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HB23-1084

Continuation Of Military Retirement Benefit Deduction

Concerning the continuation of the income tax deduction for military retirement benefits.
Session:
2023 Regular Session
Subject:
Fiscal Policy & Taxes
Bill Summary

When determining state income tax liability, a taxpayer starts with federal taxable income. That number is adjusted for additions and subtractions (deductions) that are used to determine Colorado taxable income, which is then multiplied by the state's income tax rate.

For income tax years commencing before January 1, 2024, current law allows individuals younger than 55 years of age to deduct from federal taxable income certain amounts received from military retirement benefits. The bill extends the deduction to income tax years commencing before January 1, 2034.

The bill also adds a statutory legislative declaration to comply with an existing statutory requirement that any bill that extends a tax expenditure include a statutory legislative declaration.


(Note: This summary applies to this bill as introduced.)

Status

Introduced
Under Consideration

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. M. Bradfield, Rep. D. Ortiz
Sen. B. Gardner

Sponsor

Co-sponsor

Email addresses for the Colorado legislature have changed from the @state.co.us domain to the @coleg.gov domain on December 1, 2022. Details