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based on: Profile: Fiscal & Tax Policy

 
 
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LAC Lobbyists: Maud Naroll, Toni Larson, Mary Anne Davitt, Celeste Landry, Janine Reid, Geoff Withers


Bill: HB23-1006
Title: Employer Notice Of Income Tax Credits
VotesVotes all Legislators
Hearing Date
Hearing Time
Hearing Room
Intro Date01/09/2023
DescriptionConcerning the notice requirements of employers regarding income tax credits, and, in connection therewith, requiring employers to notify employees of the availability of the federal earned income tax credit, the state earned income tax credit, the federal child tax credit, and the state child tax credit.
HistoryBill History
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Bill Subject- Fiscal Policy & Taxes
Bill DocsBill Documents
Sponsors (House and Senate)Senate:
T. Exum Sr. (D)
House:
M. Young (D)
L. Daugherty (D)
Fiscal NotesFiscal Notes (01/24/2023)
Full TextFull Text of Bill
LobbyistsLobbyists
Position
Category
Comment
Custom Summary
Summary

Current law requires an employer to provide its employees with an
annual statement showing the total compensation paid and the income tax
withheld for the preceding calendar year. The bill requires an employer
to also provide, within a week before or after providing the statement and
in the same manner as the statement is provided, written notice of the
availability of the federal and state earned income tax credits and the
federal and state child tax credits. The written notice must be in English
and any other language the employer uses to communicate with
employees and must include any additional content that the department
of revenue prescribes.

House SponsorsM. Young (D)
L. Daugherty (D)
Senate SponsorsT. Exum Sr. (D)
House CommitteeBusiness Affairs and Labor
Senate Committee
StatusHouse Third Reading Passed - No Amendments (02/02/2023)
Amendments

Bill: HB23-1054
Title: Property Valuation
VotesVotes all Legislators
Hearing Date
Hearing Time
Hearing Room
Intro Date01/09/2023
DescriptionConcerning real property valuation, and, in connection therewith, extending the property tax reassessment cycle beginning on January 1, 2021, to a four-year cycle; removing the dollar amount reductions to the actual value used for the valuation for assessment of lodging property, improved commercial property, and residential property; maintaining the same assessment rates for all real property besides residential real property in the 2023 and 2024 property tax years; and capping the increase in property values between the 2022 and 2025 property tax years.
HistoryBill History
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Bill Subject- Fiscal Policy & Taxes
Bill DocsBill Documents
Sponsors (House and Senate)Senate:
B. Pelton (R)
House:
L. Frizell (R)
Fiscal Notes 
Full TextFull Text of Bill
LobbyistsLobbyists
Position
Category
Comment
Custom Summary
Summary

Most real property is reassessed every odd-numbered year. The bill
establishes a one-time exception by making the reassessment cycle
beginning on January 1, 2021, a 4-year cycle so that the next reassessment
cycle will begin in 2025 instead of 2023.
Under current law, for the 2023 property tax year, the actual value
used for purposes of valuation for assessment is reduced for commercial
real property by $30,000 and for residential real property by $15,000. The
bill eliminates these reductions.
The bill also sets the assessment rates for nonresidential real
property and multi-family residential real property for the 2024 property
tax year, so that they are the same rates as for the 2023 property tax year.
Lastly, the bill ensures that the actual value of property used for
purposes of valuation for assessment does not increase by more than 5%
between 2022 and 2025, for property that does not have an unusual
condition which results in an increase or decrease in actual value.

House SponsorsL. Frizell (R)
Senate SponsorsB. Pelton (R)
House CommitteeFinance
Senate Committee
StatusIntroduced In House - Assigned to Finance (01/09/2023)
AmendmentsNone

Bill: HB23-1063
Title: Reduction Of State Income Tax Rate
VotesVotes all Legislators
Hearing Date02/09/2023
Hearing TimeUpon Adjournment
Hearing RoomLegislative Services Building Hearing Room A
Intro Date01/19/2023
DescriptionConcerning a reduction of the state income tax rate.
HistoryBill History
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Bill Subject- Fiscal Policy & Taxes
Bill DocsBill Documents
Sponsors (House and Senate)Senate:

House:
S. Bottoms (R)
Fiscal NotesFiscal Notes (01/30/2023)
Full TextFull Text of Bill
LobbyistsLobbyists
Position
Category
Comment
Custom Summary

For income tax years commencing on and after January 1, 2024,
the bill reduces both the individual and the corporate state income tax
rates from 4.40% to 3.5%.  The bill also exempts the rate reductions from
the existing statutory requirements that tax expenditure legislation include
a tax preference performance statement in a statutory legislative
declaration and a repeal after a specified period of tax years.

