Previous Taxed Income Gain Deduction C Corporation

Statutory Revision Committee. Under current law, the income tax deduction for previously taxed income or gain for C corporations allows C corporations, when calculating their Colorado taxable income, to deduct from their federal taxable income any income or gain that was taxed by Colorado prior to 1965, to the extent that such income or gain is included in their current federal taxable income. The bill repeals this income tax deduction.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)