What Colorado’s New Tax Laws Could Mean For You And Your Business

What Colorado’s New Tax Laws Could Mean For You And Your Business

We want to bring to your attention a new legislation that directly impacts your Colorado charitable deductions.

Colorado lawmakers finished a significant rewrite of the state’s tax code on Wednesday when Gov. Jared Polis signed two new laws.
 

“We’re delivering tax relief for the people of Colorado,” Polis said, calling it one of the most exciting days of his term as governor. “ … This goes a long way toward leveling that playing field, to make sure that there’s less special breaks and that we all pay a lower rate.”

In the big picture, the laws will allow the state to collect roughly $415 million annually in new tax revenue from certain businesses and individuals. More than half of that money — about $230 million — will then be used to fund tax credits that are aimed to benefit small businesses and people with lower incomes.

It adds up to one of the biggest tax changes in more than a decade for Colorado, but none of the laws required voter approval because they don’t change the actual tax rates.

The laws, sponsored mostly by Democrats, will affect several different groups of people and businesses.

Read the full article at CPR News | June 23, 2021