SB23-106: Income Tax Deduction For Military Retirement Benefits

• Extends the Colorado income tax deduction for military retirement benefits indefinitely, removing the previous expiration date of January 1, 2024.

• Increases the annual inflation adjustment baseline to $15,000 starting January 1, 2024, using the Denver-Aurora-Lakewood Consumer Price Index to calculate yearly adjustments.

• Applies deduction to individuals under 55 years of age who receive retirement benefits from service in the U.S. armed forces.

• Exempts this tax expenditure from Colorado's general requirement that tax expenditures include a specified repeal or extension period, allowing it to continue indefinitely.

• Takes effect 90 days after final adjournment of the general assembly, unless subject to a referendum petition filed by voters.