HB 22-1025

House Bill 22-1025, which has been signed into law, removes several tax breaks that are not commonly used in Colorado. These include exemptions and credits for things like life insurance for educational institutions, certain sales-based taxes, recycling technology investments, agricultural donations to charity, and specific corporate income taxes from before 1965. The bill also ends a special tax treatment for part of state-employed chaplains' salaries. This change affects organizations and individuals who previously benefited from these exemptions or credits. Since the bill has been signed, it is now law and its provisions are in effect.

Official Summary

The act repeals the following tax expenditures: The exemption from the insurance premium tax for educational and scientific institution life insurance; The alternative minimum income tax based on annual gross receipts from sales in or into the state; The income tax credit for investment in technologies for recycling plastics; The income tax credit for crop or livestock contributions to a charitable organization; The income tax deduction for income or gain for a C corporation that was taxed prior to 1965, to the extent it is included in current taxable income; Income tax credits for qualifying investments; and The sales and use tax exemption for the transfer of complimentary promotional materials to an out-of-state vendee. The act also repeals the requirement that a specific amount of a state-employed chaplain's salary must be designated as a rental allowance, thereby making it exempt from federal income tax. (Note: This summary applies to this bill as enacted.)

Votes