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Second Regular Session
Seventy-fifth General Assembly
STATE OF COLORADO
INTRODUCED
LLS NO. 26-0488.03 Pierce Lively x2059 HOUSE BILL 26-1221
House Committees Senate Committees
Finance
A BILL FOR AN ACT
CONCERNING THE ADJUSTMENT OF CERTAIN TAX EXPENDITURES.101
Bill Summary
(Note: This summary applies to this bill as introduced and does
not reflect any amendments that may be subsequently adopted. If this bill
passes third reading in the house of introduction, a bill summary that
applies to the reengrossed version of this bill will be available at
http://leg.colorado.gov.)
The bill adjusts 3 existing tax expenditures.
! Section 2 of the bill limits the alternative minimum tax
credit to income tax years commencing prior to January 1,
2026;
! Section 4 requires a corporation, for purposes of
determining their state taxable income for state income tax
years commencing on or after January 1, 2027, to add to
their federal taxable income the amount, if any, that the
HOUSE SPONSORSHIP
Zokaie and Sirota,
SENATE SPONSORSHIP
Amabile and Wallace,
Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
Capital letters or bold & italic numbers indicate new material to be added to existing law.
Dashes through the words or numbers indicate deletions from existing law.
taxpayer claimed as a deduction on the taxpayer's federal
tax return pursuant to the employee remuneration deduction
allowed pursuant to section 162 (m) of the internal revenue
code; and
! Section 5 limits the period of time that net operating losses
generated in income tax years commencing on or after
January 1, 2027, can be carried forward from 20 years to 10
years and limits the amount of losses that may be claimed
to 70% rather than 80%.
Section 3 creates a new tax credit. The new tax credit allows
taxpayers to claim a refundable tax credit, in addition to the child tax
credit and the family affordability tax credit, in an amount determined by
the amount and age of the taxpayer's children and the taxpayer's income.
The total amount of the new tax credit is adjusted annually based on
legislative council staff projections, such that the total amount of the new
tax credit claimed in an income tax year is projected to be the same as the
amount of revenue raised in sections 2, 4, and 5.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. Legislative declaration. (1) The general assembly2
finds and declares that:3
(a) The general assembly has an ongoing responsibility to review,4
evaluate, and update the state tax code within constitutional limitations5
to ensure that the state tax code is effective, equitable, and aligned with6
Colorado's priorities;7
(b) (I) (A) The Colorado executive compensation income tax8
deduction has changed frequently in recent years due to changes in the9
federal tax code;10
(B) A taxpayer can claim the executive compensation income tax11
deduction regardless of whether the executives earning that compensation12
reside or work in Colorado; and13
(C) To ensure that the state tax code is effective, equitable, and14
aligned with Colorado's priorities, and insulated from changes in the15
federal tax code, the executive compensation income tax deduction16
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should be limite d to only an income tax deduction for a set amount of1
executive compensation.2
(II) (A) The Colorado net operating loss income tax deduction,3
like the Colorado executive compensation income tax deduction, has4
