CO HB1019

Repeals three federal tax add-backs related to the CARES Act: section 2303 (net operating loss deduction), section 2304 (excess business loss), and section 2306 (business interest limitation).

Delays the add-back for qualified business income deductions for high-income individual taxpayers (single filers with adjusted gross income over $500,000 and joint filers over $1 million) from January 1, 2023 to January 1, 2026, while exempting farmers filing Schedule F.

Repeals the section specifying that the 80% net operating loss limitation under federal law applies without regard to CARES Act amendments made in section 2303.

Delays the increase to the earned income tax credit from January 1, 2022 to January 1, 2025 and repeals the earned income tax credit available to taxpayers filing with an individual taxpayer identification number (those without valid Social Security numbers).

Declares the modifications are intended to assist Colorado's equitable financial recovery from the impact of COVID-19.