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CO HB1065
Bill
Status
Failed
2/12/2024
Primary Sponsor
Scott Bottoms
Click for details
AI Summary
- Reduces Colorado's individual and corporate state income tax rates from 4.40% to 4.0% for tax years beginning January 1, 2025
- Exempts the rate reductions from statutory requirements that tax expenditure legislation include a tax preference performance statement and include repeal provisions after a specified period
- Applies the 4.0% 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, unless a referendum petition is filed, in which case it requires voter approval at the November 2024 general election
Legislative Description
Reduction of State Income Tax Rate
State Revenue & Budget
Last Action
House Committee on Finance Postpone Indefinitely
2/12/2024
Committee Referrals
Finance1/10/2024
Full Bill Text
No bill text available