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HB24-1243

Income Tax Owed by Minors on Earned Income

Concerning the elimination of state income tax liability on the earned income of a minor.
Session:
2024 Regular Session
Subject:
Fiscal Policy & Taxes
Bill Summary

Currently, an individual aged 17 years or younger (minor) is liable to the state for income tax on earned income. The bill allows a subtraction from federal taxable income of an amount equal to the earned income of a minor. An employer is not required to deduct income tax from the wages of a minor.


(Note: This summary applies to this bill as introduced.)

Status

Introduced
Lost

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. M. Soper, Rep. S. Woodrow

Sponsor

Co-sponsor

The Colorado Senate and House of Representatives will not convene on Monday, January 20, 2025 in observance of Dr. Martin Luther King Jr. day.

The effective date for bills enacted without a safety clause is August 6, 2025, if the General Assembly adjourns sine die on May 7, 2025 (unless otherwise specified). Details