HB 18-1305

HB 18-1305 is a Colorado bill that allows taxpayers to make voluntary donations to support financial education for young people through a special line on their state income tax return. The money collected will go into the Young Americans Center for Financial Education fund, which helps teach kids about managing money. This fund will stay on the tax form as long as it collects at least $50,000 annually after a two-year trial period. Since the bill has been signed, it is now law and taxpayers can start contributing to this cause through their taxes in the near future.

Official Summary

The bill creates the Young Americans Center for Financial Education fund (fund) in the state treasury. A voluntary contribution designation line for the fund will appear on the state individual income tax return form (form) for the 5 income tax years following the year that the executive director of the department of revenue (department) certifies to the revisor of statutes that: There is a space available on the form; and The fund is next in the queue. Once the fund is placed on the form, the department is directed to determine annually the total amount contributed to the fund and report that amount to the state treasurer and the general assembly. The state treasurer is required to credit that amount to the fund, and the general assembly appropriates from the fund to the department the costs of administering money designated for the fund. After that amount is deducted, the money remaining in the fund at the end of a fiscal year is transferred to the Young Americans Center for Financial Education, a nonprofit organization. Following the statutory 2-year grace period for new tax check-offs, the fund is required to achieve the minimum contribution amount of $50,000 per year to remain on the form. The fund is repealed in the sixth income tax year following the year in which the director files the certification, unless it is continued by the general assembly before then. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.) , Read More

Votes