CO HB1347

Modifies Colorado state income tax deductions for contributions to and distributions from the CollegeInvest qualified tuition program beginning January 1, 2016, based on federal adjusted gross income levels.

Allows 200% deduction for taxpayers with federal adjusted gross income of $150,000 or less; 150% deduction for income between $150,000 and $250,000; and 50% deduction for income between $250,000 and $500,000.

Eliminates deductions entirely for taxpayers with federal adjusted gross income exceeding $500,000.

Applies to both investment earnings distributions and direct contributions made to qualified state tuition programs under Section 529 of the Internal Revenue Code.

Takes effect August 5, 2015, unless subject to a referendum petition, in which case it requires voter approval at the November 2016 general election.