HB18-1060

HB18-1060 - Income Tax Deduction For Military Retirement Benefits

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Concerning a state income tax deduction for military retirement benefits for an individual who is under fifty-five years of age.

The starting point for determining state income tax liability is federal taxable income. This number is adjusted for additions and subtractions (deductions) that are used to determine Colorado taxable income, which amount is multiplied by the state's 4.63% income tax rate.

The bill allows an individual who is under 55 years old to claim a deduction of up to $20,000 for the individual's military retirement benefits.
(Note: This summary applies to this bill as introduced.)

Latest update: February 7, 2018
02/07/2018 - House Committee on Finance Refer Amended to Appropriations
01/29/2018 - House Committee on Finance Lay Over Unamended - Amendment(s) Failed
01/10/2018 - Introduced In House - Assigned to Finance + Appropriations