summary
Introduced
01/29/2024
01/29/2024
In Committee
05/07/2024
05/07/2024
Crossed Over
05/21/2024
05/21/2024
Passed
05/21/2024
05/21/2024
Dead
Signed/Enacted/Adopted
06/06/2024
06/06/2024
Introduced Session
2024 Regular Session
Bill Summary
CONCERNING THE EXPANSION OF THE STATE INCOME TAX SUBTRACTION FOR SOCIAL SECURITY BENEFITS.
AI Summary
This bill expands the state income tax subtraction for social security benefits in Colorado. It increases the cap on the amount of social security benefits that can be subtracted from federal taxable income for individuals aged 55-64 to the total amount of such benefits received, if their adjusted gross income is below $75,000 (individual) or $95,000 (joint filing). For individuals aged 65 and older, the cap is increased to the total amount of social security benefits received, regardless of income level. The bill also includes a tax preference performance statement and requires the Department of Revenue to collect information to measure the effectiveness of this tax expenditure.
Committee Categories
Budget and Finance
Sponsors (35)
Richard Holtorf (R)*,
Junie Joseph (D)*,
Byron Pelton (R)*,
Faith Winter (D)*,
Judy Amabile (D),
Shannon Bird (D),
Andrew Boesenecker (D),
Jeff Bridges (D),
Kyle Brown (D),
Lisa Cutter (D),
Jessie Danielson (D),
Monica Duran (D),
Tony Exum (D),
Meg Froelich (D),
Bob Gardner (R),
Eliza Hamrick (D),
Nick Hinrichsen (D),
Sonya Jaquez Lewis (D),
Barbara Kirkmeyer (R),
Chris Kolker (D),
Mandy Lindsay (D),
Paul Lundeen (R),
Javier Mabrey (D),
Janice Marchman (D),
Julie McCluskie (D),
Dafna Michaelson Jenet (D),
David Ortiz (D),
Rod Pelton (R),
Kevin Priola (D),
Dylan Roberts (D),
Cleave Simpson (R),
Brianna Titone (D),
Alex Valdez (D),
Kevin Van Winkle (R),
Perry Will (R),
Last Action
Governor Signed (on 06/06/2024)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...