HB16-1372
Colorado Work Opportunity Income Tax Credit
Concerning the creation of the Colorado work opportunity income tax credit.
Session:
2016 Regular Session
Subject:
Bill Summary
Fiscal Policy & Taxes
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.)
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.)