BILL SUMMARY for HB16-1003
SENATE COMMITTEE ON STATE, VETERANS, & MILITARY AFFAIRS
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10:41 AM -- HB16-1003
Senators Merrifield and Todd presented House Bill 16-1003 to the committee. As amended in the House Finance Committee, this bill alters the income tax deduction for contributions to qualifying college savings accounts, and the deduction for interest earnings on or withdrawals from these savings accounts to the extent that they are used for qualifying higher education expenses and are not already excluded from federal taxable income. Beginning in tax year 2017, qualifying taxpayers may deduct a percentage of these qualifying contributions, interest earnings, and withdrawals from taxable income based on their adjusted gross income.
10:44 AM -- Ali Mickelson, representing the Colorado Fiscal Institute, testified in support of the bill.
Senators Todd and Merrifield wrapped up their presentation to the committee. The bill was laid over for action later in the meeting.