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CO SB001

Bill

Official Source

Status

Failed

5/5/2016

Primary Sponsor

Larry Crowder

Click for details

Origin

Senate

2016 Regular Session

AI Summary

  • Eliminates the $20,000 limit on military retirement benefits deductible by individuals ages 55-64 for income tax years commencing January 1, 2017 and later
  • Eliminates the $24,000 limit on military retirement benefits deductible by individuals ages 65 and older for income tax years commencing January 1, 2017 and later
  • Allows individuals to deduct the entire amount of military retirement benefits from Colorado state income tax with no dollar cap
  • Maintains existing $20,000 and $24,000 limits for non-military pension and annuity income based on age
  • Takes effect at 12:01 a.m. on the day following the 90-day period after final adjournment of the general assembly (August 10, 2016), subject to potential referendum petition and voter approval in November 2016

Legislative Description

Unlimited Mil Retirement Benefit Tax Deduction

Last Action

House Committee on Finance Postpone Indefinitely

5/5/2016

Committee Referrals

Finance5/4/2016
Committee of the Whole5/3/2016
Appropriations1/28/2016
Finance1/13/2016

Full Bill Text

No bill text available