A5B637298C34D4DD8725824A006392D4 Hearing Summary

Representative Neville, bill sponsor, presented House Bill 18-1203.  For tax year 2018 and all subsequent years, the bill reduces the state income tax rate from 4.63 percent to 4.00 percent.

The bill also reduces the alternative minimum tax rate from 3.47 percent to 2.84 percent and reduces the percentage of the federal alternative minimum tax credit allowed to Colorado alternative minimum taxpayers from 12.0 percent to 11.37 percent.  Additionally, the income tax rate used in years when the income tax rate reduction TABOR refund mechanism is triggered is reduced from 4.50 percent to 3.8876888 percent.

Representative Neville answered questions from the committee.

Carol Hedges, Colorado Fiscal Institute, testified in opposition to the bill. Ms. Hedges answered questions from the committee.

Rich Jones, The Bell Policy Center, testified in opposition to the bill. He provided a handout to the committee [Attachment A].

Representative Neville made concluding remarks about the bill.

Committee members made comments about the bill.