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Legislative Year: 2022 Change
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Bill Detail: HB22-1125

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Title Income Tax Rate Reduction
Status House Committee on State, Civic, Military, & Veterans Affairs Postpone Indefinitely (03/14/2022)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors J. Rich (R)
Senate Sponsors J. Sonnenberg (R)
House Committee State, Civic, Military and Veterans Affairs
Senate Committee
Date Introduced 01/21/2022
Summary

One of the mechanisms for refunding state revenues in excess of
the state fiscal year spending limit imposed by the Taxpayer's Bill of
Rights (TABOR) is a temporary income tax rate reduction. For any state
fiscal year commencing on or after July 1, 2022, the bill makes this
income tax rate reduction permanent and establishes the reduction as

always equaling a .05% reduction of the current income tax rate.
Thus, under the bill, every year when the executive director of the
department of revenue determines it is necessary to reduce the state
income tax, both the individual state income tax rate and the corporate tax
rate are permanently reduced by .05%.
The bill exempts the state income tax rate and corporate tax rate
reduction in the bill from the otherwise required tax preference
performance statement and repeal date.

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with Amendments
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Fiscal Notes Fiscal Notes (02/01/2022) (most recent)  
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