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Legislative Year: 2023 Change
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Bill Detail: HB23-1084

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Title Continuation Of Military Retirement Benefit Deduction
Status House Committee on Finance Refer Amended to Appropriations (02/02/2023)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors M. Bradfield (R)
D. Ortiz (D)
Senate Sponsors R. Gardner (R)
House Committee Finance
Senate Committee
Date Introduced 01/19/2023
Summary

When determining state income tax liability, a taxpayer starts with
federal taxable income. That number is adjusted for additions and
subtractions (deductions) that are used to determine Colorado taxable
income, which is then multiplied by the state's income tax rate.
For income tax years commencing before January 1, 2024, current
law allows individuals younger than 55 years of age to deduct from
federal taxable income certain amounts received from military retirement
benefits. The bill extends the deduction to income tax years commencing
before January 1, 2034.
The bill also adds a statutory legislative declaration to comply with
an existing statutory requirement that any bill that extends a tax
expenditure include a statutory legislative declaration.

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with Amendments
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Fiscal Notes Fiscal Notes (01/31/2023) (most recent)  
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