HB 18-1060 Summary

• Creates a state income tax deduction for military retirement benefits for individuals under 55 years of age, effective for tax years 2019-2023

• Deduction amounts increase annually: $4,500 (2019), $7,500 (2020), $10,000 (2021), and $15,000 (2022-2023), applied to federal adjusted gross income

• "Military retirement benefits" means any retirement income received from service in the U.S. Armed Forces

• "Qualified individual" means a person under 55 years old at the close of the taxable year

• Purpose is to honor veterans' service and encourage more veterans to relocate their post-military residence to Colorado