Colorado Charitable Contribution Income Tax Deduction

Current law specifies that any individual who claims the basic standard deduction on their federal income tax return, and is therefore unable to claim a federal itemized deduction for charitable contributions, may take a deduction on their Colorado income tax return for the portion of the charitable contributions that exceed $500 that the individual makes during the tax year. The bill specifies, by removing the $500 calculation threshold, that for income tax years commencing on or after January 1, 2019, an individual who claims the basic standard deduction on their federal income tax return may take a deduction on their Colorado income tax return for all of the charitable contributions that they make during the tax year.(Note: This summary applies to this bill as introduced.) , Read More