Sponsors: Karen McCormick

Concerning income tax, and, in connection therewith, requiring additions to Colorado taxable income in amounts related to limiting certain federal itemized deductions, extending the limit on the federal deduction allowed under section 199A of the internal revenue code, limiting the deduction for contributions made to 529 plans, disallowing an enhanced federal deduction for food and beverage expenses at restaurants, and limiting the capital gains subtraction; allowing a subtraction from Colorado taxable income in amounts related to repealing the cap on the deduction for certain social security income; reducing state income tax revenue by increasing the earned income tax credit, funding the child tax credit, and allowing a temporary income tax credit for a business equal to a percentage of the conversion costs to convert the business to a worker-owned coop, an employee stock ownership plan, or an employee ownership trust; increasing state income tax revenue by modifying the computation of the corporate income tax receipts factor to make it more congruent with combined reporting; preventing corporations from using tax shelters in foreign jurisdictions for the purpose of tax avoidance; clarifying that certain captive insurance companies are not exempt from income tax; and making an appropriation.