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Legislative Year: 2024 Change
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Bill Detail: HB24-1134

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Title Adjustments to Tax Expenditures to Reduce Burden
Status Governor Signed (05/14/2024)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors M. Weissman (D)
M. Rutinel (D)
Senate Sponsors C. Hansen (D)
N. Hinrichsen (D)
House Committee Finance
Senate Committee Finance
Date Introduced 01/29/2024
Summary

Sections 1 and 2 of the bill modify 2 existing state income tax
credits for child care expenses. Under current law, one of the credits can
be claimed by an individual who claims the federal credit allowed for
child and dependent care expenses (federal credit). The other credit can
be claimed under the same parameters as the first credit but by an
individual who does not meet the minimum income threshold to be able
to claim the federal credit. The bill streamlines the 2 state income tax
credits into one credit to be claimed for income tax years commencing on
and after January 1, 2026. The bill also clarifies that the credit is for
expenses related to child care and dependent care, as such expenses are
qualified under the federal credit.
Section 3 increases the amount of the state earned income tax
credit (EITC) that can be claimed by an individual as a percentage of the
individual's federal earned income tax credit (federal credit) amount for
all income tax years commencing on or after January 1, 2024, from
current levels of 38% for income tax years commencing in 2024, 25% for
income tax years commencing in 2025, and 20% for income tax years
commencing in 2026 or any later year to 50%.
Sections 4 and 5 make the state's corporate income tax more
uniform compared to other states by replacing the current combined
reporting standard with the multistate tax commission's standard. In
addition, these sections modify the computation of receipts factor to make
it more congruent with the unitary business principle. Section 4 also
repeals obsolete provisions concerning corporate income tax.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (05/02/2024) (most recent)  
Additional Bill Documents Bill Documents
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