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Legislative Year: 2022 Change

Bill Detail: HB22-1123

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Title Standard Deduction Adjustment
Status House Committee on Finance Postpone Indefinitely (04/25/2022)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors T. Geitner (R)
Senate Sponsors
House Committee Finance
Senate Committee
Date Introduced 01/21/2022

For the purposes of determining state taxable income and
calculating state income tax for taxpayers who claim the standard
deduction allowed under section 63 (c) of the internal revenue code, the
bill subtracts an amount from the taxpayer's federal taxable income equal
to the standard deduction claimed by the taxpayer not adjusted pursuant

to section 63 (c)(4) or (c)(7)(B)(ii) of the internal revenue code multiplied
by the combination of:
  • The percentage change in the United States department of
labor's bureau of labor statistics consumer price index for
Denver-Aurora-Lakewood for all items paid by all urban
consumers, or its applicable predecessor or successor
index, (CPI) in the most recent year compared to 2017; and
  • Twenty thousandths of a percent for every percent that the
United States department of labor's bureau of labor
statistics motor fuel index, or its applicable predecessor or
successor index, exceeds the increase in CPI since 2017.
The subtraction is only allowed for income tax years commencing
on or after January 1, 2023.

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with Amendments
Full Text
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Fiscal Notes Fiscal Notes (02/15/2022) (most recent)  
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