CLICS/CLICS2020A/commsumm.nsf
PUBLIC
BILL SUMMARY For ENDING THE PRE-1987 NET OPERATING LOSS
JOINT COMMITTEE COMMITTEE ON STATUTORY REVISION COMMITTEE
Date Jan 24, 2020
Location SCR 357
Ending the pre-1987 net operating loss - Introduce LLS 20-0566
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07:46:46 AM
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Motion |
Introduce LLS 20-0566 |
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Moved |
Zenzinger |
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Seconded |
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Arndt |
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Brad Ramming, Esq. |
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Patrice Bernadette Collins, Esq. |
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McKean |
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Moreno |
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Tate |
Excused |
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Valdez D. |
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Van Winkle |
Excused |
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Zenzinger |
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Woodward |
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Final |
YES: 0 NO: 0 EXC: 2 ABS: 0 FINAL ACTION: Pass Without Objection |
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07:56:27 AM |
Pierce Lively, OLLS, testified before the committee, explaining that on the recommendation of the TEEISC, the bill repeals the pre-1987 net operating loss deduction. Per the statute, individuals, estates, and trusts were allowed to deduct Colorado pre-1987 net operating lossess carried forward from tax years beginning prior to January 1, 1987. However, the deduction was only available for 15 years; thus, no individual, estate, or trust has been able to claim the deduction since 2002.
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