Colorado HB1222 modifies tax expenditures to address federal tax code changes impacting state income tax revenue and affordability.
Colorado HB1222 modifies tax expenditures to mitigate the effects of recent federal tax code changes on state income tax revenue and affordability. The bill requires individual and corporate state income taxpayers to add back to their federal taxable income certain business-related deductions, including business interest, bonus depreciation, qualified production property, and domestic research and experimental expenditures. It also creates a new family affordability tax credit for residents, providing a refundable tax credit based on the number and age of children and the taxpayer's income.
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