$38M Annual Investment: Colorado’s New Higher Education Tax Credit – Check Eligible Recipients!

Colorado Passes Bill for State Income Tax Credit

Governor Polis Signs Bill to Boost Higher Education Accessibility with Colorado Tax Credit Program

According to The Center Square, Colorado has recently taken a significant step towards making higher education more accessible and affordable for its residents. Governor Jared Polis signed House Bill 24-1430 into law introducing a state income tax credit aimed at encouraging Colorado high school graduates to pursue further education within the state. The bill passed with amendments and unanimous support in the House and Senate offers a refundable state income tax credit that can be used to cover tuition and fees at Colorado’s higher education institutions. The estimated cost to the state is $38 million annually with the program set to run from 2025 through 2032.

To get the tax credit students need to meet some rules. They must have graduated from a Colorado high school or similar within two years. Their family’s income should be $90,000 or less and they must qualify for in-state tuition. Also they should take at least six classes each semester and keep a GPA of 2.5 or higher. Governor Polis thinks the bill will help make education better give Americans chances to learn important skills and make college cheaper for everyone. The program is expected to cost the state about $38 million each year but how much it really costs might change depending on how many students use it and how much money the state gives to colleges. On average students at four-year schools might get $2,700 while those at technical or two-year schools might get $2,000 or $1,000 respectively.

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$38M Annual Investment: Colorado’s New Higher Education Tax Credit – Check Eligible Recipients! (PHOTO: Cordasco & Company)

Colorado‘s New Tax Credit Program: Ensuring Accountability and Supporting Higher Education Opportunities

Furthermore, the law includes provisions to monitor the program’s effectiveness and ensure accountability. The Department of Higher Education is tasked with providing annual reports on eligible students to the Department of Revenue and submitting program evaluations to relevant legislative committees. Students can claim a maximum of 65 credit hours over the duration of the program with any scholarships or grants subtracted from the eligible tuition and fees. This measure aims to prevent abuse of the tax credit while still providing substantial support to students seeking higher education opportunities within the state. Overall the introduction of the tax credit represents a significant investment in Colorado‘s future workforce and educational landscape with the potential to positively impact both individuals and the state as a whole.

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