Sections 1 and 3 of the bill restore, over time, certain business deductions to federal taxable income that were disallowed in Colorado by operation of a department of revenue rule and by House Bill 20-1420. The specific deductions are related to net operating losses, the application of the federal excess business loss rules, interest expenses, and qualified improvement property. The earned income tax credit is equal to a percentage of the federal earned income tax credit. Section 2 allows taxpayers filing with an individual taxpayer identification number to claim the earned income tax credit for income tax years commencing on or after January 1, 2020.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Sent to the Governor
Signed by the President of the Senate
Signed by the Speaker of the House
Senate Third Reading Passed - No Amendments
Senate Second Reading Special Order - Passed - No Amendments
House Third Reading Passed - No Amendments
House Second Reading Special Order - Passed with Amendments - Committee
|Bill Text Versions||Format|
|Signed Act (01/21/2021)|
|Final Act (01/15/2021)|
|Fiscal Note SA1 (01/13/2021)|
|Fiscal Note FN1 (01/13/2021)|
|Fiscal Note FN2 (01/14/2021)|
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.