2016 Colorado Revised Statutes
Title 39 - Taxation
Specific Taxes
Article 22 - Income Tax
Part 5 - Special Rules
§ 39-22-521. Credits against tax - employer expenses - public assistance recipients

(1) With respect to taxable years commencing on or after January 1, 1998, there shall be allowed to an employer of any person receiving public assistance pursuant to the Colorado works program set forth in part 7 of article 2 of title 26, C.R.S., a credit, for not more than two years, against the tax imposed by this article in the amount of twenty percent of the employer's annual investment in any one or more of the following services that are incidental to the employer's business:

(a) The provision of child care services or the payment of the costs associated with child care services for children of employees receiving public assistance;

(b) The provision of health or dental insurance for employees receiving public assistance, which health or dental insurance coverage, if less than the coverage provided through medicaid, shall be supplemented by medicaid to provide full medicaid benefits to the employee;

(c) The provision of job training or basic education of employees receiving public assistance;

(d) The provision of programs for the transportation of public assistance employees to and from work.

(2) The tax credit described in subsection (1) of this section shall be in addition to any other credits for which the employer may be eligible pursuant to the provisions of article 30 of this title.

(3) The credit allowed by this section for any income tax year shall not exceed the employer's actual tax liability for such taxable year. If the amount of the credit allowed by this section exceeds the employer's actual tax liability for any income tax year in which the credit authorized in this section is claimed, such excess shall be a tax credit carryover to each of the three income tax years following the unused credit year and shall be applied first to the earliest income tax years possible.