1. Colorado Income Tax Update
New for Tax Year 2017
Steve Asbell
Colorado Department of Revenue

2. Subtractions From Income
Agricultural asset subtraction
For beginning farmers. Up to $25,000.
Certified by the Colorado Agriculture Development Authority.
First time home buyer subtraction
Subtraction for the donor of the interest earned on deposits. New form DR 0350.
Deposit up to $14,000 per year per beneficiary. Document interest earned.

3. Credits The low income child care credit is suspended for 2017.
Rural health preceptor credit
A credit of $1000 for uncompensated professional mentoring to medical students. Certified by the medical teaching institution or medical facility.
Innovative motor vehicle credit
Changes to Form DR Credit allowed on electric vehicles and certain truck categories.

4. Issues
Refunds may be switched over from direct deposit to paper checks.
Fraud prevention measures.
Taxslayer is testing the DR 1366 for TY2017.

5. Property Tax Credit
The PTC income limits for TY 2017 are $13,608 for single and $18,343 for joint.
Cannot be filed through tax software, but can be filed online through Revenue Online.

6. Contact Information
Steve Asbell Taxpayer Service Division Ph: Efile reject questions Refund inquiries: or Revenue Online