Colorado DOR Releases Guidance on Income-Qualified Senior Housing Tax Credit

The Colorado Department of Revenue (DOR) released guidance on an income-qualified senior housing tax credit for tax years 2022 and 2024. This refundable credit is available to Colorado residents aged 65 or older with income below certain limits, who did not claim the Senior Property Tax Exemption. The credit amount varies based on the taxpayer’s filing status and federal adjusted gross income, with a maximum credit for those earning less than $25,500 that phases out at higher income levels. Qualifying seniors can claim the credit on their Colorado individual income tax returns or through the Property Tax/Rent/Heat Rebate Application, with ...