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Bill Detail: HB20-1203

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Title EITC Earned Income Tax Credit And Child Tax Credit And Income Definition
Status House Committee on Finance Refer Amended to Appropriations (03/02/2020)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors M. Gray (D)
E. Sirota (D)
Senate Sponsors J. Gonzales (D)
House Committee Finance
Senate Committee
Date Introduced 01/30/2020

The starting point for determining state income tax liability is
federal taxable income. This number is adjusted for additions and
subtractions that are used to determine Colorado taxable income, which
amount is multiplied by the state's income tax rate. Section 3 of the bill
requires an individual to add to his or her federal taxable income an
amount equal to the federal income tax deduction that he or she took for
his or her combined qualified business income amount. The federal
deduction may be claimed for income tax years commencing prior to
January 1, 2026.
The earned income tax credit is equal to a percentage of the federal
earned income tax credit. Section 4 increases the percentage from 10%
to 20% beginning in 2021.
The state child tax credit, which is also a percentage of the federal
child tax credit based on the taxpayer's income, is only allowed after the
United States Congress enacts a version of the Marketplace Fairness
Act. Section 5 repeals this condition and instead allows the credit to be
claimed beginning in 2021.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (03/04/2020) (most recent)  
Additional Bill Documents Bill Documents
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  • Past fiscal notes
  • Committee activity and documents
  • Bill History
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