HB 17-1055

HB 17-1055 is a Colorado bill that allows taxpayers to make voluntary donations to support Urban Peak, an organization helping homeless youth, by checking off a box on their state income tax form. The money collected will be used for housing and support services for young people experiencing homelessness. If the fund doesn't collect at least $50,000 annually after two years, it will no longer appear as an option on the tax form. Since the bill has been signed into law, taxpayers can now start contributing to this cause through their state income taxes.

Official Summary

The bill creates the Urban Peak Housing and Support Services for Youth Experiencing Homelessness 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 moneys designated for the fund. After that amount is deducted, the moneys remaining in the fund at the end of a fiscal year are transferred to Urban Peak, 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. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Votes