Second Regular Session
               Seventieth General Assembly
                    STATE OF COLORADO
                                                 INTRODUCED
                                                           
                                                           
 LLS NO. 16-0340.01 Ed DeCecco x4216     HOUSE BILL 16-1045
                    HOUSE SPONSORSHIP
 Singer, Pettersen
 
                   SENATE SPONSORSHIP
 Merrifield and Kefalas, 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 House Committees
 Senate Committees
 
 
 Finance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                         A BILL FOR AN ACT
       Concerning the start of the child tax credit.
       
       
                           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.)
       
            Early Childhood and School Readiness Legislative
       Commission. In 2013, the general assembly created a child tax credit
       against state income taxes for a resident individual. But the credit, which
       is a percentage of the federal child tax credit based on the taxpayer's
       income, is only allowed after the United States congress enacts a version
       of the "Marketplace Fairness Act".
            The bill repeals the contingent start of the tax credit and instead
       allows the credit to be claimed for any income tax year beginning with the
       2016 income tax year.
       
       
       
       Be it enacted by the General Assembly of the State of Colorado:
            SECTION 1.  In Colorado Revised Statutes, 39-22-129, amend
       (3) (a); and repeal (4) as follows:
            39-22-129.  Child tax credit - legislative declaration -
       definitions. (3) (a)  For an income tax year specified in subsection (4) of
       this section years commencing on or after January 1, 2016, a
       resident individual who claims a federal child tax credit for an eligible
       child on the individual's federal tax return is allowed a child tax credit
       against the income taxes due under this article for the same tax year.
            (4)  No credit is allowed under this section until the United States
       congress has enacted the "Marketplace Fairness Act of 2013", or any
       other act with substantially similar requirements, and the general
       assembly has enacted a law to implement the minimum simplification
       requirements in the congressional act. The credit allowed under this
       section may be claimed for any income tax year beginning with the
       income tax year during which the last prerequisite bill under this
       subsection (4) becomes law; except that, if the last bill becomes law after
       October 1 of a given year, the credit is first available in the next income
       tax year, and in no case may the credit be claimed prior to the 2014
       income tax year.
            SECTION 2.  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
       10, 2016, if adjournment sine die is on May 11, 2016); 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 2016 and, in such case, will take effect on the date of the
       official declaration of the vote thereon by the governor.