Second Regular Session
              Sixty-ninth General Assembly
                    STATE OF COLORADO
                                                 INTRODUCED
                                                           
                                                           
 LLS NO. 14-0485.01 Ed DeCecco x4216     HOUSE BILL 14-1106
                    HOUSE SPONSORSHIP
 Nordberg and Wright,  Szabo, Conti, Dore, Joshi, Landgraf, Lawrence, Scott, Sonnenberg
 
                   SENATE SPONSORSHIP
 (None),
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 House Committees
 Senate Committees
 
 
 State, Veterans, & Military Affairs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                         A BILL FOR AN ACT
       Concerning a state income tax deduction for a taxpayer who
            pays a penalty for failing to maintain minimum
            essential coverage required by the federal "Patient
            Protection and Affordable Care Act".
       
       
                           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 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 amount is multiplied by the state's 4.63% income tax rate.
            The bill allows a taxpayer who pays a penalty for failing to
       maintain minimum essential coverage under section 5000A of the internal
       revenue code, which was enacted by the federal "Patient Protection and
       Affordable Care Act", to claim a state income tax deduction for an
       amount equal to the penalty.
       
       
       
       Be it enacted by the General Assembly of the State of Colorado:
            SECTION 1.  Legislative declaration. The general assembly
       hereby finds and declares that the purpose of the tax deduction created in
       this act is to lessen the impact of an unfair federal law that requires an
       individual to pay a penalty for failing to have health insurance.
            SECTION 2.  In Colorado Revised Statutes, 39-22-104, add (4)
       (t) as follows:
            39-22-104.  Income tax imposed on individuals, estates, and
       trusts - single rate - definitions - repeal. (4)  There shall be subtracted
       from federal taxable income:
            (t)  For income tax years commencing on or after January
       1, 2015, an amount equal to any penalty that a taxpayer pays
       pursuant to section 5000A of the internal revenue code, or a
       successor section, for a month during the taxable year.
            SECTION 3.  Act subject to petition - effective date. This act
       takes 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
       6, 2014, if adjournment sine die is on May 7, 2014); 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 will not take effect
       unless approved by the people at the general election to be held in
       November 2014 and, in such case, will take effect on the date of the
       official declaration of the vote thereon by the governor.