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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

Colorado legislature email addresses ending in @state.co.us are no longer active. Please replace @state.co.us with @coleg.gov for Colorado legislature email addresses.  Details