HB 13-1024 Summary

• Excludes grants received from the Colorado Military Family Relief Fund (created in C.R.S. 28-3-1502) from state income taxation, to the extent included in federal taxable income.

• Tax exemption applies to income tax years commencing on or after January 1, 2014.

• The bill modifies Colorado Revised Statutes 39-22-104 by adding a new deduction (4)(p) for calculating state income tax on individuals, estates, and trusts.

• Takes effect 12:01 a.m. on the day following the expiration of the ninety-day period after final adjournment of the general assembly (August 7, 2013, if adjournment sine die occurred on May 8, 2013), unless subject to a referendum petition.

• If a referendum petition was filed, the law would require approval by voters at the November 2014 general election to take effect.