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House committee rewrites military tax break into tuition tax credit for National Guard
Summary
The House Finance Committee amended and advanced HB 1012 to reprogram a rarely used military pay tax exemption into a refundable tax credit to help Colorado National Guard members pay education costs (room, board and other non‑tuition expenses) for a first bachelor’s degree or vocational credentials.
The House Finance Committee on a voice vote amended and advanced House Bill 1012 on a bipartisan basis to convert a long-unused income tax exemption for returning military residents into a targeted tax credit to help Colorado National Guard members cover non‑tuition education costs.
Representative Robert Marshall, sponsor, told the committee the bill repurposes a roughly $1 million tax exemption that was being claimed by very few people and redirects the money into a credit tied to the state’s tuition assistance program for the National Guard. "This first bill we're presenting today, HB 25,1012 comes from the tax oversight interim committee...there is a tax expenditure out there that has been in place for more than a decade," Marshall said during his presentation.
Why it matters: Committee members and staff said the original exemption was being claimed by only a handful of…
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