HB 22-1010

House Bill 22-1010, also known as the Early Childhood Educator Income Tax Credit, provides financial support for early childhood educators in Colorado. The bill offers a refundable tax credit to eligible educators based on their income level and professional credentials, with higher levels of certification receiving larger credits. This benefit is available for four years starting from 2022 and adjusts annually for inflation. It affects individuals who work in licensed early childhood programs and earn less than $75,000 (single) or $150,000 (joint). Since the bill has been signed into law, eligible educators can now claim this tax credit when filing their taxes.

Official Summary

For 4 income tax years beginning in 2022, the act creates a refundable income tax credit for an early childhood educator who: Has an adjusted gross income that is less than or equal to $75,000 for an individual filing a single return or $150,000 for an individual filing a joint return; Holds an early childhood professional credential for at least part of the income tax year; and For at least 6 months of the income tax year, is either the licensee or employee of an "eligible program", as defined by the act. The amount of the credit is dependent on the eligible early childhood educator's credentialing level, with higher levels receiving a larger credit, and is annually adjusted for inflation. The department of human services, or a successor department, is required to annually provide the department of revenue with an electronic report of each individual who held an early childhood professional credential during the previous calendar year for which the credit is allowed. (Note: This summary applies to this bill as enacted.)

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