SB17-287 - Income Tax Credit For Donation To Endowment Fund

Postponed Indefinitely
Concerning an income tax credit for charitable contributions to an eligible endowment fund.

For income tax years commencing on or after January 1, 2019, but prior to January 1, 2022, the bill allows an individual taxpayer to claim an income tax credit for a contribution of money, securities, or property to an eligible endowment that is equal to 25% of the contribution. An 'eligible endowment fund' is defined in the bill as an endowment fund that is managed in accordance with the 'Uniform Prudent Management of Institutional Funds Act'.

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 the reengrossed version of this bill as introduced in the second house.)

Latest update: May 8, 2017
05/08/2017 - House Committee on Finance Refer Unamended to Appropriations
04/25/2017 - Introduced In House - Assigned to Finance + Appropriations
04/25/2017 - Senate Third Reading Passed - No Amendments
04/24/2017 - Senate Second Reading Passed with Amendments - Committee
04/20/2017 - Senate Committee on Appropriations Refer Unamended to Senate Committee of the Whole
04/13/2017 - Senate Committee on Finance Refer Amended to Appropriations
04/05/2017 - Introduced In Senate - Assigned to Finance