HB22-1163
State Income Tax Deduction For Medical Expenses
| Type | Bill |
|---|---|
| Session | 2022 Regular Session |
| Subjects |
Concerning the creation of a state income tax deduction for out-of-pocket medical expenses.
Bill Summary:
The starting point for determining state income tax liability is federal taxable income. Federal taxable income is adjusted for additions and subtractions (deductions) that are used to determine Colorado taxable income, which amount is multiplied by the state's income tax rate of 4.55%.
For the next 7 income tax years, the bill allows an individual to claim a deduction for qualifying out-of-pocket medical expenses, if the expenses are not:
- Claimed as a deduction on the taxpayer's federal income tax return;
- Paid or reimbursed from a medical savings account; or
- Paid or reimbursed by the taxpayer's insurance company.
(Note: This summary applies to this bill as introduced.)
Committees
House
Finance
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 02/04/2022 | Introduced |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.002 | The motion failed on a vote of 5-6. | Vote summary |
| Adopt amendment L.001 | The motion failed on a vote of 4-7. | Vote summary |
| Refer House Bill 22-1163 to the Committee on Appropriations. | The motion failed on a vote of 4-7. | Vote summary |
| Postpone House Bill 22-1163 indefinitely using a reversal of the previous roll call. There was no objection to the use of the reverse roll call, therefore, the bill was postponed indefinitely. | The motion passed on a vote of 7-4. | Vote summary |
| Date | Location | Action |
|---|---|---|
| 04/07/2022 | House | House Committee on Finance Postpone Indefinitely |
| 02/04/2022 | House | Introduced In House - Assigned to Finance |