The proposed bill, HB25-1052, aims to provide financial relief to qualifying retirees of the Public Employees' Retirement Association (PERA) in Colorado. Key details include:
Eligibility Criteria:
Age: Must be 65 years or older at the end of the 2025 or 2026 income tax year.
Income: Federal adjusted gross income not exceeding $38,000 for single filers or $76,000 for joint filers.
Tax Credit Details:
Amount: A refundable income tax credit of $700.
Availability: For income tax years commencing on or after January 1, 2025, but before January 1, 2027.
This initiative seeks to assist retirees on fixed incomes, especially given rising inflation rates.
Summary
Pension Review Commission. The bill creates a refundable
income tax credit that is available for income tax years commencing on or after January 1, 2025, but prior to January 1, 2027, for a qualifying public employees' retirement association retiree, which means a full-time Colorado resident individual who: •
Is 65 years of age or older at the end of the 2025 or 2026 income tax year; and
•
Has an annual federal adjusted gross income of no more than $38,000 as a single filer or $76,000 as a joint filer.
