HB 20B-1019

  • Colorado House Bill
  • 2020 First Extraordinary Session
  • Introduced in House Nov 30, 2020
  • House
  • Senate
  • Governor

Modify Certain Tax Expenditures In HB 20-1420

Abstract

Sections 2 and 3 of the bill: Repeal the add back to federal taxable income related to section 2303 of the March 2020 "Coronavirus Aid, Relief, and Economic Security Act" (CARES Act); Repeal the add back to federal taxable income tax related to section 2304 of the CARES Act; Repeal the add back to federal taxable income related to section 2306 of the CARES Act; and Delay an add back to federal taxable income in an amount equal to the deduction for qualified business income for an individual taxpayer who files a single return and whose adjusted gross income is greater than $500,000, and for an individual taxpayer who files a joint return and whose adjusted gross income is greater than $1 million. The delay keeps the provision that the add back is not required for a taxpayer who files a schedule F, profit or loss from farming, or successor form as an attachment to a federal income tax return. Section 4 repeals the section that specifies that for net operating losses incurred after December 31, 2017, the 80% limitation set forth in federal law applies without regard to the amendments made in section 2303 of the CARES Act. Section 5 delays the increase to the earned income tax credit to tax years beginning in 2025. Section 5 also repeals the earned income tax credit that will be available on or after January 1, 2021, to taxpayers filing with an individual taxpayer identification number.(Note: This summary applies to this bill as introduced.)

Bill Sponsors (1)

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Actions


Nov 30, 2020

House

House Committee on Finance Postpone Indefinitely

Finance

House

Introduced In House - Assigned to Finance

  • Introduction
Finance

Bill Text

Bill Text Versions Format
Introduced (11/30/2020) PDF
Committee Amendment PDF

Related Documents

Document Format
Fiscal Note FN1 (11/30/2020) PDF
Fiscal Note FN2 (12/07/2020) PDF

Sources

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