The League supports income as a major tax base in Colorado.  This measure would reduce state revenue from individual income taxes and corporate income taxes, for a 20% reduction in revenue from those sources.  Without enacting either offsetting sources of revenue or commensurate cuts in spending, this measure is irresponsible on its face.

Summary

For income tax years commencing on and after January 1, 2024,
the bill reduces both the individual and the corporate state income tax
rates from 4.40% to 3.5%. The bill also exempts the rate reductions from
the existing statutory requirements that tax expenditure legislation include
a tax preference performance statement in a statutory legislative
declaration and a repeal after a specified period of tax years.

House SponsorsS. Bottoms (R)
Senate Sponsors
House CommitteeState, Civic, Military and Veterans Affairs
Senate Committee
StatusIntroduced In House - Assigned to State, Civic, Military, & Veterans Affairs (01/19/2023)
AmendmentsNone

Bill: HB23-1081
Title: Employee Ownership Tax Credit Expansion
VotesVotes all Legislators
Hearing Date
Hearing Time
Hearing Room
Intro Date01/19/2023
DescriptionConcerning the expansion of the tax credit for conversion costs for employee business ownership.
HistoryBill History
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Bill Subject- Fiscal Policy & Taxes
Bill DocsBill Documents
Sponsors (House and Senate)Senate:
N. Hinrichsen (D)
House:
R. Taggart (R)
W. Lindstedt (D)
Fiscal NotesFiscal Notes (01/31/2023)
Full TextFull Text of Bill
LobbyistsLobbyists
Position
Category
Comment
Custom Summary
Summary

Under current law, a qualified business is allowed a tax credit in
the amount of 50% of the costs to convert the qualified business to a form
of employee ownership. The tax credit is capped at $25,000 for
converting a qualified business to a worker-owned cooperative or
employee ownership trust, and capped at $100,000 for converting a
qualified business to an employee stock ownership plan.
The bill:
  • Increases the cap for converting a qualified business to a
worker-owned cooperative or employee ownership trust
from $25,000 to $40,000, and increases the cap for
converting a qualified business to an employee stock
ownership plan from $100,000 to $150,000;
  • Expands the tax credit to include 50% of the costs of a
qualified employee-owned business expanding its
employee ownership by at least 20%, not to exceed
$25,000;
  • Expands the tax credit to include 50% of the costs of a
qualified business converting to or expanding an alternate
equity structure, not to exceed $25,000. An alternate equity
structure is a form of employee ownership where an
employer grants to employees an employee stock
ownership plan, LLC membership, phantom stock, profit
interest, profit sharing, restricted stock, stock appreciation
right, stock option, or synthetic equity.
  • Specifies that a qualified business or qualified
employee-owned business may apply for and claim only
one credit for the conversion or expansion costs per tax
year.

House SponsorsR. Taggart (R)
W. Lindstedt (D)
Senate SponsorsN. Hinrichsen (D)
House CommitteeFinance
Senate Committee
StatusHouse Committee on Finance Refer Amended to Appropriations (02/02/2023)
Amendments

Bill: HB23-1103
Title: Severance Tax Revenue Distribution
VotesVotes all Legislators
Hearing Date02/13/2023
Hearing Time1:30 PM
Hearing RoomHouse Committee Room 0112
Intro Date01/23/2023
DescriptionConcerning the distribution of severance tax funds to counties that are economically impacted by the industries on which severance taxes are imposed.
HistoryBill History
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Bill Subject- Fiscal Policy & Taxes
Bill DocsBill Documents
Sponsors (House and Senate)Senate:
R. Pelton (R)
House:
T. Winter (R)
Fiscal Notes 
Full TextFull Text of Bill
LobbyistsLobbyists
Position
Category
Comment
Custom Summary
Summary

The bill requires the state treasurer to transfer 60% of the
severance taxes paid by an entity that are attributable to the developing,
processing, or energy conversion of minerals and mineral fuels subject to
taxation in a county in a given tax year to that same county. A county that
receives a transfer in accordance with the bill shall use the transferred
funds for building or improving roads, schools, or local infrastructure.

