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HB18-1060

Income Tax Deduction For Military Retirement Benefits

Concerning a state income tax deduction for military retirement benefits for an individual who is under fifty-five years of age.
Session:
2018 Regular Session
Subject:
Fiscal Policy & Taxes

The starting point for determining state income tax liability is federal taxable income. This number is adjusted for additions and subtractions (deductions) that are used to determine Colorado taxable income, which amount is multiplied by the state's 4.63% income tax rate.

The bill allows an individual who is under 55 years old to claim a deduction of up to $20,000 for the individual's military retirement benefits.
(Note: This summary applies to this bill as introduced.)

Status

Introduced
Under Consideration

Bill Text