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Middle Class College Savings Act

Concerning the state income tax deductions for contributions to and distributions of investment earnings from the qualified state tuition program established by collegeinvest.

HB16-1003 2016 Regular Session Not stated Fiscal Policy & Taxes Higher Education

Cost estimates

At the first note read
Row printed, no figure
FACT February 9, 2016
At the last note read
Row printed, no figure
FACT July 6, 2016
What it actually cost
not published
No Colorado source reports spending for one bill

Every figure here is an estimate by Legislative Council Staff on the date shown, about the version of the bill in front of them that day. It is not a cost.

The appropriation

The note states no appropriation is required.

An appropriation is money the legislature sets aside. It is not money spent.

The appropriation field, read from the note: None.

Bill summary

For purposes of calculating a taxpayer's Colorado taxable income, current state law begins from a base of the taxpayer's federal taxable income and provides for various modifications to that base, including subtractions from federal taxable income (state income tax deductions) in amounts equal to the full amounts of both contributions made by a taxpayer to the qualified state tuition program established by collegeinvest and distributions of investment earnings taken from the plan. The bill modifies these state income tax deductions by making the percentages of the amounts of contributions or distributions allowed to be subtracted from a taxpayer's taxable income dependent upon the amount of the taxpayer's federal adjusted gross income as follows:

  • 200% of the amounts of contributions or distributions for a taxpayer whose federal adjusted gross income is $150,000 or less;
  • 150% of the amounts of contributions or distributions for a taxpayer whose federal adjusted gross income is more than $150,000 but not more than $250,000; and
  • 40% of the amounts of contributions or distributions for a taxpayer whose federal adjusted gross income is more than $250,000 but not more than $500,000.

The bill eliminates deductions for a taxpayer whose federal adjusted gross income is more than $500,000.

FACT Bill summary by Colorado Legislative Council Staff, read 2026-09-23. Printed as published, word for word. Source: leg.colorado.gov (opens in a new tab)