changed frequently in recent years due to changes in the federal tax code;5
(B) C corporations that have the majority of their activities and6
investment outside of Colorado may claim the Colorado net operating7
loss income tax deduction; and8
(C) To ensure that the state tax code is effective, equitable, and9
aligned with Colorado's priorities, and insulated from changes in the10
federal tax code, the net operating loss income tax deduction should be11
limited.12
(III) (A) The wealthiest Colorado individual taxpayers have13
received significant tax benefits as a result of recent federal law that14
modified the computation of federal taxable income;15
(B) One of these benefits was a more generous alternative16
minimum tax credit;17
(C) To ensure that the state tax code is effective, equitable, and18
aligned with Colorado's priorities, the alternative minimum tax credit19
should be repealed.20
(c) (I) Colorado state income tax is determined based on the21
amount of a person's federal taxable income;22
(II) Recent federal law modified the computation of federal23
taxable income and so impacted Colorado state income tax revenue;24
(III) The net impact of the recent federal modification to the25
computation of federal taxable income was a reduction in state income26
tax revenue;27
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(IV) The amount and availability of the family affordability tax1
credit is determined in part by the amount of state income tax revenue;2
(V) Therefore, by modifying the computation of federal taxable3
income, federal law impacted the amount and availability of the family4
affordability tax credit; and5
(VI) At least in part due to the enactment of recent federal law, the6
family affordability tax credit will not be available for the 2026 state7
income tax year and will be available in a reduced amount for income tax8
years 2027 and 2028;9
(d) (I) In establishing the family affordability tax credit, the10
general assembly found and declared that:11
(A) Colorado families struggle to afford many necessary goods12
and services, such as child care, housing, and health care. Eighty-three13
percent of Colorado parents worry that their children won't be able to14
afford to live in the state in the future;15
(B) Targeted tax credits are a proven tool to lift families out of16
poverty. Research has shown that families that claim these types of tax17
credits, such as the state and federal child tax credit and the state and18
federal earned income tax credit, have better health, improved schooling19
outcomes, and increased adult earning potential. As the cost of raising20
children has increased, a family affordability tax credit is critical for the21
well-being of many children and families across Colorado.22
(C) According to the Institute on Taxation and Economic Policy,23
"[t]o cut child poverty rates by half, the majority of states would require24
a base credit value of between three thousand dollars and four thousand25
five hundred dollars per child plus a twenty percent boost for young26
children." When coupled with the state and federal earned income tax27
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credit and the state and federal child tax credit, the additional investment1
provided by the family affordability tax credit would establish Colorado2
as a national leader in equitable economic policy.3
(D) Colorado is dealing with rising costs and funding shortfalls in4
many areas across our state, and it is necessary to provide tax credits to5
