Colorado 2020 First Extraordinary Session Status: Introduced

HB 20B-1019 — Modify Certain Tax Expenditures In HB 20-1420

Last action — Introduced In House - Assigned to Finance

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  1. 1
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2020 First Extraordinary Session. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Sections 2 and 3 of the bill: Repeal the add back to federal taxable income related to section 2303 of the March 2020 "Coronavirus Aid, Relief, and Economic Security Act" (CARES Act); Repeal the add back to federal taxable income tax related to section 2304 of the CARES Act; Repeal the add back to federal taxable income related to section 2306 of the CARES Act; and Delay an add back to federal taxable income in an amount equal to the deduction for qualified business income for an individual taxpayer who files a single return and whose adjusted gross income is greater than $500,000, and for an individual taxpayer who files a joint return and whose adjusted gross income is greater than $1 million. The delay keeps the provision that the add back is not required for a taxpayer who files a schedule F, profit or loss from farming, or successor form as an attachment to a federal income tax return. Section 4 repeals the section that specifies that for net operating losses incurred after December 31, 2017, the 80% limitation set forth in federal law applies without regard to the amendments made in section 2303 of the CARES Act. Section 5 delays the increase to the earned income tax credit to tax years beginning in 2025. Section 5 also repeals the earned income tax credit that will be available on or after January 1, 2021, to taxpayers filing with an individual taxpayer identification number.(Note: This summary applies to this bill as introduced.)

Bill Text

Amendments

1 amendment

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Action History

  1. Introduced In House - Assigned to Finance

  2. House Committee on Finance Postpone Indefinitely

Sponsors

  • Hugh McKean · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 101 not signed on

Sponsors (1)

  • Hugh McKean

Co-sponsors (0)

None.

Not signed on (101)

101 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB 20B-1019 do?
Sections 2 and 3 of the bill: Repeal the add back to federal taxable income related to section 2303 of the March 2020 "Coronavirus Aid, Relief, and Economic Security Act" (CARES Act); Repeal the add back to federal taxable income tax related to section 2304 of the CARES Act; Repeal the add back to federal taxable income related to section 2306 of the CARES Act; and Delay an add back to federal taxable income in an amount equal to the deduction for qualified business income for an individual taxpayer who files a single return and whose adjusted gross income is greater than $500,000, and for an individual taxpayer who files a joint return and whose adjusted gross income is greater than $1 million. The delay keeps the provision that the add back is not required for a taxpayer who files a schedule F, profit or loss from farming, or successor form as an attachment to a federal income tax return. Section 4 repeals the section that specifies that for net operating losses incurred after December 31, 2017, the 80% limitation set forth in federal law applies without regard to the amendments made in section 2303 of the CARES Act. Section 5 delays the increase to the earned income tax credit to tax years beginning in 2025. Section 5 also repeals the earned income tax credit that will be available on or after January 1, 2021, to taxpayers filing with an individual taxpayer identification number.(Note: This summary applies to this bill as introduced.)
Who sponsors HB 20B-1019?
HB 20B-1019 is sponsored by Hugh McKean.
What is the current status of HB 20B-1019?
This bill died with 2020 First Extraordinary Session. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 20B-1019?
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Last checked for changes 3 months ago · updated continuously

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