HOUSE
       Amended 3rd Reading
       May 6, 2011             HOUSE
       Amended 2nd Reading
                        May 5, 2011First Regular Session
              Sixty-eighth General Assembly
                    STATE OF COLORADO
                                                REENGROSSED
                       This Version Includes All Amendments
                       Adopted in the House of Introduction
 LLS NO. 11-0951.01 Ed DeCecco           HOUSE BILL 11-1299
                    HOUSE SPONSORSHIP
 Barker, Gardner B., Brown, DelGrosso, Holbert, Joshi, Sonnenberg, Waller
 
                   SENATE SPONSORSHIP
 King K., 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 House Committees
 Senate Committees
 
 
 Finance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                         A BILL FOR AN ACT
       Concerning the repeal of the Colorado estate 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.)
       
            Currently, the Colorado estate tax is equal to the amount of the
       federal credit that is imposed on the transfer of the gross estate of every
       domiciliary.  For all decedents dying after December 31, 2004, there has
       been no allowable federal credit, and accordingly, there has been no
       Colorado estate tax.
            Section 1 of the bill repeals the "Colorado Estate Tax Law" and
       the "Uniform Act on Interstate Compromise and Arbitration of
       Inheritance Taxes".  The uniform act relates to the collection of estate
       taxes when the department of revenue claims that a decedent was
       domiciled in Colorado and another state claims that the decedent was
       domiciled in that state. Sections 2 through 7 make conforming
       amendments related to the repeal of these laws.
       
       
       
       Be it enacted by the General Assembly of the State of Colorado:
            SECTION 1.  Article 23.5 of title 39, Colorado Revised Statutes,
       is amended BY THE ADDITION OF A NEW SECTION to read:
            39-23.5-116.5.  Estate tax prohibited.  At no time shall the
       state impose an estate tax directly on an estate in excess of the
       federal credit, nor shall the state impose an estate tax that is
       calculated separately from any federal estate tax.
                                             
            SECTION 2.  Act subject to petition - effective date.  This act
       shall take effect at 12:01 a.m. on the day following the expiration of the
       ninety-day period after final adjournment of the general assembly (August
       10, 2011, if adjournment sine die is on May 11, 2011); except that, if a
       referendum petition is filed pursuant to section 1 (3) of article V of the
       state constitution against this act or an item, section, or part of this act
       within such period, then the act, item, section, or part shall not take effect
       unless approved by the people at the general election to be held in
       November 2012 and shall take effect on the date of the official
       declaration of the vote thereon by the governor.