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Senate extends state treatment of federal QBI deduction after TABOR fight
Summary
After contested floor debate and a failed referendum amendment, the Senate adopted House Bill 1001 to maintain Coloradopolicy that limits state conformity with the federal Qualified Business Income (QBI) deduction, averting a large automatic revenue cut tied to federal HR1.
On Aug. 24 the Colorado Senate adopted House Bill 1001 to continue existing state treatment of the federal Qualified Business Income (QBI) deduction after federal legislation (HR1) extended and modified that deduction.
Sponsor Senator Hendrickson said the bill does not change state policy but removes a sunset date so the states existing approach to QBI conformity continues rather than allowing a large,…
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