the people who need it most in a way that will do the most good.6
Establishing the family affordability tax credit is a proven way to do that;7
and8
(E) By prioritizing the state's lowest-income families, expanding9
the child age eligibility, and including more families, the state can provide10
research-backed investments for families. Through thoughtful and11
strategic investment, Colorado can cut child poverty nearly in half.12
(II) Therefore, it is a priority of Colorado to provide a tax credit13
that targets the same taxpayers that the family affordability tax credit14
targeted, to offset the reduction in the family affordability tax credit.15
(e) (I) This House Bill 26- constitutes a single comprehensive16
tax policy change that better aligns the state tax code with Colorado's17
decision to prioritize low- and middle-income families with children by,18
at least partially, mitigating the effect of recent federal law on the family19
affordability tax credit by creating a tax credit that targets the same20
population targeted by the family affordability tax credit while also21
mitigating the reduction to wealthy taxpayers and corporations' tax22
burdens as a result of recent federal law;23
(II) The income tax credit created in this House Bill 26- 24
reduces state tax revenue in an amount equal to or greater than the25
amount of state revenue gain attributable to the changes made in this26
House Bill 26- ;27
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(III) Any net district revenue gain resulting from the tax policy1
change in this House Bill 26- is incidental and de minimis; and2
(IV) Therefore, consistent with the Colorado Supreme Court's3
holding in TABOR Found. v. Reg'l Transp. Dist., 2018 CO 29, that a tax4
policy change that causes either no net district tax revenue gain or a net5
district tax revenue gain that is only incidental and de minimis does not6
require voter approval under section 20 (4)(a) of article X of the state7
constitution, this House Bill 26- is not a tax policy change that8
requires voter approval.9
SECTION 2. In Colorado Revised Statutes, 39-22-105, amend10
(3)(b) and (4); and add (3)(c) as follows:11
39-22-105. Alternative minimum tax - repeal.12
(3) (b) For taxable years beginning on or after January 1, 2000,13
BUT BEFORE JANUARY 1, 2026, each individual, estate, and trust shall be14
allowed a credit against the tax imposed by this part 1 in an amount equal15
to twelve percent of the credit allowed for the same tax year by section 5316
of the internal revenue code.17
(c) THIS SUBSECTION (3) IS REPEALED, EFFECTIVE DECEMBER 31,18
2031.19
(4) In the case of a nonresident taxpayer, the tax imposed by20
subsections (1) and (1.5) of this section and, FOR STATE INCOME TAX21
YEARS COMMENCING BEFORE JANUARY 1, 2026, the credit allowed by22
subsection (3) of this section shall be apportioned in the ratio of the23
modified federal alternative minimum taxable income from Colorado24
sources over the total modified federal alternative minimum taxable25
income.26
SECTION 3. In Colorado Revised Statutes, add 39-22-131 as27
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follows:1
39-22-131. Family affordability credit - tax preference2
performance statement - legislative declaration - definitions.3
(1) (a) I N ACCORDANCE WITH SECTION 39-21-304 (1), WHICH4
REQUIRES EACH BILL THAT CREATES A NEW TAX EXPENDITURE TO INCLUDE5
A TAX PREFERENCE PERFORMANCE STATEMENT AS PART OF A STATUTORY6
LEGISLATIVE DECLARATION, THE GENERAL ASSEMBLY HEREBY FINDS AND7
