CO HB1097

Reduces individual and corporate state income tax rate from 4.63% to 4.25% effective January 1, 2019.

Reduces state alternative minimum tax rate from 3.47% to 3.09% and adjusts alternative minimum tax credit from 12% to 11.62% of federal credit effective January 1, 2019.

Requires state controller to proportionally void general fund appropriations for all principal departments except education by $374.3 million for fiscal year 2018-19.

Requires state controller to proportionally reduce general fund appropriations for all principal departments except education by $760.7 million for fiscal year 2019-20 as specified in the 2019 annual general appropriations act.

Updates withholding tax provisions and temporary tax rate adjustment mechanisms to reference new 4.25% rate instead of prior 4.63% rate.