CO HB1346

Requires corporations incorporated in designated tax havens to be included in combined reports for Colorado income tax purposes, effective for tax years beginning January 1, 2016, allowing their income to be included in affiliated group calculations.

Expands the definition of "affiliated group" to include indirect ownership of 50% or more of voting and nonvoting stock by parent corporations, closing loopholes that previously required only direct ownership.

Establishes a specific list of 44 jurisdictions considered tax havens (including Cayman Islands, Bermuda, Luxembourg, Panama, and others) and requires the Department of Revenue to biennially report updates on additional countries that may qualify as tax havens.

Requires Secretary of State to submit a ballot question to voters at the November 2015 statewide election asking whether to increase taxes by an estimated $150,000,000 annually through taxation of corporate income sheltered in foreign tax havens, with revenue dedicated to elementary and secondary public school education.

Credits $150 million per fiscal year from the General Fund to the State Education Fund beginning in fiscal year 2016-17 if voters approve the ballot measure, and exempts this revenue from TABOR spending limitations.