CO HB1021

Reduces Colorado's individual state income tax rate from 4.55% to 4.4% for taxable years beginning January 1, 2022 and beyond.

Reduces Colorado's corporate state income tax rate from 4.55% to 4.4% for income tax years commencing January 1, 2022 and beyond.

Exempts the rate reductions from statutory requirements that tax expenditure legislation include a tax preference performance statement and include a repeal after a specified period of tax years.

Takes effect 90 days after final adjournment of the general assembly, subject to voter approval if a referendum petition is filed within that period.