This article shall be known and may be cited as the “Colorado Income Tax Act of 1987”. Source: L. 87: Entire part R&RE, p. 1426, § 2, effective June 22. Editor’s note: This section is similar to former § 39-22-101 as it existed prior to 1987.
The general assembly hereby finds, determines, and declares that the purposes of the “Colorado Income Tax Act of 1987” include, but are not limited to: Simplifying the preparation of state income tax returns; Aiding in the interpretation of the state income tax law through increased use of federal judicial and administrative determinations and precedents; Improving […]
As used in this article, unless the context otherwise requires: “Assessment” means the filing of the return as to the tax, penalty, and interest shown to be due thereon and, as to any other tax imposed under this article, or any deficiency in tax, or any penalty or interest, means the mailing or issuance of […]
Subject to subsection (2) of this section, with respect to taxable years commencing on or after January 1, 1987, but prior to January 1, 1999, a tax of five percent is imposed on the federal taxable income, as determined pursuant to section 63 of the internal revenue code, of every individual, estate, and trust. (1.5) […]
For income tax years commencing on or after January 1, 1995, amounts withheld from an individual’s wages that are used to pay for catastrophic health insurance pursuant to and within the limitations prescribed by section 10-16-116, C.R.S., are excluded from the individual’s federal taxable income for purposes of the state income tax imposed by section […]
To the extent a taxpayer is not otherwise claiming deductions on federal income tax returns for contributions to medical savings accounts, amounts withheld from an individual’s wages which are contributed to such individual’s medical savings account, pursuant to section 39-22-504.7, are excluded from an individual’s federal taxable income for purposes of the state income tax […]
With respect to each taxable year commencing on or after January 1, 1987, but prior to January 1, 2000, for every individual, estate, and trust, in addition to the tax imposed in section 39-22-104, a tax is imposed in an amount equal to the excess of: Three and seventy-five one-hundredths percent of the Colorado alternative […]
A resident individual shall be entitled to a Colorado exemption of zero dollars. Source: L. 87: Entire part R&RE, p. 1430, § 2, effective June 22. Editor’s note: This section is similar to former § 39-22-114 as it existed prior to 1987.
If the federal taxable income of two taxpayers may legally be determined on a joint federal return but actually is determined on separate federal returns, such income for purposes of the Colorado income tax shall be separately determined. If the federal taxable income of two taxpayers is determined on a joint federal return, their tax […]
In any case in which a taxpayer has been granted relief under section 6015 of the internal revenue code, such taxpayer shall also be granted comparable relief from joint and several liability for the tax imposed under this article and any interest, penalties, and other amounts related to such tax. Source: L. 2001: Entire section […]
With respect to all taxable years commencing on or after January 1, 1987, the amount of taxes on federal taxable income accrued to another state, the District of Columbia, or a territory or possession of the United States, on income derived by a resident individual, estate, or trust from sources in another state, the District […]
With respect to a trust that is a resident of another state and becomes a resident of Colorado after May 25, 2006, and that is subject to income taxes in the other state and in Colorado by virtue of the trust’s dual residence, the executive director shall, in lieu of the credit granted in section […]
In the case of a nonresident individual, the tax imposed by section 39-22-104 shall be apportioned in the ratio of Colorado nonresident federal adjusted gross income to total federal adjusted gross income, both modified as provided in section 39-22-104. Colorado nonresident federal adjusted gross income means that part of the individual’s federal adjusted gross income […]
In the case of an individual who is a resident of Colorado for part of his taxable year, the tax imposed by section 39-22-104 shall be apportioned in the ratio of that part of his federal adjusted gross income which relates to the period of the year he was a Colorado resident to his total […]
An individual in active duty military service whose home of record is Colorado and whose state of legal residence commencing on or after January 1, 2016, is a state other than Colorado may reacquire legal residence in the state, regardless of whether the individual has a physical presence in the state, if the individual intends […]
The taxpayer’s taxable year under this article shall be the same as his taxable year for federal income tax purposes. If a taxpayer’s taxable year is changed for federal income tax purposes, his taxable year for purposes of this article shall be similarly changed. The taxpayer’s method of accounting under this article shall be the […]
A person or organization exempt from federal income taxation under the provisions of the internal revenue code shall also be exempt from the tax imposed by this article 22 in each year in which such person or organization satisfies the requirements of the internal revenue code for exemption from federal income taxation; except that insurance […]
There shall be allowed to each resident individual, as a credit against the income taxes imposed by this article, a plastic recycling credit equal to twenty percent of net expenditures to third parties for rent, wages, supplies, consumable tools, equipment, test inventory, and utilities up to ten thousand dollars made by the taxpayer for new […]
In lieu of the tax imposed by section 39-22-104, there is hereby imposed for each taxable year on the federal taxable income of every individual for Colorado income tax purposes who does not itemize his deductions for the taxable year and whose federal taxable income for Colorado income tax purposes for such taxable year does […]
For income tax years beginning on and after January 1, 1996, but before January 1, 2019, if a resident individual claims a credit for child care expenses on the individual’s federal tax return, the individual shall be allowed a child care expenses credit against the income taxes due on the individual’s income under this article […]
