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House committee backs keeping state add-back to federal qualified-business-income deduction
Summary
The House Appropriations Committee voted 7-3 to send a bill to the Committee of the Whole that would permanently remove the expiration date on Colorado
Representative Sirota, the bill sponsor, told the House Appropriations Committee she brought House Bill 25B-1001 to extend a Colorado add-back to the federal qualified business income (QBI) deduction for high-earners. The bill would remove the current statutory expiration of Jan. 1, 2026, for a state-level add-back that requires certain taxpayers to add back part of the federal QBI deduction to Colorado taxable income.
Why it mattered: witnesses from fiscal and local government groups told the committee the add-back protects state revenue that would otherwise shrink because of recent federal tax changes. Caroline Nutter, policy manager at the Colorado Fiscal Institute, testified the federal deduction…
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