Colorado Considers Legislation to Tax Phantom Income

Under HB26-1221, Colorado would make two changes that raise additional revenue by taxing income that doesn’t actually exist. The proposed changes to the state’s alternative minimum tax and net operating loss provisions are designed to overstate income, leading to double taxation and distorting taxpayer behavior.

This article is sourced from Jared Walczak. Click below to read the complete article on their official website.