HB23-1121 Summary

• Repeals three insurance tax exemptions from Colorado law, including exemptions for mutual protective associations writing crop hail insurance and policies issued prior to 1959 by certain domestic insurance companies.

• Eliminates the qualified sale deduction and oil shale depletion allowance for corporate income tax purposes, effective December 31, 2028.

• Repeals the impact assistance tax credit for mining operations (section 39-22-307) that allowed credits for contributions to local government infrastructure.

• Modifies the oil shale severance tax by changing the four percent tax rate structure and repealing production exemptions and phase-in provisions, effective December 31, 2027.

• Repeals the impact assistance credit for mineral severance taxes (section 39-29-107.5) that provided credits for taxpayer contributions to local government projects in mining-impacted communities.