HB 18-1359 Summary

• Removes the $500 threshold limitation on Colorado charitable contribution income tax deductions for individuals claiming the federal basic standard deduction, effective for tax years beginning January 1, 2019 or later.

• Allows individuals who claim the federal standard deduction and cannot itemize charitable contributions on their federal return to deduct all charitable contributions on their Colorado income tax return, instead of only amounts exceeding $500.

• Applies only to individuals unable to claim federal itemized deductions for charitable contributions under Internal Revenue Code Section 170.

• Takes effect 90 days after final adjournment of the 2018 legislative session (August 8, 2018) unless a referendum petition is filed, in which case approval by voters at the November 2018 general election is required.