HB 18-1359

HB 18-1359, also known as the Colorado Charitable Contribution Income Tax Deduction bill, allows individuals who use the standard deduction on their federal taxes to deduct all of their charitable donations from their Colorado state income tax. Previously, only contributions above $500 could be deducted in this way. This change benefits anyone in Colorado who makes charitable donations but doesn't itemize deductions on their federal return. Since it has been signed into law, taxpayers can now claim these full deductions starting from the 2019 tax year onwards.

Official Summary

Current law specifies that any individual who claims the basic standard deduction on their federal income tax return, and is therefore unable to claim a federal itemized deduction for charitable contributions, may take a deduction on their Colorado income tax return for the portion of the charitable contributions that exceed $500 that the individual makes during the tax year. The bill specifies, by removing the $500 calculation threshold, that for income tax years commencing on or after January 1, 2019, an individual who claims the basic standard deduction on their federal income tax return may take a deduction on their Colorado income tax return for all of the charitable contributions that they make during the tax year.(Note: This summary applies to this bill as introduced.) , Read More

Related Legislation