Reductions Certain Taxpayers' Income Tax Liability
| Type | Bill |
|---|---|
| Session | 2021 Regular Session |
| Subjects |
Concerning reductions to certain taxpayers' state income tax liability related to state tax law changes made in 2020, and, in connection therewith, making an appropriation.
Bill Summary:
Sections 1 and 3 of the act restore, over time, certain business deductions to federal taxable income that were disallowed in Colorado by operation of a department of revenue rule and by House Bill 20-1420. The specific deductions are related to net operating losses, the application of the federal excess business loss rules, interest expenses, and qualified improvement property.
The earned income tax credit is equal to a percentage of the federal earned income tax credit. Section 2 allows taxpayers filing with an individual taxpayer identification number to claim the earned income tax credit for income tax years commencing on or after January 1, 2020.
(Note: This summary applies to this bill as enacted.)
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 01/13/2021 | PA1 |
| Date | Version | Documents |
|---|---|---|
| 01/13/2021 | SA1 |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 21-1002 to the Committee of the Whole. | The motion passed on a vote of 6-1. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 21-1002 to the Committee on Appropriations. | The motion passed on a vote of 4-2. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment J.001 | The motion passed on a vote of 10-1. | Vote summary |
| Refer House Bill 21-1002, as amended, to the Committee of the Whole. | The motion passed on a vote of 11-0. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.001 | The motion passed without objection. | Vote summary |
| Adopt amendment L.002 | The motion passed without objection. | Vote summary |
| Refer House Bill 21-1002, as amended, to the Committee on Appropriations. | The motion passed on a vote of 8-3. | Vote summary |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 01/15/2021 | Third Reading | BILL |
33
AYE
0
NO
2
OTHER
|
Vote record |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 01/14/2021 | Third Reading | BILL |
44
AYE
20
NO
1
OTHER
|
Vote record |
| Date | Location | Action |
|---|---|---|
| 01/21/2021 | Governor | Governor Signed |
| 01/15/2021 | Governor | Sent to the Governor |
| 01/15/2021 | Senate | Signed by the President of the Senate |
| 01/15/2021 | House | Signed by the Speaker of the House |
| 01/15/2021 | Senate | Senate Third Reading Passed - No Amendments |
| 01/14/2021 | Senate | Senate Second Reading Special Order - Passed - No Amendments |
| 01/14/2021 | Senate | Senate Committee on Appropriations Refer Unamended to Senate Committee of the Whole |
| 01/14/2021 | Senate | Senate Committee on Finance Refer Unamended to Appropriations |
| 01/14/2021 | Senate | Introduced In Senate - Assigned to Finance |
| 01/14/2021 | House | House Third Reading Passed - No Amendments |
| 01/13/2021 | House | House Second Reading Special Order - Passed with Amendments - Committee |
| 01/13/2021 | House | House Committee on Appropriations Refer Amended to House Committee of the Whole |
| 01/13/2021 | House | House Committee on Finance Refer Amended to Appropriations |
| 01/13/2021 | House | Introduced In House - Assigned to Finance |
Prime Sponsor
Sponsor
Co-Sponsor
| Effective Date | Chapter # | Title | Documents |
|---|---|---|---|
| 01/21/2021 | 5 | Reductions Certain Taxpayers' Income Tax Liability |