Colorado 2018 Regular Session Status: In Committee

SB 18-265 — Child Care Savings Account Income Tax Benefits

Last action — Senate Committee on Appropriations Postpone Indefinitely

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2018 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Section 1 of the bill establishes a child care savings account, which is an account with a financial institution from which an individual uses money to pay a child care facility for the care of a dependent who is less than 6 years old (account). To be eligible to create an account, an individual must have federal taxable income of less than $90,000, or, in the case of individuals filing a joint return, $180,000. A taxpayer may claim a credit that is equal to 10% of the amount that the taxpayer contributes to an account. The maximum credit allowed for an income tax year for a contribution to a single account is $250. A taxpayer may contribute to multiple accounts but cannot claim more than $25,000 of credits in an income tax year. A credit for a contribution to one's own account is refundable. All other credits are not refundable, but unused credits may be carried forward up to 5 years. Money in the account may only be used for payments to the child care facility or bank fees. If an individual uses money for an unauthorized purpose, then any credit given for such amount is subject to recapture in the year it is withdrawn and there is a penalty equal to 10% of the credit recaptured. The department of revenue is required to establish forms that an individual must annually file related to an account. Section 2 allows an account holder to subtract an amount equal to the interest or income earned during the income tax year from the money in an account from his or her federal taxable income.(Note: This summary applies to this bill as introduced.) , Read More

Bill Text

What changed in the latest version

152 added · 139 removed

Plain-language change summary

The latest version of SB 18-265 has added clarity to the definition of terms related to child care savings accounts, including specifying what a "beneficiary" is and who qualifies to create such accounts. This change is important because it helps individuals better understand eligibility and the benefits associated with these savings accounts. The clear definitions will aid in ensuring that more families can take advantage of state income tax benefits, potentially providing them with greater financial support for child care needs.

