Loading chat...

CO SB086

Bill

Official Source

Status

Failed

5/2/2016

Primary Sponsor

Timothy Neville

Click for details

Origin

Senate

2016 Regular Session

AI Summary

  • Eliminates the $20,000 annual cap on state income tax deductions for pension and annuity payments for individuals aged 55-64, effective January 1, 2017
  • Eliminates the $24,000 annual cap on state income tax deductions for individuals aged 65 and older, effective January 1, 2017
  • Allows taxpayers to deduct the entire amount of pension and annuity payments from Colorado taxable income without limitation
  • Applies to retirement benefits including employer pensions, military service benefits, IRA distributions, annuities, and social security benefits
  • Takes effect August 10, 2016, unless a referendum petition is filed, in which case it requires voter approval at the November 2016 general election

Legislative Description

Unlimited Pension Or Annuity Tax Deduction

Last Action

House Committee on State, Veterans, & Military Affairs Postpone Indefinitely

5/2/2016

Committee Referrals

State, Veterans, and Military Affairs4/26/2016
Finance1/29/2016

Full Bill Text

No bill text available