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What is the Colorado School-to-Career Investment Credit?

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Question
What is the Colorado School-to-Career Investment Credit?

Answer

Colorado taxpayers can claim an income tax credit equal to 10% of their current year investment in a qualified
school-to-career program. [§39-22-520(2), C.R.S.].


“Qualified investment” means money directly expended for wages, workers’ compensation insurance, unemployment
insurance, and training expenses to employ a student to work or to allow a student to participate in an internship
through a qualified school-to-career program.
“Qualified school-to-career program” means a program that integrates school curriculum with job training that
encourages placement of students in jobs or internships that will teach them new skills and improve their school
performance, and that is approved by:


1) The board of education of the school district in which the program is operating;
2) The State Board for Community Colleges and Occupational Education;
3) The Division of Private Occupational Schools created pursuant to §12-59-104.1, C.R.S.; or
4) The Colorado Commission on Higher Education.

No credit should be claimed for any expense incurred prior to the date the program was approved by one of the
above organizations. Each year’s claim should be accompanied by a letter from the organization certifying the
program and citing the taxpayer as an approved participant.
If the credit exceeds the taxpayer’s tax liability, the excess credit will not be refunded, but may be carried forward to
the following income tax year. Credits may be carried forward up to five years, but must be applied to offset tax in the
earliest year possible.


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Article Details
Views: 1002 Created on: Jun 15, 2013
Date updated: Sep 02, 2015
Posted in: STATES, Colorado

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