CO HB1286

Increases the wildfire mitigation income tax deduction for Colorado landowners by allowing them to claim 100 percent of costs incurred on wildfire mitigation measures for tax years 2017-2019, up from the previous 50 percent deduction.

For tax years 2014-2016 and 2020-2024, maintains the 50 percent deduction for wildfire mitigation costs incurred on property located within Colorado.

Caps the annual deduction at $2,500 or the total federal taxable income for that year, whichever is less, for all applicable tax years.

Establishes that mitigating wildfire risk through creating defensible space around structures is sound public policy to protect homes, communities, and firefighter safety.

Takes effect on August 10, 2016, unless a referendum petition is filed, in which case approval by voters in November 2016 is required.