2016 Colorado Revised Statutes
Title 39 - Taxation
Specific Taxes
Article 22 - Income Tax
Part 5 - Special Rules
§ 39-22-520. Credit against tax - investment in school-to-career program

CO Rev Stat ยง 39-22-520 (2016) What's This?

(1) The general assembly hereby recognizes that businesses and other aspects of the economy need trained, educated, and motivated workers. It is therefore the intent of the general assembly to encourage private investment in programs that integrate traditional education with on-the-job training. It is further the intent of the general assembly to foster and encourage cooperation among the private sector and the educational community in creating programs that will open doors of opportunity for students and enable them to develop the knowledge and skills that will empower them to become productive members of society.

(2) (a) For income tax years beginning on or after January 1, 1997, there shall be allowed to any person as a credit against the tax imposed by this article an amount equal to ten percent of the total qualified investment made in a qualified school-to-career program.

(b) For purposes of this subsection (2):

(I) "Qualified investment" means moneys directly expended for wages, workers' compensation insurance, unemployment insurance, and training expenses to employ a student to work or to allow a student to participate in an internship through a qualified school-to-career program.

(II) "Qualified school-to-career program" means a program that integrates school curriculum with job training, that encourages placement of students in jobs or internships that will teach them new skills and improve their school performance, and that is approved by:

(A) The board of education of the school district in which the program is operating;

(B) The state board for community colleges and occupational education;

(C) The private occupational school division created pursuant to section 12-59-104.1, C.R.S.; or

(D) The Colorado commission on higher education.

(3) If the amount of the credit provided for pursuant to subsection (2) of this section exceeds the amount of income taxes due on the income of the taxpayer in the income tax year for which the credit is being claimed, the amount of the credit not used as an offset against income taxes in said income tax year shall not be allowed as a refund but may be carried forward as a credit against subsequent years' tax liability for a period not exceeding five years and shall be applied first to the earliest income tax years possible. Any amount of the credit that is not used during said period shall not be refundable to the taxpayer.

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