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CO HB1020

Bill

Official Source

Status

Introduced

11/30/2020

Primary Sponsor

Matt Soper

Click for details

Origin

House of Representatives

2020 First Special Session

AI Summary

  • Allows taxpayers to deduct the total amount of tips received during the 2021 income tax year from federal taxable income when calculating Colorado taxable income.

  • Applies only to the tax year commencing January 1, 2021, and ending December 31, 2021.

  • Intended to provide tax relief to Coloradans working in service industries severely impacted by the COVID-19 pandemic.

  • Includes a safety clause declaring the act necessary for the immediate preservation of public peace, health, or safety.

Legislative Description

Tips And Gratuities Tax Deduction

Last Action

Introduced In House - Assigned to State, Veterans, & Military Affairs

11/30/2020

Committee Referrals

State, Veterans, and Military Affairs11/30/2020

Full Bill Text

No bill text available