CO HB1203

Reduces individual and corporate state income tax rate from 4.63% to 4% for income tax years commencing January 1, 2018 and after.

Reduces state alternative minimum tax from 3.47% to 2.84% for income tax years commencing January 1, 2018 and after.

Updates withholding tax requirements to reference the new income tax rates set forth in section 39-22-104.

Modifies temporary tax rate reduction provisions to account for the new baseline 4% rate when calculating excess revenue refunds.

Takes effect August 8, 2018, unless a referendum petition is filed, in which case approval by voters at the November 2018 general election is required.