The new Colorado Promise program provides a tax credit for tuition and fees for up to 65 credits at any public postsecondary institution.
2024 Legislative Session Policy Spotlight: This is the first in a series in which we highlight the policies passed during the last legislative session and how they will impact Colorado learners.
While Colorado is well known for having one of the most well-educated workforces in the country, thanks to the influx of college-educated residents moving to the state over the years, we also struggle to help our own children thrive. Seventy percent of Colorado high school graduates do not receive a certificate, associate’s, or bachelor’s degree within six years of high school graduation, and recent data from the CDHE shows this number is growing.
The Incentives for Postsecondary Education bill (HB24-130), signed by Polis last month, aims to reverse this trend and close the opportunity gap by making higher education affordable for many Coloradans. The new Colorado Promise program targets households earning $90,000 or less and reimburses students two years of college tuition and fees through a yearly refundable tax credit. This groundbreaking initiative aims to lessen the financial burden on students and ensures that more Coloradans can pursue postsecondary education and gain the skills, credentials, and degrees that lead to family-sustaining careers without the daunting prospect of overwhelming student loans. The bill received overwhelming bi-partisan support during the legislative session.
Colorado Promise is determined based on a student’s FAFSA or CAFSA and covers tuition and fees at any in-state public secondary institution, including four-year public colleges and universities like the University of Colorado and Colorado State University. The credit reimburses up to 65 credits worth of tuition and fees, excluding credits students may have earned via AP, IB, or concurrent enrollment credits during their high school careers. Learn more about how students can take advantage of the new tax credit here.
Colorado is making a significant stride in developing a skilled workforce by prioritizing postsecondary affordability. By making higher education more accessible, we are nurturing our homegrown talent and supporting and sustaining economic stability in the long term. Colorado Promise is not just a financial initiative but a commitment to the future of our state.
Colorado Succeeds thanks Governor Polis for his leadership and Representative Bird, Representative Taggart, Senator Kirkmeyer, and Senator Zenzinger for supporting the bill and championing initiatives that support homegrown talent development in Colorado.
For more info on the Colorado Promise, visit the Colorado Department of Higher Education (CDHE) website.
