SB 24-044

Senate Bill 24-044 creates a refundable income tax credit for certain retired public employees in Colorado. The credit applies to full-time residents who are at least 65 years old and have an annual federal adjusted gross income of up to $38,000 for single filers or $76,000 for joint filers. This benefit is available from January 1, 2024, through December 31, 2025. Since the bill has been signed into law, eligible retirees can start claiming this tax credit when they file their taxes in future years.

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, 2024, but prior to January 1, 2026, for a qualifying public employees' retirement association retiree, which means a full-time Colorado resident individual who: Is a retiree of the public employees' retirement association; Is 65 years of age or older at the end of the 2024 or 2025 income tax year; and Has an annual a federal adjusted gross income of no more than $38,000 as a single filer or $76,000 as a joint filer. (Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.) (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Votes