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CO SB138
Bill
AI Summary
- Reduces the state income tax rate from 4.4% to a permanent 4.25% for individuals, estates, trusts, and corporations beginning January 1, 2025
- Eliminates the state income tax entirely for individuals, estates, and trusts for tax years beginning on or after January 1, 2035
- Makes any temporary tax rate reductions triggered by excess TABOR revenues permanent for all subsequent years, rather than reverting back
- Prohibits individuals, estates, and trusts from claiming any income tax credits for tax years beginning January 1, 2035, with carry-forward credits expiring December 31, 2034
- Corporations continue to pay the 4.25% rate (or any lower rate triggered by TABOR refunds) after 2035
Legislative Description
Permanent Reductions to State Income Tax
Fiscal Policy & Taxes
Last Action
Senate Committee on State, Veterans, & Military Affairs Postpone Indefinitely
2/27/2025
Committee Referrals
State, Veterans, & Military Affairs2/5/2025
Full Bill Text
No bill text available