HB 20-1176 Summary

• Repeals three obsolete income tax subtraction provisions: interest income on Colorado investment deposits (repealed 2004), and two standard deduction adjustments for married couples filing jointly that applied only to tax years 2000 and later.

• Repeals the entire estate tax credit for agricultural land that allowed a credit for estate taxes paid on inherited agricultural land, which was contingent on federal law changes that did not occur as anticipated.

• Corrects outdated cross-references in Colorado income tax statutes relating to S corporation nonresident shareholders and partnership nonresident partners by updating internal statutory citations.

• Clarifies references to tax withholding credits and estimated tax provisions by modernizing language regarding sections 39-22-601(4), 39-22-604, and 39-22-604.5.

• Takes effect August 5, 2020, subject to potential referendum petition, and applies to income tax years on or after the effective date.