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DE03159099F881FE872584F90050FFB4 Hearing Summary




PUBLIC
BILL SUMMARY For ENDING THE PRE-1987 NET OPERATING LOSS

JOINT COMMITTEE COMMITTEE ON STATUTORY REVISION COMMITTEE
Date Jan 24, 2020      
Location SCR 357



Ending the pre-1987 net operating loss - Introduce LLS 20-0566




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.






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