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CO HB1063
Bill
Status
Failed
2/9/2023
Primary Sponsor
Scott Bottoms
Click for details
AI Summary
- Reduces Colorado's individual and corporate state income tax rates from 4.40% to 3.5% for tax years beginning January 1, 2024
- Exempts the rate reductions from statutory requirements that tax expenditure legislation include a tax preference performance statement and include repeal provisions after specified periods
- Applies the 3.5% rate to federal taxable income for individuals, estates, and trusts and to Colorado net income for C corporations
- Takes effect 90 days after final adjournment of the general assembly, but becomes subject to referendum petition and requires approval by voters at the November 2024 general election if challenged
Legislative Description
Reduction Of State Income Tax Rate
Last Action
House Committee on State, Civic, Military, & Veterans Affairs Postpone Indefinitely
2/9/2023
Committee Referrals
State, Civic, Military and Veterans Affairs1/19/2023
Full Bill Text
No bill text available