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SB24-016

Tax Credits for Contributions via Intermediaries

Concerning qualification for state income tax credits for charitable contributions to nonprofit organizations, and, in connection therewith, authorizing a taxpayer to make a charitable contribution for which the taxpayer may claim a state income tax credit to a charitable recipient organization through a qualified intermediary that forwards the contribution to the charitable recipient organization, allowing a tax credit certificate for the Colorado homeless contribution tax credit to include only the last four digits, rather than all digits, of a taxpayer's social security number, and making an appropriation.
Session:
2024 Regular Session
Subject:
Fiscal Policy & Taxes
Bill Summary

A qualified intermediary is a charitable organization that collects charitable contributions from donors and forwards the contributions to charitable recipient organizations. The act authorizes a taxpayer to make a charitable contribution for which the taxpayer may claim a state income tax credit to a charitable recipient organization through a qualified intermediary that forwards the contribution to the charitable recipient organization, rather than making the contribution directly to the charitable recipient organization, without losing the right to claim the credit.

For the Colorado homeless contribution tax credit, the act requires a tax credit certificate to include a unique certificate identification number and the last 4 digits, rather than all digits, of the taxpayer's social security number or the taxpayer's full federal employer identification number.

For the 2024-25 state fiscal year, $41,769 is appropriated from the general fund to the department of revenue and $5,000 is appropriated from the general fund to the department of local affairs for implementation of the act.

APPROVED by Governor June 7, 2024

EFFECTIVE August 7, 2024
(Note: This summary applies to this bill as enacted.)

Status

Introduced
Passed
Became Law

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