'Cost should not be a barrier for people to live up to their potential'
Beginning this fall, Colorado students can have the first two years of their college tuition reimbursed as a tax credit under a new state law.Signed on May 30 by Colorado Gov. Jared Polis, the Incentives for Post-Secondary Education bill
a tax credit covering 100 percent of tuition and fees, after grants and scholarships are applied, for up to 65 academic credits at trade schools, community colleges, and four-year institutions.on X, adding: “Cost should not be a barrier for people to live up to their potential, which is why we are expanding access to higher education and reducing the financial burden on students and families.”
The bill defines qualified students as those with good academic standing, determined by a grade point average of at least 2.5, and a household income of $90,000 or less. “This is a refundable credit, meaning that even if a student earned $0 that year and paid $0 in federal taxes, they will receive the full tuition and fee payments as a refund. Even if students are listed as dependents on their parents’ taxes, students should file separately to request the tax credit,” the Colorado Department of Higher EducationAccording to Gov.
Also known as the Colorado Promise, the program is expected to cost Colorado taxpayers $40 million annually,“The Colorado Department of Higher Education estimates approximately 28,000 students in the 2023-24 school year would meet the requirements for the income tax credit,” CBS
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