[et_pb_section fb_built=”1″ admin_label=”Intro Center” module_class=”legislative-updates headline-center ” _builder_version=”4.16″ animation_style=”slide” animation_direction=”bottom” da_disable_devices=”off|off|off” locked=”off” collapsed=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”Headline” module_class=”headline” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
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Like you, we believe in the importance of saving for the future, and especially for education. The funds you set aside in your CollegeInvest 529 college savings account are a critical component on the educational path of you or your loved one.<\/p>\n
At CollegeInvest we are honored to serve as stewards of your account, and work each day to ensure you are provided with the most up to date information regarding opportunities that may provide value, as well as external actions \u2013 such as legislative or regulatory changes \u2013 that may impact your 529 college savings account.<\/p>\n
We offer this online resource so that you can learn more about proposed legislative or regulatory proposals that would impact your CollegeInvest 529 college savings account.\u00a0<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Legislative Updates” module_class=”legislative-updates list-card” _builder_version=”4.16″ _module_preset=”default” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row module_class=”card” _builder_version=”4.16″ _module_preset=”default” animation_style=”slide” animation_direction=”bottom” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”DECEMBER 1, 2025 \u2022 HB21-1311 \u2022 INCOME TAX” _builder_version=”4.17.3″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n
An Important Update on Colorado Tax Law Changes<\/p>\n
DECember 1, 2025 \u2022 <\/span>HB21-1311 \u2022 INCOME TAX<\/span><\/a><\/p>\n<\/div>\n The Colorado State Legislature passed a bill in 2021 that makes several changes to the Colorado tax code, including one change that would impact CollegeInvest account owners:<\/p>\n The bill places an annual cap on the state income tax deduction for CollegeInvest contributions, depending on the filing status.<\/p>\n For the 2025 tax year, this is a per taxpayer\/per-beneficiary cap of $25,400 annually for single filers and a per taxpayer\/per-beneficiary cap of $38,100 annually for those who file a joint return.<\/p>\n For the 2026 tax year, this is a per taxpayer\/per-beneficiary cap of $26,200 annually for single filers and a per taxpayer\/per-beneficiary cap of $39,200 annually for those who file a joint return.<\/strong><\/p>\n Please feel free to contact us if you have additional questions in the meantime.<\/p>\n<\/div>\n [\/et_pb_text][et_pb_text admin_label=”JULY 4, 2025 \u2022 Freedom to Invest in Tomorrow\u2019s Workforce Act” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n An Important Update on the Federal Tax Law Changes<\/p>\n JULY 4, 2025 \u2022 Freedom to Invest in Tomorrow\u2019s Workforce Act<\/span><\/p>\n<\/div>\n The\u00a0Freedom to Invest in Tomorrow\u2019s Workforce Act<\/em> expands 529 plan eligibility to cover expenses for obtaining and maintaining\u00a0postsecondary credentials, licenses, and professional certifications.<\/p>\n Under the new law, families can now use tax-free withdrawals from 529 plans to pay for expenses such as:<\/p>\n Qualified expenses include tuition, testing and exam fees, books, supplies, and required equipment for these approved non-degree programs. Apprenticeship programs registered with the U.S. Department of Labor under the National Apprenticeship Act remain a qualified expense, per Colorado HB22-1310<\/a>.<\/p>\n While the new law expanded 529 uses to include K\u201312 tuition and student loan repayment at the federal level, these expenses remain unqualified under Colorado law.<\/p>\n<\/div>\n [\/et_pb_text][et_pb_text admin_label=”NOVEMBER 26, 2024 \u2022 HB21-1311 \u2022 INCOME TAX” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n An Important Update on Colorado Tax Law Changes<\/p>\n NOVEMBER 26, 2024 \u2022 HB21-1311<\/a> \u2022 INCOME TAX<\/p>\n<\/div>\n The Colorado State Legislature passed a bill in 2021 that makes several changes to the Colorado tax code, including one change that would impact CollegeInvest account owners:<\/p>\n The bill places an annual cap on the state income tax deduction for CollegeInvest contributions, depending on the filing status.<\/p>\n For the 2024 tax year, this is a per taxpayer\/per-beneficiary cap of $22,700 annually for single filers and a per taxpayer\/per-beneficiary cap of $34,000 annually for those who file a joint return.<\/p>\n For the 2025 tax year, this is a per taxpayer\/per-beneficiary cap of $25,400 annually for single filers and a per taxpayer\/per-beneficiary cap of $38,100 annually for those who file a joint return.