DECLARES THAT THE PURPOSES OF THE INCOME TAX CREDIT CREATED IN8
THIS SECTION ARE THE SAME AS THE FAMILY AFFORDABILITY TAX CREDIT:9
TO SUBSTANTIALLY REDUCE CHILD POVERTY , MAKE COLORADO MORE10
AFFORDABLE FOR FAMILIES , AND HELP FAMILIES AFFORD EXPENSES11
ASSOCIATED WITH HAVING CHILDREN BY PROVIDING TAX RELIEF FOR12
CERTAIN INDIVIDUALS.13
(b) T HE GENERAL ASSEMBLY AND THE STATE AUDITOR , IN14
CONSULTATION WITH THE DEPARTMENT , SHALL MEASURE THE15
EFFECTIVENESS OF THE INCOME TAX CREDIT CREATED IN THIS SECTION IN16
COMBINATION WITH THE FAMILY AFFORDABILITY TAX CREDIT AND, IN THE17
SAME MANNER AS THE GENERAL ASSEMBLY AND THE STATE AUDITOR18
MEASURE THE EFFECTIVENESS OF THE FAMILY AFFORDABILITY TAX CREDIT19
BY DETERMINING THE NUMBER OF COLORADO FAMILIES THAT , AFTER20
CLAIMING A CREDIT PURSUANT TO THIS SECTION AND THE FAMILY21
AFFORDABILITY CREDIT, NO LONGER FALL BELOW THE FEDERAL POVERTY22
LEVEL IN THE TAX YEAR IN WHICH THEY CLAIMED THE CREDITS.23
(2) AS USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE24
REQUIRES:25
(a) "CREDIT" MEANS THE CREDIT AGAINST INCOME TAX CREATED26
IN THIS SECTION.27
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(b) "DEPARTMENT" MEANS THE DEPARTMENT OF REVENUE.1
(c) "ELIGIBLE CHILD" MEANS A QUALIFYING CHILD, AS DEFINED IN2
SECTION 152 (c) OF THE "INTERNAL REVENUE CODE OF 1986"; EXCEPT3
THAT THE AGE REQUIREMENTS ARE AS SET FORTH IN SUBSECTIONS4
(3)(a)(I), (3)(a)(II), (3)(b)(I), AND (3)(b)(II) OF THIS SECTION.5
(d) "FEDERAL POVERTY LEVEL" MEANS THE POVERTY LINE THAT6
IS REQUIRED TO BE UPDATED ANNUALLY WITHIN THE FEDERAL POVERTY7
GUIDELINES ADOPTED BY THE UNITED STATES DEPARTMENT OF HEALTH8
AND HUMAN SERVICES PURSUANT TO 42 U.S.C. SEC. 9902 (2).9
(e) "INFLATION" MEANS THE ANNUAL PERCENTAGE CHANGE IN THE10
UNITED STATES DEPARTMENT OF LABOR BUREAU OF LABOR STATISTICS11
CONSUMER PRICE INDEX FOR DENVER-AURORA-LAKEWOOD FOR ALL12
ITEMS PAID BY ALL URBAN CONSUMERS , OR ITS APPLICABLE SUCCESSOR13
INDEX.14
(3) (a) I N ADDITION TO THE CHILD TAX CREDIT ALLOWED BY15
SECTION 39-22-129 AND, FOR INCOME TAX YEARS COMMENCING ON AND16
AFTER JANUARY 1, 2026, BUT BEFORE JANUARY 1, 2034, THE FAMILY17
AFFORDABILITY TAX CREDIT ALLOWED BY SECTION 39-22-130, FOR18
INCOME TAX YEARS COMMENCING ON OR AFTER JANUARY 1, 2026, A19
RESIDENT INDIVIDUAL WHO FILES A SINGLE RETURN IS ALLOWED A CREDIT20
AGAINST THE INCOME TAXES IMPOSED PURSUANT TO THIS ARTICLE 22 FOR:21
(I) E ACH ELIGIBLE CHILD OF THE RESIDENT INDIVIDUAL WHO IS22
FIVE YEARS OLD OR YOUNGER AT THE CLOSE OF THE INCOME TAX YEAR IN23
AN AMOUNT DETERMINED BY STAFF OF THE LEGISLATIVE COUNCIL24
PURSUANT TO SUBSECTION (5)(b) OF THIS SECTION; AND25
(II) EACH ELIGIBLE CHILD OF THE RESIDENT INDIVIDUAL WHO IS SIX26
YEARS OLD OR OLDER BUT LESS T HAN SEVENTEEN YEARS OLD AT THE27
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CLOSE OF THE INCOME TAX YEAR IN AN AMOUNT THAT IS SEVENTY -FIVE1
PERCENT OF THE AMOUNT ALLOWED IN SUBSECTION (3)(a)(I) OF THIS2
SECTION.3
(b) IN ADDITION TO THE CHILD TAX CREDIT ALLOWED BY SECTION4
39-22-129 AND, FOR INCOME TAX YEARS COMMENCING ON AND AFTER5
JANUARY 1, 2026, BUT BEFORE JANUARY 1, 2034, THE FAMILY6
AFFORDABILITY TAX CREDIT ALLOWED BY SECTION 39-22-130, FOR7
INCOME TAX YEARS COMMENCING ON OR AFTER JANUARY 1, 2026, TWO8
RESIDENT INDIVIDUALS WHO FILE A JOINT RETURN ARE ALLOWED A FAMILY9
AFFORDABILITY TAX CREDIT AGAINST THE INCOME TAXES DUE IMPOSED10
PURSUANT TO THIS ARTICLE 22 FOR:11
(I) EACH ELIGIBLE CHILD OF THE RESIDENT INDIVIDUALS WHO IS12
FIVE YEARS OLD OR YOUNGER AT THE CLOSE OF THE INCOME TAX YEAR IN13
