Pre-1987 Net Operating Loss Deduction
| Type | Bill |
|---|---|
| Session | 2020 Regular Session |
| Subjects |
Concerning the repeal of the pre-1987 net operating loss deduction for individuals, estates, and trusts.
Bill Summary:
Under current law, the pre-1987 net operating loss deduction for individuals, estates, and trusts allows individuals, estates, and trusts to deduct Colorado net operating losses carried forward from tax years beginning prior to January 1, 1987, from their federal taxable income when computing their Colorado taxable income. But the latest year that an individual, estate, or trust could have used the pre-1987 net operating loss deduction and carried forward a net operating loss generated in 1987 was 2002. The act repeals the deduction.
The act applies to income tax years tax beginning on or after January 1, 2021.
(Note: This summary applies to this bill as enacted.)
Related Documents & Information
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 20-1205 to the Committee of the Whole and with a recommendation that it be placed on the consent calendar. | The motion passed on a vote of 5-0. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 20-1205 to the Committee of the Whole. | The motion passed on a vote of 11-0. | Vote summary |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 03/06/2020 | Third Reading | BILL |
30
AYE
0
NO
5
OTHER
|
Vote record |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 02/20/2020 | Third Reading | BILL |
62
AYE
0
NO
3
OTHER
|
Vote record |
| Date | Location | Action |
|---|---|---|
| 03/20/2020 | Governor | Governor Signed |
| 03/16/2020 | Governor | Sent to the Governor |
| 03/14/2020 | House | Signed by the Speaker of the House |
| 03/14/2020 | Senate | Signed by the President of the Senate |
| 03/06/2020 | Senate | Senate Third Reading Passed - No Amendments |
| 03/05/2020 | Senate | Senate Second Reading Passed - No Amendments |
| 03/02/2020 | Senate | Senate Committee on Business, Labor, & Technology Refer Unamended - Consent Calendar to Senate Committee of the Whole |
| 02/21/2020 | Senate | Introduced In Senate - Assigned to Business, Labor, & Technology |
| 02/20/2020 | House | House Third Reading Passed - No Amendments |
| 02/19/2020 | House | House Second Reading Passed - No Amendments |
| 02/18/2020 | House | House Second Reading Laid Over Daily - No Amendments |
| 02/12/2020 | House | House Committee on Business Affairs & Labor Refer Unamended to House Committee of the Whole |
| 01/30/2020 | House | Introduced In House - Assigned to Business Affairs & Labor |
Prime Sponsor
Sponsor
Co-Sponsor
| Effective Date | Chapter # | Title | Documents |
|---|---|---|---|
| 01/01/2021 | 59 | Pre-1987 Net Operating Loss Deduction |