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Senate extends existing state rule on federal QBI deduction to prevent automatic tax cut for top earners
Summary
The Colorado Senate voted to keep the state—s existing tax treatment of the federal Qualified Business Income deduction beyond 2025, preserving add-back rules that limit the deduction for high-income filers.
The Colorado Senate on Aug. 24 adopted House Bill 1001 to maintain the state—s current treatment of the federal Qualified Business Income (QBI) deduction after federal law removed an expiration date. The measure removes the statutory reference to the federal deadline so Colorado—s existing add-back rules remain in place.
Supporters said the bill continues Colorado—s long-standing policy of applying a single approach to business income taxation and…
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