E9FC8CAD6DEF34BC8725880F0066FB01 Hearing Summary

Representative Woog, prime sponsor, presented House Bill 22-1127. Beginning in tax year 2023, the bill creates a state income tax deduction up to $17,500 for rent paid on a rental residence in Colorado. Taxpayers filing an individual income tax return with taxable income
below $40,000 for single filers or $80,000 for joint filers qualify for the deduction. Tenants are required to attach a copy of their rental lease and certification from the landlord of the amount paid when filing their state income tax returns. The bill also requires the Department of Revenue to account for the number of taxpayers that claimed the deduction in a tax year and provide the information to the General Assembly or the Office of the State Auditor upon request.

Representative Woog responded to questions from the committee.

Louis Pino, representing Legislative Council Staff, joined the committee to respond to questions about the fiscal note.

Caroline Nutter, representing the Colorado Fiscal Institute, testified in opposition to the bill. She responded to questions from the committee.