Big business taxes, small family credits, and a permanent tax on overtime
By Shaina Cole | Contributing Writer, Rocky Mountain Voice
Rep. Yara Zokaie stood before the House Finance Committee on March 9 and made the case for HB26-1221, a bill targeting executive pay deductions and corporate loss carry-forwards. "Our families are struggling to juggle their rent, groceries, and utilities," she said. The legislature had a choice. It could "choose to protect tax breaks for millionaire CEO salaries" or "allow for a break for our hard-working Coloradan families."
Zokaie also co-signed HB26-1289. The reengrossed text of that bill, passed by the House on May 4, contains a provision requiring Colorado workers to add their federally exempt overtime pay back into state taxable income. Congress created a federal income tax deduction on overtime pay — up to $12,500 ...
