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Legislative Year: 2023 Change

Bill Detail: SB23-106

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Title Income Tax Deduction For Military Retirement Benefits
Status Senate Committee on State, Veterans, & Military Affairs Postpone Indefinitely (02/09/2023)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors M. Bradfield (R)
Senate Sponsors R. Gardner (R)
House Committee
Senate Committee State, Veterans and Military Affairs
Date Introduced 01/31/2023

The starting point for determining state income tax liability is
federal taxable income. This number is adjusted for additions and
subtractions (deductions) that are used to determine Colorado taxable
income, which is then multiplied by the state's income tax rate.
For income tax years commencing before January 1, 2024, current
law allows individuals younger than 55 years of age to deduct from
federal taxable income certain amounts received from military retirement
benefits. For income tax years commencing on or after January 1, 2022,
but before January 1, 2024, current law caps the deduction at $15,000.
The bill extends the deduction indefinitely and, beginning in the income
tax year commencing on January 1, 2024, requires that the $15,000 cap
be annually adjusted for inflation.

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with Amendments
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