CO HB1042

Allows individual taxpayers and corporations licensed under Colorado's Medical Marijuana Code to deduct expenditures from state income tax that would otherwise be deductible federally but are prohibited by Internal Revenue Code Section 280E.

Applies to income tax years commencing on or after January 1, 2014, for qualified medical marijuana license holders.

Appropriates $280,000 to the Department of Revenue for fiscal year 2013-2014 to cover computer programming costs for implementation.

Takes effect 90 days after final adjournment of the general assembly (August 7, 2013), unless subject to a referendum petition filed by November 2014.

Signed into law by Governor John W. Hickenlooper on June 5, 2013.