Colorado House Bill 1372, legislation proposing a State of Colorado Work Opportunity Income Tax Credit, has been working its way through the Colorado State Legislature.
HB 1372 was introduced on March 16th. The House Committee on Public Health Care and Human Services passed an amended version of the bill on April 5, sending it to the House Finance Committee for further hearings. Apparently, the sole amendment was to delay implementation of the program until January 1, 2018.
Finance is scheduled to hold its hearing today (Wednesday, April 20th) but we have no further information so far this afternoon.
Colorado’s WOTC program would mirror the federal WOTC. Target groups and other aspects of the program are actually defined by referencing the pre-existing federal WOTC code .
An example from Colorado HB 1372:
“MEMBER OF A TARGETED GROUP” HAS THE SAME MEANING AS SET FORTH IN SECTION 51 (d) OF THE INTERNAL REVENUE CODE, AS AMENDED, AND IS SUBJECT TO THE LIMITATIONS SET FORTH IN SECTION 51(i) OF THE INTERNAL REVENUE CODE, AS AMENDED.”
Read more in the Denver Business Journal.