, a bill summary that
       applies to the reengrossed version of this bill will be available at
       http://www.leg.state.co.us/billsummaries.)
       
            The bill creates a refundable income tax credit for middle- and
       low-income taxpayers who claim exemptions for dependents on their
       federal income tax return for both qualifying children and qualifying
       relatives.
       
       
       
       Be it enacted by the General Assembly of the State of Colorado:
            SECTION 1.  Legislative declaration. The general assembly
       hereby finds and declares that the intended purpose of the tax expenditure
       in this act is to give assistance to the "sandwich generation", those
       caregivers who find themselves sandwiched in between caring for
       younger loved ones such as children and their elder parents or other elder
       family members.
            SECTION 2.  In Colorado Revised Statutes, add 39-22-538 as
       follows:
            39-22-538.  Income tax credit for qualifying taxpayers with
       both child and relative dependents - definition - repeal. (1)  As used
       in this section, "qualified taxpayer" means a taxpayer:
            (a)  With federal gross income at or below two hundred
       percent of the national median household income of its size,
       based on the most recent data available published by the United
       States census bureau; and
            (b)  Who claims exemptions for dependents on his or her
       federal income tax return for both qualifying children and
       qualifying relatives.
            (2) (a)  For tax years commencing on or after January 1,
       2016, but prior to January 1, 2019, there is allowed to any
       qualified taxpayer one credit per household in the amount of
       three thousand six hundred dollars against the tax imposed by
       this article.
            (b)  In the case of two taxpayers filing a joint return, the
       credit may not exceed three thousand six hundred dollars in
       any taxable year. In the case of two taxpayers who may legally
       file a joint return but actually file separate returns, only one
       of the taxpayers may claim the credit allowed in this section.
            (3)  If a credit authorized in this section exceeds the
       income tax due on the income of the qualified taxpayer for the
       taxable year, the excess credit may not be carried forward and
       must be refunded to the qualified taxpayer.
            (4)  This section is repealed, effective December 31, 2024.
            SECTION 3.  Safety clause. The general assembly hereby finds,
       determines, and declares that this act is necessary for the immediate
       preservation of the public peace, health, and safety.