HB 20-1176

  • Colorado House Bill
  • 2020 Regular Session
  • Introduced in House Feb 24, 2020
  • Passed House Feb 21, 2020
  • Passed Senate Mar 10, 2020
  • Signed by Governor Mar 27, 2020

Income Tax Statute Modification To Address Defects

Abstract

The act: Repeals an income tax deduction for money earned on Colorado investment deposits issued by a qualified financial institution because the definition of "Colorado investment deposits" relies on the "Colorado Investment Deposit Act", which was repealed in 2004, so it is unlikely that there have been any new certificates of deposit issued since 2004; and there are also no known eligible certificates of deposit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. 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. 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. Addresses some circular cross references within the statutory section. 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.(Note: This summary applies to this bill as enacted.)

Bill Sponsors (2)

Votes


Mar 10, 2020

Feb 21, 2020

Actions


Mar 27, 2020

Office of the Governor

Governor Signed

Mar 23, 2020

Office of the Governor

Sent to the Governor

Mar 17, 2020

House

Signed by the Speaker of the House

Senate

Signed by the President of the Senate

Mar 10, 2020

Senate

Senate Third Reading Passed - No Amendments

Mar 09, 2020

Senate

Senate Second Reading Passed - No Amendments

Mar 04, 2020

Senate

Senate Committee on Business, Labor, & Technology Refer Unamended - Consent Calendar to Senate Committee of the Whole

  • Committee-Passage
Business, Labor, & Technology

Feb 24, 2020

Senate

Introduced In Senate - Assigned to Business, Labor, & Technology

  • Introduction
Business, Labor, & Technology

Feb 21, 2020

House

House Third Reading Passed - No Amendments

Feb 20, 2020

House

House Second Reading Passed - No Amendments

Feb 19, 2020

House

House Second Reading Laid Over Daily - No Amendments

Feb 14, 2020

House

House Committee on Appropriations Refer Unamended to House Committee of the Whole

  • Committee-Passage
  • Referral-Committee
House Committee of the Whole Appropriations

Feb 06, 2020

House

House Committee on State, Veterans, & Military Affairs Refer Unamended to Appropriations

  • Referral-Committee
State, Veterans, & Military Affairs Appropriations

Jan 28, 2020

House

Introduced In House - Assigned to State, Veterans, & Military Affairs + Appropriations

  • Introduction
State, Veterans, & Military Affairs Appropriations

Bill Text

Bill Text Versions Format
Signed Act (03/27/2020) PDF
Final Act (03/17/2020) PDF
Rerevised (03/10/2020) PDF
Revised (03/09/2020) PDF
Reengrossed (02/21/2020) PDF
Engrossed (02/20/2020) PDF
Introduced (01/28/2020) PDF
Committee Amendment PDF

Related Documents

Document Format
Fiscal Note SA1 (02/12/2020) PDF
Fiscal Note FN1 (02/03/2020) PDF

Sources

Data on Open States is updated nightly from the official website of the Colorado General Assembly.

If you notice any inconsistencies with these official sources, feel free to file an issue.