Public Employees' Retirement Association Retiree Refundable Income Tax Credit

Pension Review Commission. The bill creates a refundable income tax credit that is available for income tax years commencing on or after January 1, 2024, but prior to January 1, 2026, for a qualifying public employees' retirement association retiree, which means a full-time Colorado resident individual who:

• Is a retiree of the public employees' retirement association;
• Is 65 years of age or older at the end of the 2024 or 2025 income tax year; and
• Has an annual a federal adjusted gross income of no more than $38,000 as a single filer or $76,000 as a joint filer.

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)