More Coloradans than ever can get up to a $5,000 credit on their state income taxes, thanks to a legislative clarification during the 2019 session. Those who retrofit their home for better access for themselves or a family member with an illness, impairment or disability may be entitled to part of the $1 million targeted for households with incomes below $150k per year.
Previously, the tax credit was only available to taxpayers with the illness, impairment or disability. However, HB19-1135 passed by the legislature extends the income tax break to the qualified individual’s spouse and dependents as well.
Residents can determine if they qualify by completing a short prequalification survey with the Colorado Department of Local Affairs.
Any Colorado residents who plan to retrofit their home to accommodate a disability can get information and apply for the tax credit at www.hometaxcredit.colorado.gov.