h_fin_2016a_2016-03-09t13:36:21z2 Hearing Summary

Date: 03/09/2016

02:31 PM -- HB16-1286



Representative Becker, K., sponsor, introduced House Bill 16-1286. The bill increases the percentage of the wildfire mitigation state income tax deduction from 50 percent to 100 percent of the costs incurred for performing wildfire mitigation on a taxpayer's property. The tax deduction cannot exceed $2,500 per income tax year or the total amount of the taxpayer's federal taxable income, whichever is less. The increased income tax deduction will be available for tax years 2017 through 2019. After that, the income tax reduction will return to 50 percent of qualified costs until tax year 2024, as specified in current law.



02:34 PM -- Mr. Ted Leighty, representing the Colorado Association of Realtors, testified in support of the bill and answered several committee questions.