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Second Regular Session Seventy-first General Assembly STATE OF COLORADO INTRODUCED LLS NO.
Second Regular Session Seventy-first General Assembly STATE OF COLORADO PREAMENDED This Unofficial Version Includes Committee Amendments Not Yet Adopted on Second Reading LLS NO.
18-1261.01 Ed DeCecco x4216 SENATE BILL 18-265 SENATE SPONSORSHIP Hill, HOUSE SPONSORSHIP (None), Senate Committees House Committees State, Veterans, & Military Affairs A BILL FOR AN ACT CONCERNING STATE INCOME TAX BENEFITS FOR AMOUNTS CONTRIBUTED TO A CHILD CARE SAVINGS ACCOUNT .
18-1261.01 Ed DeCecco x4216 SENATE BILL 18-265 SENATE SPONSORSHIP Hill, HOUSE SPONSORSHIP (None), Senate Committees House Committees State, Veterans, & Military Affairs Finance A BILL FOR AN ACT C ONCERNING STATE INCOME TAX BENEFITS FOR AMOUNTS CONTRIBUTED TO A CHILD CARE SAVINGS ACCOUNT .
TO SUPPORT FAMILIES WITH YOUNG CHILDREN ,IT IS IMPORTANT TO CREATE A MEANS TO ASSIST WORKING FAMILIES AND ENCOURAGE THEM TO SAVE FOR THEIR CHILD CAREEXPENSES .THEPURPOSEOFTHETAXBENEFITSINTHISSECTIONISTO -2- SB18-265 HELP WORKING PARENTS AFFORD CHILD CARE .
TO SUPPORT FAMILIES WITH YOUNG CHILDREN ,IT IS IMPORTANT TO CREATE A MEANS TO ASSIST WORKING FAMILIES AND ENCOURAGE THEM TO SAVE FOR THEIR CHILD CAREEXPENSES .THEPURPOSEOFTHETAXBENEFITSINTHISSECTIONISTO -2- 265 HELP WORKING PARENTS AFFORD CHILD CARE .
(2) AS USED IN THIS SECTI:N (a) "CILDCAREFACILITY " HASTHESAMEMEANINGASSETFORTH IN SECTION 39-22-121 (6.5).
(2) A S USED IN THIS SECTI:N (a) "BENEFICIARY "MEANS A DEPENDENT WHO IS LESS THAN SIX YEARS OLD OF AN INDIVIDUAL WHO HAS CREATED A CHILD SAVINGS ACCOUNT .
(b) "CHILD CARE SAVINGS ACCOUNT " OR"ACCOUNT "MEANS AN ACCOUNT WITH A FINANCIAL INSTITUTION DESIGNATED AS SUCH IN ACCORDANCE WITH SUBSECTION (3)OF THIS SECTION.
(b) "CHILDCAREFACILITY "HASTHESAMEMEANINGASSETFORTH IN SECTION39-22-121 (6.5).
(c) "REDIT "MEANS THE CREDIT AGAINST INCOME TAX CREATED IN THIS SECTION.
(c) "CHILD CARE SAVINGS ACCOUNT " OR ACCOUNT "MEANS AN ACCOUNT WITH A FINANCIAL INSTITUTION DESIGNATED AS SUCH IN ACCORDANCE WITH SUBSECTION (3)OF THIS SECTIO.
(d) "DEPARTMENT " MEANS THE DEPARTMENT OF REVENUE .
(d) "CREDIT"MEANS THE CREDIT AGAINST INCOME TAX CREATED IN THIS SECTIO.
(e) "FINANCIAL INSTITUTION"MEANS ANY STATE BANK ,STATE TRUST COMPANY , SAVINGS AND LOAN ASSOCIATION , FEDERALLY CHARTERED CREDIT UNION DOING BUSINESS IN THE STATE,CREDIT UNION CHARTERED BY THE STATE ,NATIONAL BANK ,BROKER -DEALER ,MUTUAL FUND , INSURANCE COMPANY ,OR OTHER SIMILAR FINANCIAL ENTITY QUALIFIED TO DO BUSINESS IN THE STAT.
(e) "DEPARTMENT "MEANS THE DEPARTMENT OF REVENUE .
(3) (a) BGINNINGJANUARY 1,2020, AN INDIVIDUAL WHO MEETS THEELIGIBILITYREQUIREMENTSSETFORTHINSUBSECTION (3)(bOFTHIS SECTION MAY OPEN AN ACCOUNT WITH A FINANCIAL INSTITUTION AND DESIGNATE THE ACCOUNT , IN ITS ENTIRET,AS A CHILD CARE SAVINGS ACCOUNT FOR USE BY THE INDIVIDUAL .
