CLICS/CLICS2020A/commsumm.nsf
PUBLIC
BILL SUMMARY For ENDING INCOME TAX DEDUCTION FOR PREVIOUSLY TAXED INCOME OR GAIN
FOR C CORPORATIONS
JOINT COMMITTEE COMMITTEE ON STATUTORY REVISION COMMITTEE
Date Jan 24, 2020
Location SCR 357
Ending income tax deduction for previously taxed income or gain
for C corporations - Introduce LLS 20-0565
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07:37:32 AM |
Pierce Lively, OLLS, testified before the committee, explaining that, on the recommendation of the TEEISC, the bill ends the previous taxed income gain deduction for C-corporations as of January 1, 2021. He explained that under the deduction, C corporations, when calculating their Colorado taxable income, may deduct from their federal taxable income any income or gain that was taxed by Colorado prior to 1965, to the extent that such income or gain is included in their current federal taxable income. However, to claim this deduction, a C corporation must include the income or gain it intends to deduct in its current federal taxable income, and the C corporation must have been taxed by Colorado on the same income or gain prior to 1965. Therefore, it is unlikely that any C corporation could currently claim this deduction.
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07:43:56 AM
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Motion |
Introduce LLS 20-0565 |
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Moved |
Zenzinger |
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Seconded |
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Arndt |
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Brad Ramming, Esq. |
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Patrice Bernadette Collins, Esq. |
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McKean |
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Moreno |
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Tate |
Excused |
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Valdez D. |
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Van Winkle |
Excused |
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Zenzinger |
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Woodward |
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Final |
YES: 0 NO: 0 EXC: 2 ABS: 0 FINAL ACTION: Pass Without Objection |
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