<\/strong><\/p>\n Please feel free to contact us if you have additional questions in the meantime.<\/p>\n<\/div>\n [\/et_pb_text][et_pb_text admin_label=”DECEMBER 4, 2023 \u2022 HB21-1311 \u2022 INCOME TAX” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n An Important Update on Colorado Tax Law Changes<\/p>\n DECEMBER 4, 2023 \u2022 HB21-1311<\/a> \u2022 INCOME TAX<\/p>\n<\/div>\n The Colorado State Legislature passed a bill in 2021 that makes several changes to the Colorado tax code, including one change that would impact CollegeInvest account owners:<\/p>\n The bill places an annual cap on the state income tax deduction for CollegeInvest contributions, depending on the filing status.<\/p>\n For the 2022 tax year, this was a per taxpayer\/per-beneficiary cap of $20,000 annually for single filers and a per taxpayer\/per-beneficiary cap of $30,000 annually for those who file a joint return.<\/p>\n For income tax years on or after January 1, 2023, the cap is annually adjusted by the percentage change in the combined average annual costs of tuition and room and board for all state institutions of higher education.<\/p>\n For the 2023 tax year, this is a per taxpayer\/per-beneficiary cap of $20,700 annually for single filers and a per taxpayer\/per-beneficiary cap of $31,000 annually for those who file a joint return.<\/p>\n For the 2024 tax year, this is a per taxpayer\/per-beneficiary cap of $22,700 annually for single filers and a per taxpayer\/per-beneficiary cap of $34,000 annually for those who file a joint return.<\/p>\n<\/div>\n [\/et_pb_text][et_pb_text admin_label=”DECEMBER 16, 2022 \u2022 HB21-1311 \u2022 INCOME TAX” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n An Important Update on Colorado Tax Law Changes<\/p>\n DECEMBER 16, 2022 \u2022 HB21-1311<\/a> \u2022 INCOME TAX<\/p>\n<\/div>\n The Colorado State Legislature passed a bill in 2021 that makes several changes to the Colorado tax code, including one change that would impact CollegeInvest account owners:<\/p>\n The bill places an annual cap on the state income tax deduction for CollegeInvest contributions, depending on the filing status.<\/p>\n For the 2022 tax year, this is a per taxpayer\/per-beneficiary cap of $20,000 annually for single filers and a per taxpayer\/per-beneficiary cap of $30,000 annually for those who file a joint return.<\/p>\n For income tax years on or after January 1, 2023, the cap will be annually adjusted by the percentage change in the combined average annual costs of tuition and room and board for all state institutions of higher education.<\/p>\n For the 2023 tax year, this is a per taxpayer\/per-beneficiary cap of $20,700 annually for single filers and a per taxpayer\/per-beneficiary cap of $31,000 annually for those who file a joint return.<\/p>\n Please feel free to contact us if you have additional questions in the meantime.<\/p>\n<\/div>\n [\/et_pb_text][et_pb_text admin_label=”November 23, 2021 \u2022 The Secure Act of 2019″ _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n An Important Update on Colorado Tax Law Changes<\/p>\n November 23, 2021 \u2022 The Secure Act of 2019<\/p>\n<\/div>\n The SECURE Act of 2019 expanded the qualified use of 529 savings accounts by allowing withdrawals for apprenticeships. Section 529 of the federal tax code sets the general rules of qualified tuition programs, which authorizes each state to administer its own program and determine its unique state tax treatment and other policies.<\/p>\n In Colorado, the intent of the state\u2019s 529 college savings plan, CollegeInvest, is to encourage savings for higher education. The Governor\u2019s office has determined that apprenticeship programs are qualified higher education expenses. The Department of Labor provides a search tool<\/a> to find out if your particular apprenticeship program is eligible. The Colorado Department of Labor and Employment also has a Registered Apprenticeship Program Directory here<\/a>. If it is, 529 plan funds can be used towards program fees, books, supplies and equipment, including the tools needed for the trade.<\/p>\n Please feel free to contact us if you have additional questions in the meantime.<\/p>\n<\/div>\n [\/et_pb_text][et_pb_text admin_label=”June 9, 2021 \u2022 HB21-1311 \u2022 income tax” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n An Important Update on Colorado Tax Law Changes<\/p>\n June 9, 2021 \u2022 HB21-1311<\/a> \u2022 income tax<\/p>\n<\/div>\n The Colorado State Legislature recently passed a bill that would make several changes to the Colorado tax code, including one change that would impact CollegeInvest account owners:<\/p>\n The bill places an annual cap on the state income tax deduction for CollegeInvest contributions, depending on the filing status.<\/p>\n This is a per taxpayer\/per-beneficiary cap of $20,000 annually for single filers and a per taxpayer\/per-beneficiary cap of $30,000 annually for those who file a joint return.