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HB16-1372

Colorado Work Opportunity Income Tax Credit

Concerning the creation of the Colorado work opportunity income tax credit.
Session:
2016 Regular Session
Subject:
Fiscal Policy & Taxes
Bill Summary

The bill creates the Colorado work opportunity income tax credit, which provides an additional state-level income tax credit to a private-sector business that hires individuals who are members of a targeted group and employs them in Colorado, but only if such private-sector business is eligible for the federal work opportunity tax credit for hiring such individual.

The income tax credit is a one-time credit of a specified percentage of the individual's first-year wages, subject to a maximum amount, and subject to a minimum number of hours that the individual must work for the private-sector business. The credit amount is increased if the individual is a veteran.

There is an additional one-time income tax credit for private-sector businesses that hire individuals who are long-term family assistance recipients. That credit is a specified percentage of the individual's second-year wages, again subject to a maximum amount, and subject to a minimum number of hours that the individual must work for the private-sector business.

(Note: This summary applies to this bill as introduced and does not reflect any amendments that were subsequently adopted.)

Status

Introduced
Lost

Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. D. Primavera

Sponsor

Co-sponsor