CO SB061

Reduces both individual and corporate state income tax rates from 4.63% to 4.43% for income tax years commencing on or after January 1, 2018.

Reduces the state alternative minimum tax from 3.47% to 3.27% for income tax years commencing on or after January 1, 2018.

Updates withholding tax rates to reference the new income tax rates set forth in sections 39-22-104 and 39-22-304.

Modifies the temporary adjustment provision to calculate rate reductions using the new 4.43% baseline rate instead of the previous 4.63% rate.

Appropriates $10,890 to the Department of Revenue for the 2017-18 fiscal year to implement the act, including personal services, IT system support, and document management services.