Second Regular Session
             Sixty-seventh General Assembly
                    STATE OF COLORADO
                                                 INTRODUCED
                                                           
                                                           
 LLS NO. 10-0744.01 Bob Lackner          HOUSE BILL 10-1198
                    HOUSE SPONSORSHIP
 Ferrandino, 
 
                   SENATE SPONSORSHIP
 Heath, 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 House Committees
 Senate Committees
 
 
 Appropriations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                         A BILL FOR AN ACT
       Concerning the suspension of the credit against the state
            income tax of a portion of the credit allowed under
            the federal internal revenue code for payment of the
            alternative minimum tax.
       
       
                           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://www.leg.state.co.us/billsummaries.)
       
            The bill suspends for taxable years beginning on or after January
       1, 2010, the credit against the state income tax for an amount equal to
       12% of the credit allowed for payment of minimum tax liability under the
       federal internal revenue code.
       
       
       
       Be it enacted by the General Assembly of the State of Colorado:
            SECTION 1.  39-22-105 (1.5) and (3) (b), Colorado Revised
       Statutes, are amended to read:
            39-22-105.  Alternative minimum tax.  (1.5)  With respect to
       each taxable year commencing on or after January 1, 2000, but prior to
       January 1, 2010, 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:
            (a)  Three and forty-seven one-hundredths percent of the Colorado
       alternative minimum taxable income, as determined pursuant to
       subsection (2) of this section; over
            (b)  The tax imposed in section 39-22-104.
            (3) (b)  For taxable years beginning on or after January 1, 2000,
       but prior to January 1, 2010, each individual, estate, and trust shall be
       allowed a credit against the tax imposed by this part 1 in an amount equal
       to twelve percent of the credit allowed for the same tax year by section 53
       of the internal revenue code.
            SECTION 2.  Safety clause.  The general assembly hereby finds,
       determines, and declares that this act is necessary for the immediate
       preservation of the public peace, health, and safety.