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HB20-1189

Tax Credit Donation Human Trafficking Victims

Concerning an income tax credit for an amount contributed to a nonprofit organization to assist victims of human trafficking.
Session:
2020 Regular Session
Subject:
Fiscal Policy & Taxes
Bill Summary

For 5 income tax years beginning with the current one, the bill creates an income tax credit for a taxpayer who makes a donation to a Colorado-based nonprofit organization whose purpose is to eradicate human trafficking or to a nonprofit organization that provides at least 25% of its services in the state for victims of human trafficking. The amount of the credit is equal to 25% of the taxpayer's monetary donation to the qualifying nonprofit and is in addition to any federal income tax deduction the taxpayer may claim. The maximum credit a taxpayer may claim for an income tax year is $100,000. The credit is not refundable, but a taxpayer may carry forward unused credits for up to 5 years.
(Note: This summary applies to this bill as introduced.)

Status

Introduced
Lost

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. R. Bockenfeld
Sen. K. Priola

Sponsor

Co-sponsor

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The House and Senate are temporarily adjourned. The building is closed to the public.