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CO HB1243
Bill
Status
Introduced
2/12/2024
Primary Sponsor
Steven Woodrow
Click for details
AI Summary
- Allows individuals age 17 or younger to subtract their earned income from Colorado state taxable income, effective for tax years beginning January 1, 2025
- Eliminates state income tax liability on earned income for minors by excluding this income from federal taxable income calculation
- Employers are not required to withhold state income tax from wages of employees eligible for this subtraction if their withholding certificate indicates eligibility
- Repeals prior law requiring withholding for employees with compensation eligible for subtraction under section 39-22-104(4)(u)
- Takes effect 90 days after final adjournment of the general assembly, or if subject to a successful referendum petition, upon voter approval at the November 2024 general election
Legislative Description
Income Tax Owed by Minors on Earned Income
Fiscal Policy & Taxes
Last Action
House Committee on Appropriations Lay Over Unamended - Amendment(s) Failed
5/14/2024
Committee Referrals
Appropriations4/1/2024
Finance2/12/2024
Full Bill Text
No bill text available