A Colorado charitable organization that receives the credit is required to provide a credit certificate to the taxpayer, who must submit the certificate to the department of revenue, along with his or her tax return. The maximum credit an individual may claim for an income tax year is $25,000. Unused credits are not refunded but may be carried forward for up to 5 income tax years. A taxpayer may not claim the credit if he or she claims any other state income tax credit for the same charitable contribution.
(Note: This summary applies to this bill as introduced and does not reflect any amendments that were subsequently adopted.)