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Legislative Year: 2020 Change
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Bill Detail: HB20-1176

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Title Income Tax Statute Modification To Address Defects
Status Sent to the Governor (03/23/2020)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors D. Valdez (D)
Senate Sponsors J. Tate (R)
House Committee State, Veterans, and Military Affairs
Senate Committee Business, Labor and Technology
Date Introduced 01/28/2020
Description

Statutory Revision Committee. Section 1 of the bill repeals an
income tax deduction for money earned on Colorado investment deposits
issued by a qualified financial institution. The repeal is justified because
the definition of Colorado investment deposits relies on the Colorado
Investment Deposit Act, which was repealed in 2004, so it is unlikely
that there have been any new certificates of deposit issued since 2004.

There are also no known eligible certificates of deposit that still exist and
thus there would be no allowable amount of interest earnings to subtract.
Section 1 also repeals 2 income tax deductions meant to correct for
the difference between the standard deduction amounts for federal income
tax filings that used to be called the marriage penalty approximately 15
years ago. The marriage penalty was addressed by Congress in 2003, so
the deductions are no longer necessary.
Section 2 repeals an income tax credit for estate taxes paid on the
transfer of agricultural land. The Colorado estate tax is effectively zero
because it is based on a federal credit in the provisions of the federal
estate tax. The federal provision for the credit is not allowed for estates
of decedents who passed away after December 31, 2004. Because the
federal credit has not been extended, there is no state estate tax, and thus
the income tax credit is not useable.
Section 3 addresses some circular cross references within the
statutory section.
Section 4 corrects an issue in statute that erroneously requires
nonresident beneficiaries to prepay income tax twice, once through
estimated payments and again through tax withheld by the fiduciary.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (02/03/2020) (most recent)  
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