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HB 24-1240

signed

AmeriCorps Education Award Tax Subtraction

Plain-English Summary

AI-generated

HB 24-1240, which has been approved and signed into law, allows people who receive the Segal AmeriCorps Education Award for participating in the national AmeriCorps service program to subtract that award amount from their income when calculating Colorado state taxes. This benefit applies to tax years starting from 2026 through 2033 and will help reduce the tax burden for those using these awards to further their education or repay student loans.

Official Summary

The act creates an income tax subtraction (deduction) for income tax years 2026 to 2033 for the amount of any Segal AmeriCorps Education Award received by a taxpayer for service in the AmeriCorps national service program, which is used by the taxpayer during the income tax year. APPROVED by Governor June 3, 2024 EFFECTIVE June 3, 2024(Note: This summary applies to this bill as enacted.)

Details

Chamber
House
First action
2024-06-03
Latest action
2024-02-12
Last action desc.
Introduced In House - Assigned to Finance
OpenStates
View source ↗

Sponsors

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Votes

BILL
2024-05-06 · Senate · pass — Yes: 31 · No: 2 · Other: —
BILL
2024-05-01 · House · pass — Yes: 47 · No: 17 · Other: —