HB16-1003

HB16-1003 - Middle Class College Savings Act

Postponed Indefinitely
Concerning The State Income Tax Deductions For Contributions To And Distributions Of Investment Earnings From The Qualified State Tuition Program Established By Collegeinvest.

For purposes of calculating a taxpayer's Colorado taxable income, current state law begins from a base of the taxpayer's federal taxable income and provides for various modifications to that base, including subtractions from federal taxable income (state income tax deductions) in amounts equal to the full amounts of both contributions made by a taxpayer to the qualified state tuition program established by collegeinvest and distributions of investment earnings taken from the plan. The bill modifies these state income tax deductions by making the percentages of the amounts of contributions or distributions allowed to be subtracted from a taxpayer's taxable income dependent upon the amount of the taxpayer's federal adjusted gross income as follows:

  • 200% of the amounts of contributions or distributions for a taxpayer whose federal adjusted gross income is $150,000 or less;
  • 150% of the amounts of contributions or distributions for a taxpayer whose federal adjusted gross income is more than $150,000 but not more than $250,000; and
  • 15% of the amounts of contributions or distributions for a taxpayer whose federal adjusted gross income is more than $250,000 but not more than $500,000.

The bill eliminates deductions for a taxpayer whose federal adjusted gross income is more than $500,000.

Latest update: May 5, 2016
05/05/2016 Senate Committee on State, Veterans, & Military Affairs Postpone Indefinitely
05/03/2016 Introduced In Senate - Assigned to State, Veterans, & Military Affairs
05/03/2016 House Third Reading Passed - No Amendments
05/02/2016 House Second Reading Passed with Amendments - Committee
04/28/2016 House Second Reading Special Order - Laid Over to 05/02/2016 - No Amendments
04/28/2016 House Committee on Appropriations Refer Unamended to House Committee of the Whole
04/13/2016 House Committee on Finance Refer Amended to Appropriations
03/07/2016 House Committee on Education Refer Unamended to Finance
01/13/2016 Introduced In House - Assigned to Education