(f) "FINANCIAL INSTITUTION" MEANS ANY STATE BANK ,STATE TRUST COMPANY , SAVINGS AND LOAN ASSOCIATION , FEDERALLY CHARTERED CREDIT UNION DOING BUSINESS IN THE STAT,CREDIT UNION CHARTERED BY THE STATE ,NATIONAL BANK ,BROKER -DEALER ,MUTUAL FUND , INSURANCE COMPANY , OR OTHER SIMILAR FINANCIAL ENTITY QUALIFIED TO DO BUSINESS IN THE STAT.
(b) TO BE ELIGIBLE TO CREATE A CHILD CARE SAVINGS ACCOUN, AN INDIVIDUAL S FEDERAL TAXABLE INCOME FOR THE INCOME TAX YEAR THAT THE ACCOUNT IS CREATED MUST NOT EXCEED NINETY THOUSAND DOLLARS OR ,IN THE CASE OF INDIVIDUALS WHO FILE A JOINT FEDERAL RETURN ,ONEHUNDREDEIGHTYTHOUSANDDOLLARS .IFAFTERCREATING THE ACCOUNT AN INDIVIDUALEXCEEDS THESE ELIGIBILITYAMOUNTS ,NO -3- SB18-265 MORE DEPOSITSINTHE ACCOUNT ARE ELIGIBLE FORACREDIT UNDERTHIS SECTION.
(3) BEGINNING JANUARY 1, 2020,AN INDIVIDUAL MAY OPEN AN ACCOUNT WITH A FINANCIAL INSTITUTION AND DESIGNATE THE ACCOUNT ,IN ITS ENTIRET,AS A CHILD CARE SAVINGS ACCOUNT FOR USEBYTHEINDIVIDUAL .A NINDIVIDUALMAYNOTHAVEMORETHANONE ACCOUNT BUT MAYJOINTLYOWNANACCOUNT WITHANOTHERPERSONIF THEY FILE A JOINT INCOME TAX RETUR.
(4) (a) SUBJECT TO THE LIMIT IN SUBSECTION (4)(b)OF THIS SECTION, FOR ANY INCOME TAX YEAR COMMENCING ON OR AFTER JANUARY 1, 2020A TAXPAYER IS ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE 22 THAT IS EQUAL TO TEN PERCENT OF THE AMOUNT THE TAXPAYER CONTRIBUTES TO A CHILD CARE SAVINGS ACCOUNT DURING THE INCOME TAX YEAR .
(4) (a) SBJECT TO THE LIMITATIONS IN SUBSECTION(4)(bAND -3- 265 (4)(cOF THIS SECTIO,FOR ANY INCOME TAX YEAR COMMENCING ON OR AFTER JANUARY 1,2020,ATAXPAYERISALLOWEDACREDITAGAINSTTHE TAXIMPOSEDBYTHISARTICLE 22THATISEQUALTOTENPERCENT OFTHE AMOUNT THE TAXPAYER CONTRIBUTES TO A CHILD CARE SAVINGS ACCOUNT DURING THE INCOME TAX YEAR .
(b) THE MAXIMUM CREDIT ALLOWED FOR AN INCOME TAX YEAR FORA CONTRIBUTION TO A SINGLE CHILDCARE SAVINGSACCOUNT ISTWO HUNDRED FIFTY DOLLARS .
(b) (I) FOR AN INDIVIDUAL TO CLAIM A CREDIT FOR A CONTRIBUTION TO HIS OR HER CHILD CARE SAVINGS ACCOUNT , THE INDIVIDUAL MUST HAVE:
ATAXPAYER MAY CONTRIBUTE TO MULTIPLE ACCOUNTS BUT SHALL NOT CLAIM MORE THAN TWENTY -FIVE THOUSAND DOLLARS OF CREDITS UNDER THIS SECTION FOR AN INCOME TAX YEA.
(A) C OMPENSATION DURING THE INCOME TAX YEAR THAT IS SUBJECT TO WITHHOLDING UNDER SECTION39-22-604;AND (B) FEDERAL TAXABLE INCOME FOR THE INCOME TAX YEAR THAT IS LESS THAN OR EQUAL TO NINETY THOUSAND DOLLARS ,IN THE CASE OF INDIVIDUALS WHO FILE A JOINT FEDERAL RETURN, ONE HUNDRED EIGHTY THOUSAND DOLLARS .
(5) IF A TAXPAYER CLAIMS THE CREDIT FOR A CONTRIBUTION TO HIS OR HER OWN CHILD CARE SAVINGS ACCOUNT ,THEN THE AMOUNT OF THE CREDIT THAT EXCEEDS THE TAXPAYER 'S INCOME TAXES DUE IS REFUNDED TO THE TAXPAYER .
