HB 23-1208

House Bill 23-1208, which has been signed into law in Colorado, provides a refundable state income tax credit of up to $1,000 for full-time licensed teachers and $500 for those employed half-time, to help cover the costs they incur for classroom supplies and professional development. This benefit is available to eligible teachers who work in public schools on a full-time basis for at least half an academic year, starting from January 1, 2023, through December 31, 2026. The law aims to support educators by reducing their financial burden related to teaching expenses and enhancing the quality of education they provide.

Official Summary

For income tax years commencing on or after January 1, 2023, but before January 1, 2027, the bill allows a refundable state income tax credit, which is intended to offset the various expenses that licensed teachers often incur throughout an academic year for classroom supplies, professional development costs, supplemental educational materials, field trips, and other items that improve the quality of the educational services that they provide, to a licensed teacher who is employed as a teacher in a public school on a full-time basis for at least one-half of an academic year (eligible teacher) during the income tax year for which the credit is claimed. The amount of the credit is $1,000 for an eligible teacher who is employed for the equivalent of an entire academic year and $500 for a teacher who is employed for one-half of an academic year. Two eligible teachers who file a joint income tax return may each claim the credit. (Note: This summary applies to this bill as introduced.)