House SponsorsT. Winter (R)
Senate SponsorsR. Pelton (R)
House CommitteeFinance
Senate Committee
StatusIntroduced In House - Assigned to Finance (01/23/2023)
AmendmentsNone

Bill: HB23-1112
Title: Earned Income And Child Tax Credits
VotesVotes all Legislators
Hearing Date02/13/2023
Hearing Time1:30 PM
Hearing RoomHouse Committee Room 0112
Intro Date01/23/2023
DescriptionConcerning the enlargement of certain income tax credits for low- and middle-income working individuals or families, and, in connection therewith, reducing state income tax revenue by increasing the earned income tax credit and expanding eligibility for and increasing the child tax credit.
HistoryBill History
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Bill Subject- Fiscal Policy & Taxes
- State Revenue & Budget
Bill DocsBill Documents
Sponsors (House and Senate)Senate:
C. Hansen (D)
C. Kolker (D)
House:
S. Bird (D)
Fiscal Notes 
Full TextFull Text of Bill
LobbyistsLobbyists
Position
Category
Comment
Custom Summary
Summary

Legislative Oversight Committee Concerning Tax Policy. For
income tax years commencing on or after January 1, 2024, the bill
increases the earned income tax credit that a resident individual can claim
on their state income tax return to 40% of the federal credit claimed on
the resident individual's federal income tax return. For income tax years
commencing on or after January 1, 2024, the bill changes the definition
of eligible child to match the age of eligibility for the federal credit,
increases percentages of the federal credit that a resident individual can
claim for the child tax credit on their state income tax return by 20%,
10%, or 5% depending on the resident individual's income level, and
requires the department of revenue to adjust for inflation the income
levels set forth to determine eligibility for the credit.

House SponsorsS. Bird (D)
Senate SponsorsC. Hansen (D)
C. Kolker (D)
House CommitteeFinance
Senate Committee
StatusIntroduced In House - Assigned to Finance (01/23/2023)
AmendmentsNone

Bill: HB23-1121
Title: Repeal Of Infrequently Used Tax Expenditures
VotesVotes all Legislators
Hearing Date02/09/2023
Hearing TimeUpon Adjournment
Hearing RoomHouse Committee Room 0112
Intro Date01/27/2023
DescriptionConcerning the repeal of infrequently used tax expenditures.
HistoryBill History
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Bill Subject- Fiscal Policy & Taxes
Bill DocsBill Documents
Sponsors (House and Senate)Senate:
L. Liston (R)
C. Hansen (D)
House:
S. Bird (D)
Fiscal Notes 
Full TextFull Text of Bill
LobbyistsLobbyists
Position
Category
Comment
Custom Summary
Summary

Legislative Oversight Committee Concerning Tax Policy. The
bill repeals the following infrequently used tax expenditures:
  • The crop hail insurance premium tax exemption (section 1
of the bill);
  • The in-state investment pre-1959 insurance premium tax
deduction (section 1);
  • The corporate condemnation capital gains income tax
deduction (section 2);
  • The oil shale excess percentage depletion income tax
deduction (section 2);
  • The mining and milling impact assistance corporate income
tax credit (section 3);
  • The oil shale equipment and machinery severance tax
deduction (section 4);
  • The oil shale processing severance tax deduction (section
4);
  • The oil shale severance tax rate reductions (section 4);
  • The oil shale noncommercial production severance tax
exemption (section 4); and
  • The mineral and mineral fuels impact assistance severance
tax credit (section 5).
Sections 6 and 7 make conforming amendments.

