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Notice of Income Tax Credits Required in Colorado Starting in 2024

By Community Manager posted 11-17-2023 08:43 AM

  

A new law requires Colorado employers to notify employees about the availability of income tax credits. House Bill 23-1006 was passed during the 2023 legislative session. While it became effective August 7, 2023, what’s important for employers to know is that they must provide the notice to employees in early 2024 for payment of 2023 taxes 

Employers Council has been in contact with the Colorado Department of Revenue about a sample notice, and its response is as follows: 

The Department is in the process of developing a model notice for HB23-1006. The model will be available this fall in time for inclusion with the annual wage and tax statement that employers are required to provide to their employees next January. At this time, the Department does not plan on requiring by rule that additional content be included in the notice. Employers will be able to satisfy this requirement by providing the model notice, or a notice with substantially similar language, with the annual wage and tax statement.” 

Employers Council will notify our members when the notice is available. If you would like direct notice from the state, you can subscribe to its email list for alerts regarding wage withholding tax. Select Wage Withholding Tax under the Updates by Tax Type heading. If you have any questions, please contact Employers Council. 


#Colorado
#EmployeeCommunication
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01-05-2024 12:47 PM

Has the model Notice been provided by the State yet?