HB 23-1084
signedContinuation Of Military Retirement Benefit Deduction
Plain-English Summary
AI-generatedHouse Bill 23-1084, which has been signed into law, extends a tax benefit for military retirees under the age of 55. This benefit allows them to subtract their military retirement benefits from their federal taxable income when calculating their Colorado state taxes. The extension means that this deduction will now be available until January 1, 2029. As of August 7, 2023, military retirees younger than 55 can take advantage of this tax break in Colorado.
Official Summary
For income tax years commencing before January 1, 2024, the law allowed individuals younger than 55 years of age to subtract from federal taxable income for the purpose of determining state taxable income certain amounts received from military retirement benefits. The act extends the subtraction to income tax years commencing before January 1, 2029.
APPROVED by Governor June 5, 2023
EFFECTIVE August 7, 2023
NOTE: This act was passed without a safety clause and takes effect 90 days after sine die. (Note: This summary applies to this bill as enacted.)
Details
- Chamber
- House
- First action
- 2023-06-05
- Latest action
- 2023-01-19
- Last action desc.
- Introduced In House - Assigned to Finance
- OpenStates
- View source ↗
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Votes
BILL
2023-05-07 · Senate · pass — Yes: 34 · No: 0 · Other: —
BILL
2023-05-05 · House · pass — Yes: 61 · No: 2 · Other: —