Colorado SB029 proposes a tax credit for contributions to health savings accounts supporting high deductible health plans.

Colorado SB029 introduces an income tax credit for contributions to health savings accounts that support high deductible health plans. The credit equals 25% of the contribution amount, with limits of $500 for single filers, $1,000 for joint filers, and $1,500 for family health plans. The credit is available from January 1, 2027, through December 31, 2032. If unused, the credit does not carry forward or get refunded. The bill also mandates a tax preference performance statement to measure the credit's effectiveness.

Colorado SB029 proposes a tax credit for contributions to health savings accounts supporting high deductible health plans.

Colorado SB029 introduces an income tax credit for contributions to health savings accounts that support high deductible health plans. The credit equals 25% of the contribution amount, with limits of $500 for single filers, $1,000 for joint filers, and $1,500 for family health plans. The credit is available from January 1, 2027, through December 31, 2032. If unused, the credit does not carry forward or get refunded. The bill also mandates a tax preference performance statement to measure the credit's effectiveness.