(II) AN EMPLOYER SHALL NOT CLAIM A CREDIT FOR A CONTRIBUTION TO AN EMPLOYEE'S CHILD CARE SAVINGS ACCOUNT IF THE EMPLOYEE S WAGES FROM THE EMPLOYER ARE GREATER THAN NINETY THOUSAND DOLLARS FOR THE INCOME TAX YEAR .
FOR ALL OTHER TAXPAYERS , IF THE AMOUNTOFACREDITEXCEEDSATAXPAYER SACTUALTAXLIABILITYFOR AN INCOME TAX YEAR ,THE AMOUNT OF THE CREDIT NOT USED TO OFFSET INCOME TAX LIABILITY FOR THE INCOME TAX YEAR IS NOT REFUNDED TO THE TAXPAYER .
(c) THE MAXIMUM CREDIT ALLOWED FOR AN INCOME TAX YEAR FOR A CONTRIBUTION TOASINGLE CHILDCARE SAVINGSACCOUNT IS TWO HUNDREDFIFTYDOLLARS .ANEMPLOYERMAYCONTRIBUTETOTHECHILD CARESAVINGSACCOUNTSOFMULTIPLEEMPLOYEESBUTSHALLNOTCLAIM MORE THAN TWENTY FIVE THOUSAND DOLLARS OF CREDITS UNDER THIS SECTION FOR AN INCOME TAX YEAR.
THE TAXPAYER MAY CARRY FORWARD AND APPLY THE UNUSED CREDIT AGAINST THE INCOME TAX DUE IN EACH OF THE FIVE SUCCEEDING INCOME TAX YEARS ,BUT THE TAXPAYER SHALL APPLY THE CREDIT AGAINST THE INCOME TAXDUE FORTHE EARLIEST OFTHE INCOME TAXYEARSPOSSIBLE .ANYAMOUNTOFTHETAXCREDITTHATISNOTUSED AFTER THIS PERIOD IS NOT REFUNDABL.
(5) I A TAXPAYER CLAIMS THE CREDIT FOR A CONTRIBUTION TO HIS OR HER OWN CHILD CARE SAVINGS ACCOUNT,THEN THE AMOUNT OF THE CREDIT THAT EXCEEDS THE TAXPAYER 'S INCOME TAXES DUE IS -4- 265 REFUNDED TO THE TAXPAYER .
(6) (a) FR PURPOSES OF THE CREDIT,MONEY MAY REMAIN IN A -4- SB18-265 CHILD CARE SAVINGS ACCOUNT FOR AN UNLIMITED DURATION WITHOUT BEING SUBJECT TO RECAPTURE OR PENALTYANDMAYBE WITHDRAWN BY THE INDIVIDUAL AND PAID TO A CHILD CARE FACILITY FOR THE CARE OF A DEPENDENTWHOISLESSTHANSIXYEARSOLDORUSEDTOPAYASERVICE FEE THAT IS DEDUCTED BY THE FINANCIAL INSTITUTIO.
FOR ALL OTHER TAXPAYERS ,IF THE AMOUNTOFACREDITEXCEEDSATAXPAYER 'SACTUALTAXLIABILITYFOR AN INCOME TAX YEAR,THE AMOUNT OF THE CREDIT NOT USED TO OFFSET INCOME TAX LIABILITY FOR THE INCOME TAX YEAR IS NOT REFUNDED TO THE TAXPAYER .
(b) (I) I AN INDIVIDUAL WITHDRAWS MONEY FROM HIS OR HER CHILD CARE SAVINGS ACCOUNT AND USES IT FOR ANY PURPOSE OTHER THANTHOSE SPECIFIEDINSUBSECTION (6)(a)OFTHISSECTION ,THENANY CREDIT GIVEN FOR THE AMOUNT WITHDRAWN IS SUBJECT TO RECAPTURE AS PART OFTHE INDIVIDUALS INCOME IN THE TAXABLE YEAR IN WHICH IT IS WITHDRAWN AND THERE IS A PENALTY EQUAL TO TEN PERCENT OF THE CREDIT RECAPTURED .
HE TAXPAYER MAY CARRY FORWARD AND APPLY THE UNUSED CREDIT AGAINST THE INCOME TAX DUE IN EACH OF THE FIVE SUCCEEDING INCOME TAX YEARS ,BUT THE TAXPAYER SHALL APPLY THE CREDIT AGAINST THE INCOME TAXDUE FORTHE EARLIEST OFTHE INCOME TAXYEARSPOSSIBLE .A NYAMOUNTOFTHETAXCREDITTHATISNOTUSED AFTER THIS PERIOD IS NOT REFUNDAB.E (6) (a) FR PURPOSES OF THE CREDI,MONEY MAY REMAIN IN A CHILD CARE SAVINGS ACCOUNT FOR AN UNLIMITED DURATION WITHOUT BEING SUBJECT TO RECAPTURE OR PENALTYANDMAYBE WITHDRAWN BY THE INDIVIDUALAND PAID TO A CHILD CARE FACILITY FOR THE CARE OFA BENEFICIARY OR USED TO PAY A SERVICE FEE THAT IS DEDUCTED BY THE FINANCIAL INSTITUTION.