House SponsorsS. Bird (D)
Senate SponsorsL. Liston (R)
C. Hansen (D)
House CommitteeFinance
Senate Committee
StatusIntroduced In House - Assigned to Finance (01/27/2023)
AmendmentsNone

Bill: HB23-1128
Title: Income Tax Credits And Deductions Married Taxpayers
VotesVotes all Legislators
Hearing Date
Hearing Time
Hearing Room
Intro Date01/30/2023
DescriptionConcerning certain income tax credits and deductions for married taxpayers.
HistoryBill History
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Bill Subject- Fiscal Policy & Taxes
Bill DocsBill Documents
Sponsors (House and Senate)Senate:

House:
R. Weinberg (R)
Fiscal Notes 
Full TextFull Text of Bill
LobbyistsLobbyists
Position
Category
Comment
Custom Summary
Summary

Section 1 makes legislative findings and declarations concerning
the treatment of taxpayers filing individually versus those filing jointly
and clarifies that the intent of the bill is to eliminate barriers to certain tax
credits and deductions for married individuals.
Section 2 increases the maximum amount of the wildfire
mitigation measures tax deduction from $2,500 to $5,000 for married
taxpayers who file a joint income tax return.
Section 3 increases the qualifying maximum gross adjusted
income threshold for the child care expense tax credit from $60,000 to
$120,000 for married taxpayers who file a joint income tax return.
Section 4 raises the qualifying maximum income threshold for the
low-income child care expense tax credit from $25,000 to $50,000 for
married taxpayers who file a joint income tax return.

House SponsorsR. Weinberg (R)
Senate Sponsors
House CommitteeFinance
Senate Committee
StatusIntroduced In House - Assigned to Finance (01/30/2023)
AmendmentsNone

Bill: HB23-1129
Title: Tax Credit Lifebuoy Apparatus
VotesVotes all Legislators
Hearing Date
Hearing Time
Hearing Room
Intro Date01/30/2023
DescriptionConcerning a state income tax credit for an eligible purchaser's installation of a lifebuoy apparatus.
HistoryBill History
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Bill Subject- Fiscal Policy & Taxes
Bill DocsBill Documents
Sponsors (House and Senate)Senate:

House:
B. Bradley (R)
Fiscal Notes 
Full TextFull Text of Bill
LobbyistsLobbyists
Position
Category
Comment
Custom Summary
Summary

The bill establishes a state income tax credit for the purchase and
installation of a lifebuoy apparatus in a subdivision with a body of water
beginning January 1, 2023. The tax credit is for $1,500 per lifebuoy
apparatus purchased and installed in the subdivision by an eligible
purchaser. The tax credit may be claimed only once per lifebuoy
apparatus and is not refundable, but may be carried forward up to 5 years.
An eligible purchaser must certify to the department of revenue each
lifebuoy apparatus purchased and installed during each tax year for which
the credit is claimed.

House SponsorsB. Bradley (R)
Senate Sponsors
House CommitteeFinance
Senate Committee
StatusIntroduced In House - Assigned to Finance (01/30/2023)
AmendmentsNone

Bill: SB23-011
Title: Minor Driver's Education Requirements
VotesVotes all Legislators
Hearing Date
Hearing Time
Hearing Room
Intro Date01/10/2023
DescriptionConcerning the regulation of processes associated with the licensing of a minor to drive a motor vehicle on a roadway.
HistoryBill History
Save to Calendar
Bill Subject- Transportation & Motor Vehicles
Bill DocsBill Documents
Sponsors (House and Senate)Senate:
F. Winter (D)
House:
A. Boesenecker (D)
M. Lindsay (D)
Fiscal NotesFiscal Notes (01/18/2023)
Full TextFull Text of Bill
LobbyistsLobbyists
Position
Category
Comment
Custom Summary
Summary

