HB 22-1025 Summary

• Repeals tax exemption for life insurance companies serving educational and scientific institutions, eliminating the $5,000 annual registration fee requirement effective immediately.

• Eliminates gross receipts tax election for individuals and corporations with annual sales under $100,000 and no Colorado real estate, effective July 1, 2025.

• Repeals plastic recycling tax credit (20% of qualified expenditures up to $2,000) and charitable crop/livestock contribution credit (25% up to $1,000) effective July 1, 2029.

• Repeals investment tax credits for qualified property effective July 1, 2031 for individuals and July 1, 2027 for corporations.

• Appropriates $30,750 to the Department of Revenue for 2022-23 fiscal year ($6,750 for GenTax system support and $24,000 for personal services).