(II) I THE INDIVIDUAL WHO CREATED THE CHILD CARE SAVINGS ACCOUNT DIES ,THEN ANY CREDITS GIVEN FOR A CONTRIBUTION TO THE ACCOUNT ARE SUBJECT TO RECAPTURE IN THE TAXABLE YEAR OF THE DEATH ,BUT NO PENALTY IS DUE TO THE DEPARTMENT.
THE INDIVIDUAL MUST PROVIDE THE DEPARTMENT WITH A BENEFICIARY'S TAX IDENTIFICATION NUMBE.
(III) ATAXPAYER WHO RECEIVES A CREDIT FOR A CONTRIBUTION TOANOTHERPERSON 'SCHILDCARE SAVINGSACCOUNT ISNOT LIABLE FOR ANY RECAPTURE OFTHE CREDIT OR ANY PENALTIES IF THE OWNER OFTHE ACCOUNT USES MONEY IN THE ACCOUNT FOR ANY PURPOSE OTHER THAN THOSE SPECIFIED IN SUBSECTION(6)(aOF THIS SECTIO.
(b) (I) IAN INDIVIDUAL WITHDRAWS MONEY FROM HIS OR HER CHILD CARE SAVINGS ACCOUNT AND USES IT FOR ANY PURPOSE OTHER THANTHOSE SPECIFIEDINSUBSECTION (6)(aOFTHISSECTION ,THENANY CREDIT GIVEN FOR THE AMOUNT WITHDRAWN IS SUBJECT TO RECAPTURE AS PART OFTHE INDIVIDUA'S INCOME IN THE TAXABLE YEAR IN WHICH IT IS WITHDRAWN AND THERE IS A PENALTY EQUAL TO TEN PERCENT OF THE CREDIT RECAPTURED OR , IF THE CREDIT WAS CLAIMED BY ANOTHER PERSON THEINDIVIDUALISSUBJECTTOAPENALTYTHATISEQUALTOTHE AMOUNT OF THE CREDIT GRANTED PLUS AN AMOUNT EQUAL TO TEN PERCENT OF THE CREDI.
(c) A TAXPAYER IS NOT ELIGIBLE TO CLAIM A CREDIT UNDER SECTION 39-22-119 OR 39-22-119.5FOR MONEY PAID FROM THE CHILD CARE SAVINGS ACCOUNT .
-5- 265 (II) F THE INDIVIDUAL WHO CREATED THE CHILD CARE SAVINGS ACCOUNT DIES ,THEN ANY CREDITS GIVEN FOR A CONTRIBUTION TO THE ACCOUNT ARE SUBJECT TO RECAPTURE IN THE TAXABLE YEAR OF THE DEATH ,BUT NO PENALTY IS DUE TO THE DEPARTMEN.
F A TAXPAYER CLAIMS A CREDIT UNDER SECTION 21 OF THE INTERNAL REVENUE CODE ,OR ANY SUCCESSOR SECTION ,WITH MONEY FROM AN ACCOUNT THEN ANY CREDIT GIVEN FOR THE AMOUNT WITHDRAWN IS SUBJECT TO RECAPTURE AS PART OF THE -5- SB18-265 INDIVIDUALS INCOME IN THE TAXABLE YEAR IN WHICH IT IS WITHDRAWN AND THERE IS A PENALTY EQUAL TO TEN PERCENT OF THE CREDIT RECAPTURED .
(III) ATAXPAYER WHO RECEIVES A CREDIT FOR A CONTRIBUTION TOANOTHERPERSON SCHILDCARE SAVINGSACCOUNT ISNOT LIABLE FOR ANY RECAPTURE OFTHE CREDIT OR ANY PENALTIES IF THE OWNER OFTHE ACCOUNT USES MONEY IN THE ACCOUNT FOR ANY PURPOSE OTHER THAN THOSE SPECIFIED IN SUBSECTIO(6)(aOF THIS SECTIO.
(7) T HE DEPARTMENT SHALL ESTABLISH FORMS FOR AN INDIVIDUAL TO ANNUALLY REPORT INFORMATION ABOUT A CHILD CARE SAVINGS ACCOUNT ,INCLUDING BUT NOT LIMITED TO HOW THE MONEY FROM THE ACCOUNT IS USED , AND IDENTIFY ANY SUPPORTING DOCUMENTATION THAT IS REQUIRED TO BE MAINTAINE.T O BE ELIGIBLE FOR THE CREDIT UNDER THIS SECTIO,AN INDIVIDUAL MUST ANNUALLY FILE WITH HIS OR HER STATE INCOME TAX RETURN THE COMPLETED FORM AND ANY OTHER SUPPORTING DOCUMENTATION THE DEPARTMENT REQUIRES.