Transportation Legislation Review Committee. For 10 income
tax years, section 1 of the bill creates a refundable income tax credit for
purchasing driver education and training for a minor. The amount of the
credit is the amount spent on driver education and training, but cannot
exceed $1,000 per student. To claim a credit, an individual must provide
the department of revenue (department) with a receipt for the amount paid
if the department requests the receipt.
Currently, a minor who is under 18 years of age may be issued a
driver's license or temporary driver's license if the minor has held an
instruction permit for 12 months and has completed 50 hours of
supervised driving, including 10 hours of night driving. Section 2 adds
the requirements that the applicant must:
  • Complete a 30-hour driver education course, which may
include an online course, approved by the department; and
  • Receive at least 6 hours of behind-the-wheel driving
training with a driving instructor or, for minors who live in
rural areas of the state, 12 hours of behind-the-wheel
training with a parent, a legal guardian, or an alternate
permit supervisor.
Additionally, section 2 eliminates the current instructional
requirements for minors under 16 and one-half years of age to hold an
instruction permit for 12 months, complete 50 hours of supervised
driving, including 10 hours of night driving, and receive 6 hours of
behind-the-wheel driving training with a driving instructor or, if the
minor lives more than 30 miles from a business offering driving
instruction, at least 12 hours of training from a parent, legal guardian, or
responsible adult to be eligible for issuance of a driver's license.
Section 2 also adds a requirement that a minor who is 18 years of
age or older and under 21 years of age must successfully complete a
4-hour prequalification driver awareness program approved by the
department to be issued a driver's license or temporary driver's license.
Current law authorizes the department to issue an instruction
permit to a minor if the minor meets one of the following conditions:
  • A minor who is 16 years of age or older need not complete
a driver education course;
  • A minor who is at least 15 and one-half years of age but
under 16 years of age must have completed a driver
education course or a 4-hour driver awareness course; or
  • A minor who is 15 years of age or older but under 15 and
one-half years of age must have completed a driver
education course.
Sections 2 and 3 eliminate the tiered system and require all minors
who are under 18 years of age to complete a 30-hour driver education
course and minors who are 18 years of age or older but under 21 years of
age to complete a 4-hour driver awareness course.
Section 5 prohibits a person who has been convicted of certain
violent or sexual crimes from providing behind-the-wheel driving
instruction to minors. A commercial driving school is prohibited from
employing such a driving instructor to provide behind-the-wheel driving
instruction to minors. Each instructor employed by a commercial driving
school must obtain a fingerprint-based criminal history record check to
verify that the instructor has not committed a disqualifying crime.

House SponsorsA. Boesenecker (D)
M. Lindsay (D)
Senate SponsorsF. Winter (D)
House Committee
Senate CommitteeTransportation and Energy
StatusSenate Committee on Finance Refer Amended to Appropriations (02/02/2023)
Amendments

Bill: SB23-107
Title: Senior And Veterans With Disabilities Property Tax Exemption
VotesVotes all Legislators
Hearing Date02/09/2023
Hearing Time1:30 PM
Hearing RoomOld Supreme Court Chambers
Intro Date01/31/2023
DescriptionConcerning the expansion of existing property tax exemptions for certain owner-occupied primary residences.
HistoryBill History
Save to Calendar
Bill Subject- Fiscal Policy & Taxes
Bill DocsBill Documents
Sponsors (House and Senate)Senate:
L. Liston (R)
House:
Fiscal Notes 
Full TextFull Text of Bill
LobbyistsLobbyists
Position
Category
Comment
Custom Summary
Summary

For property tax years commencing on or after January 1, 2023, the
bill specifies that a senior is deemed to be a 10-year owner-occupier of a
primary residence that the senior has owned and occupied for less than 10
years and therefore qualifies for the senior property tax exemption for the
residence if:
  • The senior would have qualified for the senior property tax
exemption for the senior's former primary residence but a
medical necessity required the senior to stop occupying the
former primary residence;
  • The senior has not previously received the exemption for a
former primary residence on the basis of medical necessity;
and
  • The senior has not owned and occupied another primary
residence since the senior first stopped occupying the
senior's former primary residence due to medical necessity.
Medical necessity is defined as one or more medical conditions
of a senior that a physician licensed to practice medicine in Colorado has
certified on a form developed by the state property tax administrator as
having required the senior to stop occupying the senior's prior primary
residence.
When applying for an exemption on the basis of medical necessity,
a senior must provide the form establishing proof of medical necessity.
For property tax years commencing on or after January 1, 2023,
but before January 1, 2028, the bill increases the maximum amount of
actual value of the owner-occupied residence of a qualifying senior or
veteran with a disability that is exempt from property taxation from
$200,000 to $300,000.
For property tax years commencing on or after January 1, 2028, the
bill increases the maximum amount of actual value of the owner-occupied
residence of a qualifying senior or veteran with a disability that is exempt
from property taxation from $300,000 to $500,000.

House Sponsors
Senate SponsorsL. Liston (R)
House Committee
Senate CommitteeState, Veterans and Military Affairs
StatusIntroduced In Senate - Assigned to State, Veterans, & Military Affairs (01/31/2023)
AmendmentsNone
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