Amount of the credit

The allowable credit depends on the qualifying individual’s filing status and adjusted gross income for the tax year. The adjusted gross income considered in determining the amount of the credit is the combined total of the following amounts:

The individual’s federal adjusted gross income for the tax year;

The individual’s social security benefits, if any, excluded from their federal adjusted gross income; and

The individual’s non-Colorado state and local bond interest, if any, required as an addition on their Colorado income tax return (see Part 3 of the Colorado Individual Income Tax Guide ).

The following tables reflect the credit amounts allowed for tax years 2021, 2022, 2024, and 2025 based on the individual’s filing status and adjusted gross income. For tax year 2023, the credit is a flat amount for all qualifying individuals, as described below. If a qualifying individual files a joint return with an individual who does not qualify for the credit is, they are allowed the same credit amount as single filers.

Credit Amounts for Tax Year 2021 Adjusted Gross Income Credit for Single Filers Credit for Joint Filers $44,000 or less $37 $74 $44,001 - $88,000 $49 $98 $88,001 - $139,000 $56 $112 $139,001- $193,000 $68 $136 $193,001- $246,000 $74 $148 $246,001 or more $117 $234

Credit Amounts for Tax Year 2022 Adjusted Gross Income Credit for Single Filers Credit for Joint Filers $48,000 or less $153 $306 $48,001 - $95,000 $208 $416 $95,001 - $151,000 $234 $468 $151,001- $209,000 $285 $570 $209,001- $268,000 $300 $600 $268,001 or more $486 $972