CO HB1305

Repeals the income tax credit for corporate crop and livestock contributions, which currently allows agricultural C corporations to claim a credit equal to 25% of the charitable crop or livestock contributions made in a tax year, up to a maximum of $1,000.

Limits the continued availability of the credit only prior to January 1, 2021, with a full repeal of the provision effective December 31, 2024.

Cites infrequent use of the credit as justification, noting too few taxpayers claimed it for the Department of Revenue to publicly report usage statistics without compromising taxpayer confidentiality.

States the credit has not resulted in a measurable increase in food donations and therefore is not meeting its intended purpose.

Intended to simplify tax collection and administration by eliminating rarely claimed tax expenditures that are not achieving their intended goals.