(7) THE DEPARTMENT SHALL ESTABLISH FORMS FOR AN INDIVIDUAL TO ANNUALLY REPORT INFORMATION ABOUT A CHILD CARE SAVINGS ACCOUNT ,INCLUDING BUT NOT LIMITED TO HOW THE MONEY FROM THE ACCOUNT IS USED , AND IDENTIFY ANY SUPPORTING DOCUMENTATION THAT IS REQUIRED TO BE MAINTAINED.TO BE ELIGIBLE FOR THE CREDIT UNDER THIS SECTIO,AN INDIVIDUAL MUST ANNUALLY FILE WITH HIS OR HER STATE INCOME TAX RETURN THE COMPLETED FORM AND ANY OTHER SUPPORTING DOCUMENTATION THE DEPARTMENT REQUIRES .
T HE INDIVIDUAL IS RESPONSIBLE FOR MAINTAINING DOCUMENTATION FOR THE ACCOUNT AND FOR ANY USE OF MONEY FROM THE ACCOUNT .
THE INDIVIDUAL IS RESPONSIBLE FOR MAINTAINING DOCUMENTATION FOR THE ACCOUNT AND FOR ANY USE OF MONEY FROM THE ACCOUNT .
(8) (a) AINANCIAL INSTITUTION IS NOT REQUIRED:TO (I) DESIGNATE AN ACCOUNT AS A CHILD CARE SAVINGS ACCOUNT INTHEFINANCIALINSTITUTION'SACCOUNTCONTRACTSORSYSTEMSORIN ANY OTHER WAY ;
(8) (a) AINANCIAL INSTITUTION IS NOT REQUIRED :O (I) DESIGNATE AN ACCOUNT AS A CHILD CARE SAVINGS ACCOUNT INTHEFINANCIALINSTITUTION SACCOUNTCONTRACTSORSYSTEMSORIN ANY OTHER WAY ;
(II) RACK THE USE OF MONEY WITHDRAWN FROM A CHILD CARE SAVINGS ACCOUNT ;OR (III) RPORT ANY INFORMATION TO THE DEPARTMENT OR ANY OTHER GOVERNMENTAL AGENCY THAT IS NOT OTHERWISE REQUIRED BY LAW .
(II) TACK THE USE OF MONEY WITHDRAWN FROM A CHILD CARE SAVINGS ACCOUNT ;OR -6- 265 (III) EPORT ANY INFORMATION TO THE DEPARTMENT OR ANY OTHER GOVERNMENTAL AGENCY THAT IS NOT OTHERWISE REQUIRED BY LAW .
(I) DETERMINING OR ENSURING THAT MONEY IN A CHILD CARE SAVINGS ACCOUNT IS USED FOR AN ELIGIBLE EXPEN;OR (II) RPORTING OR REMITTING TAXES OR PENALTIES RELATED TO -6- SB18-265 USE OF MONEY IN A CHILD CARE SAVINGS ACCOUN.
(I) DETERMINING OR ENSURING THE FAILURE OF AN ACCOUNT OWNER TO COMPLY WITH THE REQUIREMENTS OF THIS SECTION ,THE ELIGIBILITYOFANACCOUNTOWNERTOCLAIMACREDIT ,ORTHATMONEY INACHILDCARESAVINGSACCOUNTISUSEDFORANELIGIBLEEXPENSE ;OR (II) RPORTING OR REMITTING TAXES OR PENALTIES RELATED TO USE OF MONEY IN A CHILD CARE SAVINGS ACCOUN.
except that, if a referendum petition is filed pursuant to section 1 (3) of article V of the state constitution against this act or an item, section, or part of this act within such period, then the act, item, section, or part will not take effect unless approved by the people at the general election to be held in November 2018 and, in such case, will take effect on the date of the official declaration of the vote thereon by the governor.
except that, if a -7- 265 referendum petition is filed pursuant to section 1 (3) of article V of the state constitution against this act or an item, section, or part of this act within such period, then the act, item, section, or part will not take effect unless approved by the people at the general election to be held in November 2018 and, in such case, will take effect on the date of the official declaration of the vote thereon by the governor.
-7- SB18-265
-8- 265
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Amendments

