HB 24-1243
signedIncome Tax Owed by Minors on Earned Income
Plain-English Summary
AI-generatedHouse Bill 24-1243, which has been signed into law, changes how Colorado taxes minors who earn income. Under the new law, minors aged 17 or younger can subtract their earned income from their federal taxable income, meaning they won't owe state income tax on that money. Employers also don’t need to withhold state income tax from a minor’s wages anymore. This affects young people who work part-time jobs and earn income. Since the bill has been signed, it is now law and in effect.
Official Summary
Currently, an individual aged 17 years or younger (minor) is liable to the state for income tax on earned income. The bill allows a subtraction from federal taxable income of an amount equal to the earned income of a minor. An employer is not required to deduct income tax from the wages of a minor.
(Note: This summary applies to this bill as introduced.)
Details
- Chamber
- House
- First action
- 2024-05-14
- Latest action
- 2024-02-12
- Last action desc.
- Introduced In House - Assigned to Finance
- OpenStates
- View source ↗
Related Legislation
This bill affects (61)
relatesHB 23-1128(2023A)· signedIncome Tax Credits And Deductions Married Taxpayers
relatesHB 18-1060(2018A)· signedIncome Tax Deduction For Military Retirement Benefits
relatesSB 22-084(2022A)· signed529 Plan Education Loan Payment Eligible Distribution
relatesHB 18-1023(2018A)· signedRelocate Title 12 Marijuana To New Title 44
relatesHB 22-1123(2022A)· signedStandard Deduction Adjustment
relatesSB 18-061(2018A)· signedReduce The State Income Tax Rate
relatesHB 22-1025(2022A)· signedRepeal Of Infrequently Used Tax Expenditures
relatesHB 22-1007(2022A)· signedAssistance Landowner Wildfire Mitigation
relatesSB 23-106(2023A)· signedIncome Tax Deduction For Military Retirement Benefits
relatesHB 23-1275(2023A)· signedModification Of The Film Production Incentive
relatesHB 18-1209(2018A)· signedNo 529 Account Income Tax Deduction For K-12 Kindergarten Through Twelfth Expenses
relatesHB 22-1320(2022A)· signedAchieving A Better Life Experience Savings Accounts
relatesHB 23-1083(2023A)· signedQualified Higher Education Expenses Aviation Training
relatesHB 22-1163(2022A)· signedState Income Tax Deduction For Medical Expenses
relatesHB 22-1125(2022A)· signedIncome Tax Rate Reduction
relatesHB 23-1189(2023A)· signedEmployer Assistance For Home Purchase Tax Credit
relatesHB 17-1324(2017A)· failedEducational Opportunity Tax Incentives
relatesHB 18-1359(2018A)· signedColorado Charitable Contribution Income Tax Deduction
relatesHB 23-1277(2023A)· signedReporting Adjustments To Taxable Income
relatesHB 23-1084(2023A)· signedContinuation Of Military Retirement Benefit Deduction
relatesHB 22-1019(2022A)· signedModifications To Qualified State Tuition Programs
relatesHB 22-1310(2022A)· signed529 Account Apprenticeship Expenses
relatesHB 23-1063(2023A)· signedReduction Of State Income Tax Rate
relatesSB 23-290(2023A)· signedNatural Medicine Regulation And Legalization
relatesHB 24-1065(2024A)· signedReduction of State Income Tax Rate
relatesHB 17-1290(2017A)· failedColorado Secure Savings Plan
relatesHB 17-1307(2017A)· failedFamily And Medical Leave Insurance Program Wage Replacement
relatesHB 18-1025(2018A)· signedRelocate Title 12 Liquor Laws To Title 44
relatesHB 22-1021(2022A)· signedReduce State Income Tax Rate
relatesSB 23-208(2023A)· signedCorrection Of Certain Tax Statute Cross References
relatesHB 17-1007(2017A)· failedTax Benefit Employer Collegeinvest Contribution
relatesHB 17-1104(2017A)· signedExclude Olympic Medal Income From Taxable Income
relatesSB 17-075(2017A)· signedIncome Tax Deduction For Military Retirement Benefits
relatesHB 18-1221(2018A)· signedIncome Tax Deduction For 529 Account Kindergarten Through Twelfth Grade Expenses
relatesHB 18-1001(2018A)· signedFAMLI Family Medical Leave Insurance Program
relatesSB 18-265(2018A)· signedChild Care Savings Account Income Tax Benefits
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relatesHB 22-1414(2022A)· signedHealthy Meals For All Public School Students
relatesSB 23-221(2023A)· signedHealthy School Meals For All Program Fund
relatesHB 23-1047(2023A)· signedJoint Filing Deduction Qualified Tuition Program
relatesHB 23B-1005(2023B)· signedMatters Related To Tax Relief For Tax Year 2023
relatesHB 18-1298(2018A)· signedColorado Secure Savings Plan
repealsHB 23-1275(2023A)· signedModification Of The Film Production Incentive
repealsHB 23-1046(2023A)· signedTax Credit Pre-adoption Leave
repealsSB 23-066(2023A)· signedAdvanced Industry Acceleration Programs
repealsHB 24-1439(2024A)· signedFinancial Incentives Expand Apprenticeship Programs
repealsSB 22-233(2022A)· signedTABOR Refund Mechanism For FY 2021-22 Only
repealsHB 24-1396(2024A)· signedGeneral Fund Transfer to Advanced Industries Programs
repealsSB 18-240(2018A)· signedRevised Uniform Unclaimed Property Act
repealsSB 18-061(2018A)· signedReduce The State Income Tax Rate
repealsHB 18-1202(2018A)· signedIncome Tax Credit Leave Of Absence Organ Donation
repealsHB 23-1006(2023A)· signedEmployer Notice Of Income Tax Credits
repealsHB 17-1136(2017A)· signedConsistent Statutes For Electronic Filing Of Taxes
Affected by (24)
amendsHB 25-1012(2025B)· failedPrescription Drug Benefit Information Transparency
amendsHB 24-1036(2024A)· signedAdjusting Certain Tax Expenditures
amendsHB 25-1012(2025A)· signedIncome Tax Expenditures for Service Members
amendsSB 25-026(2025A)· signedAdjusting Certain Tax Expenditures
amendsHB 26-1289(2026A)· signedModification of Certain Tax Expenditures
amendsHB 25-1296(2025A)· signedTax Expenditure Adjustment
relatesHB 24-1142(2024A)· signedReduce Income Tax Social Security Benefits
relatesHB 24-1240(2024A)· signedAmeriCorps Education Award Tax Subtraction
relatesSB 25-136(2025A)· signedExpand Deduction For Retirement Benefits
relatesSB 25-138(2025A)· signedPermanent Reductions to State Income Tax
relatesHB 24-1312(2024A)· signedState Income Tax Credit for Careworkers
relatesHB 25-1021(2025B)· failedRetention of Vendors Fees for Collecting Sales Tax.
relatesHB 24-1358(2024A)· signedFilm Incentive Tax Credit
relatesHB 26-1062(2026A)· failedExpand Deduction for Retirement Benefits
relatesHB 26-1351(2026A)· signedHealthy School Meals for All State Education Fund
relatesSB 25-302(2025A)· signedAchieving a Better Life Experience Tax Deduction
relatesHB 25-1021(2025A)· signedTax Incentives for Employee-Owned Businesses
relatesSB 25-310(2025A)· signedProposition 130 Implementation
relatesSB 25-214(2025A)· signedHealthy School Meals for All Program
repealsHB 25-1274(2025A)· signedHealthy School Meals for All Program
repealsSB 24-228(2024A)· signedTABOR Refund Mechanisms