Colorado students whose families make less than $90,000 per year will be able to get up to two years of in-state tuition paid for under a new law signed Thursday by Gov. Jared Polis.
Passed as House Bill 1340, the measure directs the state to reimburse qualifying students through a refundable income tax credit, meaning they and their families would be repaid during tax season after first paying on their own. It was one of several bills that sought to leverage state revenue collected above the cap set by the Taxpayer's Bill of Rights.
Eligible students will experience a lag in receiving the credit because of when taxes are filed. Those enrolled at in-state public universities and other types of college this fall will be able to claim the new tax credit for the academic year on their 2025 taxes, which are filed in early 2026. That is when they would receive the credit.
State officials are dubbing the program the "Colorado Promise." (Read a recent story about the tax credit here.)
"Two years at any public four-year college, community college, or trade school are now free for more Coloradans!" Polis said in a statement after the signing. "This will strengthen Colorado's workforce, provide new pathways for students to gain in-demand skills and save Coloradans thousands of dollars — helping ensure that higher education is affordable for everyone."
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