1 amendment

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Action History

  1. Senate Committee on Appropriations Postpone Indefinitely

  2. Senate Committee on Finance Refer Unamended to Appropriations

  3. Senate Committee on State, Veterans, & Military Affairs Refer Amended to Finance

  4. Introduced In Senate - Assigned to State, Veterans, & Military Affairs

Sponsors

  • Owen Hill · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 100 not signed on

Sponsors (1)

  • Owen Hill

Co-sponsors (0)

None.

Not signed on (100)

100 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation education
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 18-265 do?
Section 1 of the bill establishes a child care savings account, which is an account with a financial institution from which an individual uses money to pay a child care facility for the care of a dependent who is less than 6 years old (account). To be eligible to create an account, an individual must have federal taxable income of less than $90,000, or, in the case of individuals filing a joint return, $180,000. A taxpayer may claim a credit that is equal to 10% of the amount that the taxpayer contributes to an account. The maximum credit allowed for an income tax year for a contribution to a single account is $250. A taxpayer may contribute to multiple accounts but cannot claim more than $25,000 of credits in an income tax year. A credit for a contribution to one's own account is refundable. All other credits are not refundable, but unused credits may be carried forward up to 5 years. Money in the account may only be used for payments to the child care facility or bank fees. If an individual uses money for an unauthorized purpose, then any credit given for such amount is subject to recapture in the year it is withdrawn and there is a penalty equal to 10% of the credit recaptured. The department of revenue is required to establish forms that an individual must annually file related to an account. Section 2 allows an account holder to subtract an amount equal to the interest or income earned during the income tax year from the money in an account from his or her federal taxable income.(Note: This summary applies to this bill as introduced.) , Read More
Who sponsors SB 18-265?
SB 18-265 is sponsored by Owen Hill.
What is the current status of SB 18-265?
This bill died with 2018 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 18-265?
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