AN AMOUNT DETERMINED BY STAFF OF THE LEGISLATIVE COUNCIL14
PURSUANT TO SUBSECTION (5)(b) OF THIS SECTION; AND15
(II) EACH ELIGIBLE CHILD OF THE RESIDENT INDIVIDUALS WHO IS16
SIX YEARS OLD OR OLDER BUT LESS THAN SEVENTEEN YEARS OLD AT THE17
CLOSE OF THE INCOME TAX YEAR IN AN AMOUNT THAT IS SEVENTY -FIVE18
PERCENT OF THE AMOUNT ALLOWED IN SUBSECTION (3)(b)(I) OF THIS19
SECTION.20
(4) (a) NOTWITHSTANDING SUBSECTION (3) OF THIS SECTION, FOR21
INCOME TAX YEARS COMMENCING ON OR AFTER JANUARY 1, 2026, THE22
CREDIT AMOUNTS IN:23
(I) SUBSECTION (3)(a)(I) OF THIS SECTION ARE REDUCED, BUT NOT24
BELOW ZERO , BY AN AMOUNT EQUAL TO SIX AND EIGHT HUNDRED25
SEVENTY-FIVE ONE-THOUSANDTHS PERCENT FOR EACH FIVE THOUSAND26
DOLLARS BY WHICH A RESIDENT INDIVIDUAL'S ADJUSTED GROSS INCOME27
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EXCEEDS FIFTEEN THOUSAND DOLLARS; AND1
(II) SUBSECTION (3)(b)(I) OF THIS SECTION ARE REDUCED, BUT NOT2
BELOW ZERO , BY AN AMOUNT EQUAL TO SIX AND EIGHT HUNDRED3
SEVENTY-FIVE ONE-THOUSANDTHS PERCENT FOR EACH FIVE THOUSAND4
DOLLARS BY WHICH TWO RESIDENT INDIVIDUALS ' ADJUSTED GROSS5
INCOME EXCEEDS TWENTY-FIVE THOUSAND DOLLARS.6
(b) FOR INCOME TAX YEARS COMMENCING ON OR AFTER JANUARY7
1, 2027, THE DEPARTMENT SHALL ADJUST THE FEDERAL ADJUSTED GROSS8
INCOME AMOUNTS SET FORTH IN THIS SUBSECTION (4) TO REFLECT9
INFLATION FOR EACH INCOME TAX YEAR IN WHICH THE CREDIT DESCRIBED10
IN THIS SECTION IS ALLOWED IF CUMULATIVE INFLATION SINCE THE LAST11
ADJUSTMENT, WHEN APPLIED TO THE CURRENT LIMITS , RESULTS IN AN12
INCREASE OF AT LEAST ONE THOUSAND DOLLARS WHEN THE ADJUSTED13
LIMITS ARE ROUNDED TO THE NEAREST ONE THOUSAND DOLLARS.14
(5) B EGINNING WITH THE QUARTERLY DECEMBER REVENUE15
FORECAST THAT LEGISLATIVE COUNCIL STAFF PRESENTS IN DECEMBER OF16
2026, AND FOR EACH QUARTERLY DECEMBER REVENUE FORECAST17
THEREAFTER, AS PART OF THE QUARTERLY DECEMBER REVENUE18
FORECAST, LEGISLATIVE COUNCIL STAFF SHALL DETERMINE:19
(a) FOR THE CURRENT INCOME TAX YEAR , A PROJECTION OF THE20
AMOUNT OF REVENUE GAIN DIRECTLY ATTRIBUTABLE TO THE C HANGES21
MADE IN THIS HOUSE BILL 26- , NOTWITHSTANDING THE TAX CREDIT22
CREATED IN THIS SECTION;23
(b) A DOLLAR AMOUNT OF THE CREDIT AVAILABLE PURSUANT TO24
SUBSECTIONS (3)(a)(I) AND (3)(b)(I) OF THIS SECTION , WHICH DOLLAR25
AMOUNT MUST BE THE SAME FOR BOTH SUBSECTIONS (3)(a)(I) AND26
(3)(b)(I) OF THIS SECTION , SUCH THAT THE STAFF OF THE LEGISLATIVE27
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COUNCIL PROJECTS, FOR THE CURRENT STATE INCOME TAX YEAR , THAT1
THE TOTAL DOLLAR AMOUNT OF CREDITS CLAIMED PURSUANT TO2
SUBSECTION (3) WILL EQUAL THE DOLLAR AMOUNT OF REVENUE GAIN3
THAT STAFF OF THE LEGISLATIVE COUNCIL DETERMINES , PURSUANT TO4
SUBSECTION (5)(a) OF THIS SECTION, IS DIRECTLY ATTRIBUTABLE TO THE5
CHANGES MADE IN THIS HOUSE BILL 26- , NOTWITHSTANDING THE6
TAX CREDIT CREATED IN THIS SECTION.7
(6) N O LATER THAN TWO WEEKS BEFORE THE QUARTERLY8
DECEMBER REVENUE FORECAST THAT LEGISLATIVE COUNCIL STAFF9
PRESENTS IN DECEMBER OF 2027, AND EACH DECEMBER REVENUE10
FORECAST THEREAFTER, THE DEPARTMENT SHALL DELIVER A REPORT TO11
THE STAFF OF THE LEGISLATIVE COUNCIL THAT DESCRIBES THE REVENUE12
GAIN DIRECTLY ATTRIBUTABLE TO THE CHANGES MADE IN THIS HOUSE13
BILL 26- FOR THE PREVIOUS INCOME TAX YEAR, NOTWITHSTANDING14
THE TAX CREDIT CREATED IN THIS SECTION.15
(7) IN THE CASE OF A PART-YEAR RESIDENT, THE CREDIT ALLOWED16
UNDER THIS SECTION IS APPORTIONED IN THE RATIO DETERMINED UNDER17
SECTION 39-22-110 (1).18
(8) T HE CREDIT ALLOWED UNDER THIS SECTION IS NOT19
