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HB 1346 - Amends Taxation on Certain Corporate Income - Colorado Key Vote

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Title: Amends Taxation on Certain Corporate Income

Vote Smart's Synopsis:

Vote to pass a bill that submits a question to the voters that authorizes the taxation of corporate income located in foreign tax havens.

Highlights:

  • Requires the Secretary of State to submit a ballot question in the statewide election on November 3, 2015 asking voters to increase state taxes by $150 million in the first full fiscal year and by such amounts raised annually from the taxation of an “includable C corporation’s” income located in a foreign “tax haven” (Sec. 3).
  • Defines an “includable C corporation” as any C corporation that has more than 20 percent of its property and payroll within the 50 United States and the District of Columbia, or that is incorporated within a “tax haven” (Sec. 2).
  • Defines “tax haven” as a country with minimal or no taxes, including, but not limited to, the following countries (Sec. 2):
    • Bermuda;
    • Cayman Islands;
    • Liberia;
    • Luxembourg; and
    • Malta.
  • Specifies that an includable C corporation’s taxable income includes income located in or moved to a foreign tax haven (Secs. 2 & 4).
  • Appropriates an additional $150 million for elementary and secondary public school education during the first full fiscal year after voter approval, and annually thereafter (Sec. 3).
  • Appropriates all additional revenue over $150 million obtained after the first full fiscal year through the taxation of a corporation's income located in a foreign tax haven to elementary and secondary public school education (Secs. 3 & 4).

 

Title: Amends Taxation on Certain Corporate Income

NOTE: THIS BILL IS A REFERENDUM, AND REQUIRES APPROVAL BY THE VOTERS IN THE NEXT ELECTION.

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