9D81C9946E66A59E87258281006320EF Hearing Summary

Representative Lawrence, bill sponsor, presented Senate Bill 18-061.  For tax year 2018 and all subsequent years, the bill reduces the state income tax rate from 4.63 percent to 4.43 percent.  The bill also reduces the alternative minimum tax rate from 3.47 percent to 3.27 percent and reduces the percentage of the federal alternative minimum tax credit allowed to Colorado alternative minimum taxpayers from 12.0 percent to 11.8 percent.  Additionally, the income tax rate used in years when the income tax rate reduction TABOR refund mechanism is triggered is reduced from 4.50 percent to 4.305615346 percent.

Represenative Lawrence made concluding remarks regarding the bill.  Committee members commented on the bill.