CONSIDERED TO BE INCOME OR RESOURCES FOR THE PURPOSE OF20
DETERMINING ELIGIBILITY FOR THE PAYMENT OF PUBLIC ASSISTANCE21
BENEFITS AND MEDICAL ASSISTANCE BENEFITS AUTHORIZED UNDER STATE22
LAW OR FOR A PAYMENT MADE UNDER ANY OTHER PUBLICLY F UNDED23
PROGRAM.24
(9) THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SECTION25
THAT EXCEEDS THE RESIDENT INDIVIDUAL 'S INCOME TAXES DUE IS26
REFUNDED TO THE INDIVIDUAL.27
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(10) T HE DEPARTMENT IS AUTHORIZED AND ENCOURAGED TO1
DEVELOP A MEANS OF REFUNDING THE CREDITS ALLOWED BY THIS SECTION2
TO RESIDENT INDIVIDUALS WHO QUALIFY FOR THE CREDITS IN TWELVE3
EQUAL MONTHLY REFUNDS RATHER THAN ANNUALLY.4
(11) NOTWITHSTANDING SECTION 39-21-304 (4), THE CREDIT DOES5
NOT REPEAL AFTER A SPECIFIED PERIOD OF TAX YEARS.6
SECTION 4. In Colorado Revised Statutes, 39-22-304, add7
(2)(m) as follows:8
39-22-304. Net income of corporation - legislative declaration9
- definitions - repeal.10
(2) There shall be added to federal taxable income:11
(m) FOR STATE INCOME TAX YEARS COMMENCING ON OR AFTER12
JANUARY 1, 2027, THE AMOUNT, IF ANY, THAT THE TAXPAYER CLAIMED AS13
A DEDUCTION ON THE TAXPAYER 'S FEDERAL TAX RETURN PURSUANT TO14
THE EMPLOYEE REMUNERATION DEDUCTION ALLOWED PURSUANT TO15
SECTION 162 (m) OF THE INTERNAL REVENUE CODE.16
SECTION 5. In Colorado Revised Statutes, 39-22-504, amend17
(1)(b) and (3)(b); and add (1)(c) and (3)(c) as follows:18
39-22-504. Net operating losses.19
(1) (b) For losses incurred after December 31, 2017, AND ON OR20
BEFORE DECEMBER 31, 2026, the eighty percent limitation set forth in21
section 172 (a)(2) of the internal revenue code shall apply without regard22
to the amendments made in section 2303 of the March 2020 "Coronavirus23
Aid, Relief, and Economic Security Act", Pub.L. 116-136.24
(c) FOR LOSSES INCURRED AFTER DECEMBER 31, 2026, THE EIGHTY25
PERCENT LIMITATION SET FORTH IN SECTION 172 (a)(2) OF THE INTERNAL26
REVENUE CODE SHALL BE APPLIED AS A SEVENTY PERCENT LIMITATION27
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BUT SHALL OTHERWISE APPLY WITHOUT REGARD TO THE AMENDMENTS1
MADE IN SECTION 2303 OF THE MARCH 2020 "CORONAVIRUS AID, RELIEF,2
AND ECONOMIC SECURITY ACT", PUB.L. 116-136.3
(3) (b) Net operating losses of corporations generated in income4
tax years commencing on or after January 1, 2021, AND BEFORE JANUARY5
1, 2027, may be carried forward for twenty years. Net operating losses of6
corporations may not be carried back to an earlier tax year.7
(c) N ET OPERATING LOSSES OF CORPORATIONS GENERATED IN8
INCOME TAX YEARS COMMENCING ON OR AFTER JANUARY 1, 2027, MAY BE9
CARRIED FORWARD FOR TEN YEARS . NET OPERATING LOSSES OF10
CORPORATIONS MAY NOT BE CARRIED BACK TO AN EARLIER TAX YEAR.11
SECTION 6. Act subject to petition - effective date. This act12
takes effect at 12:01 a.m. on the day following the expiration of the13
ninety-day period after final adjournment of the general assembly (August14
12, 2026, if adjournment sine die is on May 13, 2026); except that, if a15
referendum petition is filed pursuant to section 1 (3) of article V of the16
state constitution against this act or an item, section, or part of this act17
within such period, then the act, item, section, or part will not take effect18
unless approved by the people at the general election to be held in19
November 2026 and, in such case, will take effect on the date of the20
official declaration of the vote thereon by the governor.21
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