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HB21-1197

Income Tax Credit For Income Taxes Paid

Concerning a temporary income tax credit for state income tax paid for individuals with federal taxable income less than a certain amount.
Session:
2021 Regular Session
Subject:
Fiscal Policy & Taxes
Bill Summary

For income tax years commencing on or after January 1, 2021, but before January 1, 2026, the bill specifies that a qualified taxpayer is allowed an income tax credit in an amount equal to the income tax imposed on the qualified taxpayer in that income tax year so that the income tax due for the qualified taxpayer in that income tax year is zero.

The bill defines a qualified taxpayer as:

  • An individual who files a federal income tax return with federal taxable income in an amount less than $20,000; or
  • Two individuals who file a joint federal income tax return with combined federal taxable income in an amount less than $40,000.
    (Note: This summary applies to this bill as introduced.)

Status

Introduced
Lost

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Bill Text

COVID-19 Resources
School Finance Poverty Study RFP 2021 (submit by 10 a.m. 8/6/2021)
Solicitation for Members for the Legislative Task Force Concerning Tax Policy (submit by July 27 12:00 p.m.)
NORTH ENTRANCE IS CURRENTLY CLOSED.  TO ENTER THE CAPITOL, USE THE SOUTH ENTRANCE, UNDER THE STAIRS, AT 14th AVENUE AND SHERMAN STREET.