DE03159099F881FE872584F90050FFB4 Hearing Summary CLICS/CLICS2020A/commsumm.nsf PUBLICBILL SUMMARY For ENDING THE PRE-1987 NET OPERATING LOSSJOINT COMMITTEE COMMITTEE ON STATUTORY REVISION COMMITTEEDate Jan 24, 2020 Location SCR 357 Ending the pre-1987 net operating loss - Introduce LLS 20-0566 Attachment Tag File Name Attachment http://www2.leg.state.co.us/CLICS/CLICS2020A/commsumm.nsf/0/590F414F4830...$File/SRC-LLS-20-0566-Bill.pdf?OpenElement SRC-LLS-20-0566-Bill.pdf Attachment http://www2.leg.state.co.us/CLICS/CLICS2020A/commsumm.nsf/0/6EAF06C20AD1...$File/SRC-LLS-20-0566-Memo.pdf?OpenElement SRC-LLS-20-0566-Memo.pdf 07:46:46 AM Motion Introduce LLS 20-0566 Moved Zenzinger Seconded Arndt Brad Ramming, Esq. Patrice Bernadette Collins, Esq. McKean Moreno Tate Excused Valdez D. Van Winkle Excused Zenzinger Woodward Final YES: 0 NO: 0 EXC: 2 ABS: 0 FINAL ACTION: Pass Without Objection 07:56:27 AM Pierce Lively, OLLS, testified before the committee, explaining that on the recommendation of the TEEISC, the bill repeals the pre-1987 net operating loss deduction. Per the statute, individuals, estates, and trusts were allowed to deduct Colorado pre-1987 net operating lossess carried forward from tax years beginning prior to January 1, 1987. However, the deduction was only available for 15 years; thus, no individual, estate, or trust has been able to claim the deduction since 2002.