<\/p>\n For income tax years on or after January 1, 2023, the cap will be annually adjusted by the percentage change in the combined average annual costs of tuition and room and board for all state institutions of higher education.<\/p>\n The cap will be effective starting January 1, 2022.<\/p>\n Please feel free to contact us if you have additional questions in the meantime.<\/p>\n<\/div>\n [\/et_pb_text][et_pb_text admin_label=”JUNE 29, 2020 \u2022 HB20-1109 TAX CREDIT EMPLOYER CONTRIBUTIONS TO EMPLOYEE 529S” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n An Important Update on Colorado Tax Law Changes<\/p>\n JUNE 29, 2020 \u2022 HB20-1109<\/a> TAX CREDIT EMPLOYER CONTRIBUTIONS TO EMPLOYEE 529S<\/p>\n<\/div>\n On June 20, 2020, Governor Polis signed the Tax Credit Employer Contributions to Employee 529s Act (HB20-1109<\/a>). This extended the\u00a0Working Families College Savings Act (HB18-1217)<\/a> through the tax year ending December 31, 2032. This bipartisan bill is an innovative resource for Colorado employers to boost their employee\u2019s CollegeInvest 529 college savings accounts. It provides a Colorado tax credit for employers who contribute to CollegeInvest savings plans owned by their employees.<\/p>\n For more information,\u00a0click here<\/a>.<\/p>\n<\/div>\n [\/et_pb_text][et_pb_text admin_label=”December 31, 2019 \u2022 the secure act of 2019″ _builder_version=”4.17.3″ _module_preset=”default” locked=”off” global_colors_info=”{}”]<\/p>\n An Important Update on the Federal Tax Law Changes<\/p>\n December 31, 2019 \u2022 the secure act of 2019<\/p>\n<\/div>\n The SECURE Act of 2019 expanded the qualified use of 529 savings accounts by allowing withdrawals for student loan repayments. Section 529 of the federal tax code sets the general rules of qualified tuition programs, which authorizes each state to administer its own program and determine its unique state tax treatment and other policies.<\/p>\n In Colorado, the intent of the state\u2019s 529 college savings plan, CollegeInvest, is to encourage savings for higher education. Colorado tax law remains unchanged and CollegeInvest 529 plans can only be used for qualified higher education expenses. Any other use, including student loan repayments, are considered non-qualified withdrawals and subject to penalties.<\/p>\n Colorado taxpayers should consult their tax advisors before making a withdrawal for student loan repayments and before making a contribution which they intend to ultimately withdraw for student loan repayments. It will take an act of the legislature to extend the favorable Colorado state tax treatment to withdrawals for student loan repayments. If a withdrawal is not qualified for state tax purposes, it would trigger a deduction recapture under Colorado tax law.<\/p>\n Please feel free to contact us if you have additional questions in the meantime.<\/p>\n<\/div>\n [\/et_pb_text][et_pb_text admin_label=”2019 Regular Session\u2022 HB19-1123 \u2022 failed” _builder_version=”4.17.3″ _module_preset=”default” locked=”off” global_colors_info=”{}”]<\/p>\n Income Tax Deduction for 529 Account K-12 Expenses<\/p>\n 2019 Regular Session\u2022 HB19-1123<\/a> \u2022 failed<\/span><\/p>\n<\/div>\n A bill was introduced into the House that would\u2019ve modified the Colorado state income tax deduction for contributions to a CollegeInvest 529 college savings account. It would\u2019ve allowed a Colorado tax deduction for contributions in connection with qualified kindergarten through twelfth grade (K-12) education expenses including those for enrollment or attendance at a public, private, or religious school, and required that such withdrawals not be subject to state income tax recapture. It was heard in the House Education Committee on February 19th and failed of a 5-7 vote. Colorado tax law remains unchanged and CollegeInvest 529 plans can only be used for qualified higher education expenses. Any other use, including K-12 tuition expenses, are considered non-qualified withdrawals and subject to penalties.<\/p>\n<\/div>\n [\/et_pb_text][et_pb_text admin_label=”july 10, 2018 \u2022 Working Families College Savings Act” _builder_version=”4.17.3″ _module_preset=”default” locked=”off” global_colors_info=”{}”]<\/p>\n An Important Update on Colorado Legislation<\/p>\n july 10, 2018 \u2022 Working Families College Savings Act<\/p>\n<\/div>\n On May 29, 2018, Governor Hickenlooper signed the Working Families College Savings Act (HB18-1217)<\/a>. This bipartisan bill is an innovative resource for Colorado employers to boost their employee\u2019s CollegeInvest 529 college savings accounts. Beginning in January 2019, this legislation will provide a Colorado tax credit for employers who make contributions to CollegeInvest savings plans owned by their employees.<\/p>\n\n