HB 25-1052

HB 25-1052 is a Colorado bill that creates a refundable income tax credit for retired public employees who are at least 65 years old and have an annual federal adjusted gross income of no more than $38,000 for single filers or $76,000 for joint filers. This credit will be available from January 1, 2025, to December 31, 2026, benefiting full-time Colorado residents who meet the income criteria. Since the bill has been signed into law, eligible retirees can expect tax relief starting in 2025.

Official Summary

Pension Review Commission. The bill creates a refundable income tax credit that is available for income tax years commencing on or after January 1, 2025, but prior to January 1, 2027, for a qualifying public employees' retirement association retiree, which means a full-time Colorado resident individual who: Is 65 years of age or older at the end of the 2025 or 2026 income tax year; and Has an annual federal adjusted gross income of no more than $38,000 as a single filer or $76,000 as a joint filer.(Note: This summary applies to this bill as introduced.)