Colorado Promise Bill: Free College Tuition for Many Residents
Funding and Long-term Benefits
According to Kiplinger a new state tax credit in Colorado will soon provide many residents two years of free college tuition. Governor Jared Polis signed the Colorado Promise bill into law last week to reduce financial barriers to higher education. Starting this fall, the initiative will cover tuition and fees at public four-year colleges community colleges, or trade schools for students from families earning less than $90,000 annually. To qualify students must be in-state residents complete the FAFSA or CASFA, enroll in college within two years of high school graduation, and maintain a minimum 2.5 GPA. The program aims to make higher education more accessible and affordable, helping students and families avoid significant debt.
The program’s funding comes from reallocating state tax revenues collected above the Taxpayer’s Bill of Rights (TABOR) cap. Under this system, excess revenue typically returned to taxpayers will now help cover educational costs for eligible students. While students must initially pay tuition out-of-pocket they can claim reimbursement through a refundable income tax credit during tax season. This means students starting in fall 2024 will receive their tax credit on their 2025 returns filed in early 2026. Although the upfront cost might be challenging for some families the long-term benefits include significant reductions in student debt and increased access to higher education. This approach helps ensure that higher education is within reach for more families fostering a more educated and skilled workforce in Colorado.
READ ALSO: Five Below Sinks on Lower-Income Shopper Struggles
$90,000 Income Limit for In-State Residents, Starting Fall 2024; Governor Polis Signs Colorado Promise Bill into Law Offers 2 Years of Free College Tuition! (PHOTO: CBS News)
Investing in Education and Economic Stability
Additionally, Governor Polis has signed other tax bills to support families and improve economic conditions. Coloradans will also vote on property tax proposals in November which aim to provide relief to homeowners facing rising property values. The Colorado Promise initiative and these measures collectively reflect the state’s efforts to enhance economic stability and make higher education more affordable and accessible. By addressing both education and economic challenges the state aims to create a more stable and prosperous environment for its residents. These efforts highlight the importance of investing in education and providing financial relief to families ensuring a brighter future for the state of Colorado.
Governor Jared Polis has signed the Colorado Promise bill into law, introducing a new state tax credit that provides two years of free college tuition for many residents. Starting this fall, the program will cover tuition and fees at public colleges, community colleges, or trade schools for students from families earning less than $90,000 annually. To qualify, students must be in-state residents, complete the FAFSA or CASFA, enroll in college within two years of high school graduation, and maintain a minimum 2.5 GPA. The program is funded by reallocating state tax revenues collected above the Taxpayer’s Bill of Rights (TABOR) cap allowing students to claim reimbursement through a refundable income tax credit during tax season. While students must initially pay tuition out-of-pocket the long-term benefits include significant reductions in student debt and increased access to higher education. Governor Polis has signed other tax bills to support families and improve economic conditions. These measures along with the Colorado Promise initiative aim to enhance economic stability and make higher education more affordable reflecting the state’s efforts to create a more educated and prosperous environment for its residents.
READ ALSO: New Colorado Tax Credit Offers Two Years Free College: What to Know
