Senate Advances Bill to Make College Free for At Least Two Years

The Colorado Promise would save students money and make higher education more affordable

DENVER, CO – The Senate today advanced Senator Rachel Zenzinger’s, D-Arvada, bipartisan legislation to save students money on higher education. 

HB24-1340, the Colorado Promise Act, cosponsored by Senator Barbara Kirkmeyer, R-Weld County, would create a refundable income tax credit to cover the cost of at least two years of higher education for every family making under $90,000. This bill would fund at least two years of in-state college for students in families making less than $90,000, making higher education more attainable for families.

“In my legislative career, improving education and creating opportunities for all of Colorado’s students has been a top priority,” said Zenzinger. “The Colorado Promise will be a historic opportunity to make higher education more accessible for students whose families make under $90,000 a year. I’m so proud to see this bipartisan legislation move forward. We’re one step closer to making affordable degrees a reality.”

The legislation would create a refundable state income tax credit for a student, or a taxpayer claiming the student as a dependent, that attends a Colorado higher education institution, community college, or technical or occupational school. The credit is equal to the tuition and fees paid by the eligible student to the institution, minus any scholarships or grants they earned or qualified for. 

Under this bill, the state credit is available for income tax years 2024 through 2032 and is refundable.To qualify for this tax credit, the student must be enrolled in at least six credit hours for the semester or term for which they are claiming the credit.

The bill will next be heard on third reading and final passage in the Senate. Follow its progress HERE.