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Bill Detail: HB22-1163

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Title State Income Tax Deduction For Medical Expenses
Status House Committee on Finance Postpone Indefinitely (04/07/2022)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors M. Soper (R)
Senate Sponsors J. Smallwood (R)
House Committee Finance
Senate Committee
Date Introduced 02/04/2022
Summary

The starting point for determining state income tax liability is
federal taxable income. Federal taxable income is adjusted for additions
and subtractions (deductions) that are used to determine Colorado taxable
income, which amount is multiplied by the state's income tax rate of
4.55%.
For the next 7 income tax years, the bill allows an individual to

claim a deduction for qualifying out-of-pocket medical expenses, if the
expenses are not:
  • Claimed as a deduction on the taxpayer's federal income
tax return;
  • Paid or reimbursed from a medical savings account; or
  • Paid or reimbursed by the taxpayer's insurance company.

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