Colorado Governor Signs Bill Restoring CARES Act Tax Breaks

Jan. 21, 2021, 11:26 PM

Colorado Gov. Jared Polis signed a bill restoring certain federal tax deductions that were disallowed when the state last year decoupled from the federal 2017 tax law and the CARES Act.

The deductions are related to net operating losses, federal excess business loss rules, interest expenses, and qualified improvement property. The measure (H.B. 1002) was approved by the state General Assembly during a three-day session in advance of the full regular 2021 session of the legislature. It took effect upon the Democratic governor’s signature Thursday.

  • The restoration of the deductions over time will reduce General Fund revenues ...

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