SB 25-319

Senate Bill 25-319 modifies an existing Colorado law that allows students pursuing higher education to claim a tax incentive for tuition and fees. The bill clarifies the rules for claiming this benefit, making it easier for the state to track and report on who is using it. It also allocates $135,446 from the general fund to help implement these changes. Since the bill has been signed into law, students who meet the eligibility criteria can now claim this tax incentive more smoothly starting in the 2025-26 fiscal year.

Official Summary

The state allows a student pursuing higher education who satisfies statutorily specified eligibility criteria to claim an income tax incentive for amounts paid for tuition and fees for qualifying academic semesters or terms that the student completes. The act clarifies the statute that provides for the income tax incentive to improve the administration, including data tracking and reporting, of the incentive. For the 2025-26 state fiscal year, $135,446 is appropriated from the general fund to the department of revenue for use by the taxation business group to implement the act. (Note: This summary applies to this bill as enacted.)

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