Bill Sponsor
Colorado House Bill 1036
Session 2024A
Adjusting Certain Tax Expenditures
Became Law
Became Law
Signed by Governor on Jun 4, 2024
Sponsors
Democrat
Mike Weissman
Republican
Lisa Frizell
Democrat
Chris Hansen
Democrat
Chris Kolker
First Action
Jan 10, 2024
Latest Action
Jun 4, 2024
Origin Chamber
House
Type
Bill
Bill Number
1036
State
Colorado
Session
2024A
Sponsorship by Party
Democrat
Primary
Democrat
Primary
Republican
Primary
Democrat
Primary
Summary
The act repeals the following infrequently used tax expenditures: The catastrophic health insurance income tax deduction (sections 2 and 3 of the act); The non-resident disaster relief worker income tax subtraction (sections 4, 5, and 6); The medical savings account income tax deduction (sections 7, 8, 9, and 10); The childcare facility investment income tax credit (section 11); The school to career expenses income tax credit (section 12); The Colorado works program employer income tax credit (section 13); The income tax credit for purchase of uniquely valuable motor vehicle registration numbers (section 14); The low-emitting vehicles and commercial vehicles used in interstate commerce sales and use tax exemptions (sections 15, 16, 17, and 18); The biotechnology sales and use tax refund (sections 19 and 20); The rural broadband equipment sales and use tax refund (section 21); The first time home buyer savings account income tax deduction (sections 22, 23, 24, and 25); The aircraft gasoline and special fuel tax exemption (section 26); and The cigarette and tobacco bad debt tax credit for cigarette and tobacco wholesalers, distributors, and retailers that write off bad cigarette and tobacco tax debts (sections 27 and 28). The act also modifies several tax expenditures as follows: Section 29 of the act eliminates the requirement that the executive director of the department of revenue present the tax profile and expenditure report to the finance committees of the house of representatives and the senate; Section 30 clarifies that the purpose of the college tuition program income tax deduction is to create additional incentives for saving for college tuition not already created by other state or federal law and allows the wildfire mitigation deduction for tax years commencing before January 1, 2025, rather than for tax years commencing before January 1, 2026; Section 31 increases the maximum amount of a health-care preceptor income tax credit from $1,000 to $2,000, allows for a maximum of 3 credits per income tax year, and increases the maximum aggregate amount of the credit awarded to any one taxpayer from $1,000 to $6,000 for any income tax year; Section 32 changes the maximum amount a taxpayer may claim for the wildfire hazard mitigation income tax credit to $1,000 per income tax year for income tax years commencing on or after January 1, 2025, but prior to January 1, 2028. Section 33 requires a local government and a nonprofit to file an informational tax return as prescribed by the executive director of the department of revenue (informational tax return) rather than a corporate tax return when claiming an alternative transportation options income tax credit; Section 34 requires a local government and a nonprofit to file an informational tax return when claiming a conservation easement income tax credit; Section 35 requires a local government and a nonprofit to file an informational tax return when claiming an income tax credit for environmental remediation of contaminated land; On and after January 1, 2025, sections 36 and 37 exempt from sales and use tax the sale, storage, usage, or consumption of a modular home or any closed panel system utilized in construction of a factory-built residential structure; Section 38 states that the purpose of the renewable energy source sales and use tax exemption is to create additional incentives for developing renewable energy projects not already created by other state or federal law; Section 39 repeals detailed required reporting for enterprise zone tax credits; Section 40 extends the employer alternative transportation for employees tax credit until January 1, 2027; and Section 41 makes the income tax credit for employer expenditures for alternative transportation options for employees available through the 2026 income tax year, rather then through 2024 income tax year. APPROVED by Governor June 4, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)
Actions (15)
06/04/2024
Office of the Governor
Governor Signed
05/10/2024
Office of the Governor
Sent to the Governor
05/10/2024
Senate
Signed by the President of the Senate
05/10/2024
House
Signed by the Speaker of the House
05/08/2024
House
House Considered Senate Amendments - Result was to Concur - Repass
05/07/2024
Senate
Senate Third Reading Passed with Amendments - Floor
05/06/2024
Senate
Senate Second Reading Special Order - Passed - No Amendments
05/04/2024
Senate
Senate Committee on Appropriations Refer Unamended to Senate Committee of the Whole
04/30/2024
Senate
Senate Committee on Finance Refer Unamended to Appropriations
04/29/2024
Senate
Introduced In Senate - Assigned to Finance
04/29/2024
House
House Third Reading Passed - No Amendments
04/26/2024
House
House Second Reading Special Order - Passed with Amendments - Committee
04/25/2024
House
House Committee on Appropriations Refer Amended to House Committee of the Whole
02/12/2024
House
House Committee on Finance Refer Amended to Appropriations
01/10/2024
House
Introduced In House - Assigned to Finance
Sources
Record Created
Jan 10, 2024 8:13:30 PM
Record Updated
Jun 26, 2024 10:45:45 PM