Amendments for SB25-013
Senate Journal, January 29
After consideration on the merits, the Committee recommends that SB25-013 be amended
as follows, and as so amended, be referred to the Committee on Appropriations with
favorable recommendation.
Amend printed bill, page 3, after line 22 insert:
"SECTION 2. In Colorado Revised Statutes, 39-1-104.6, add (8)(e) as
follows:
39-1-104.6. Qualified-senior primary residence real property -
valuation for assessment - reimbursement to local governments for reduced
valuation - temporary mechanism for refunding excess state revenues -
legislative declaration - definitions. (8) Reporting to administrator.
(e) NOTWITHSTANDING SUBSECTION (5)(a) OF THIS SECTION, THE
ADMINISTRATOR SHALL PROVIDE REPORTS TO THE DEPARTMENT OF REVENUE AS
FOLLOWS:
(I) ON OR BEFORE DECEMBER 1, 2025, AND ON OR BEFORE DECEMBER
1, 2026, THE ADMINISTRATOR SHALL PROVIDE A REPORT TO THE DEPARTMENT
OF REVENUE WITH THE NAMES AND SOCIAL SECURITY NUMBERS OF ALL
APPLICANTS ELIGIBLE FOR CLASSIFICATION OF REAL PROPERTY AS
QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY COMMENCING ON
JANUARY 1, 2025, AND JANUARY 1, 2026, RESPECTIVELY.
(II) ON OR BEFORE APRIL 1, 2026, AND ON OR BEFORE APRIL 1, 2027,
THE ADMINISTRATOR SHALL PROVIDE A REPORT TO THE DEPARTMENT OF
REVENUE WITH THE NAMES AND SOCIAL SECURITY NUMBERS OF ALL TAXPAYERS
ENTITLED TO THE CLASSIFICATION OF REAL PROPERTY AS QUALIFIED-SENIOR
PRIMARY RESIDENCE REAL PROPERTY FOR THE PROPERTY TAX YEARS
COMMENCING ON JANUARY 1, 2025, AND JANUARY 1, 2026, RESPECTIVELY.".
Renumber succeeding sections accordingly.
Page 3, strike line 24 and substitute "(1)(a)(III), (1)(a)(IV), (1)(b)(I), (1)(c), (4.5)
introductory portion, (4.5)(d), and (6); and add (1)(a)(V) and (3)(c) as
follows:".
Page 3, strike line 26 and substitute "legislative declaration - definitions.
(1) (a) The general assembly hereby finds and declares that:
(III) Many seniors are ineligible for the senior property tax exemption
because they have owned their home for fewer than ten years or because they
rent; and
(IV) Property tax rebates or tax-equivalent rebates for renters available
under section 39-31-102 only assist seniors with incomes below very low
thresholds; AND
(V) FOR PROPERTY TAX YEARS 2025 AND 2026, THE GENERAL
ASSEMBLY REDUCED THE VALUATION FOR ASSESSMENT FOR PROPERTY
CLASSIFIED AS QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY
PURSUANT TO SECTION 39-1-104.2.
(b) (I) Therefore, in order to help more seniors afford the high cost of
housing in Colorado, the general assembly hereby intends to establish a
refundable income tax credit for income-qualified seniors who do not qualify
for the senior property tax exemption OR THE REDUCED VALUATION FOR
ASSESSMENT FOR PROPERTY CLASSIFIED AS QUALIFIED-SENIOR PRIMARY
RESIDENCE REAL PROPERTY to help them afford the high cost of housing.
(c) The general assembly and the state auditor shall measure the
effectiveness of the exemption CREDIT in achieving the purpose specified in
subsection (1)(b)(II) of this section based on the number of taxpayers who have
claimed the exemption CREDIT.
(3) (c) (I) FOR THE INCOME TAX".
Page 4, line 15, after "39-3-203" insert "OR THE REDUCED VALUATION FOR
ASSESSMENT FOR PROPERTY CLASSIFIED AS QUALIFIED-SENIOR PRIMARY
RESIDENCE REAL PROPERTY UNDER SECTION 39-1-104.6".
Page 4, strike line 27 and substitute "the property tax administrator in
accordance with section 39-3-207 (8) SECTIONS 39-3-207 (8) AND 39-1-104.6
(8)(e) for".
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