KKTV 11 News | Colorado Springs, Pueblo |  Breaking News| Weather | School Closings | Traffic

Tax Deductions

By: AP
By: AP

State lawmakers are considering allowing all taxpayers to deduct donations to charities on their income tax forms.

The move would cost the state an estimated $3.3 million in lost tax revenue the first year. But it's expected to bring in an extra $70 million for non-profit groups amid state funding cuts.

Today only people who itemize their deductions get credit for donations above $500. The change would allow the same benefit for about 60 percent of Coloradans who don't itemize.

The House has approved the measure, and the Senate gave initial backing to the proposal Friday.

The deduction would only be granted in years when the state must refund surplus money under the Taxpayers Bill of Rights.


KKTV 520 E. Colorado Colorado Springs, CO 80903 Office: (719) 634-2844 Fax: (719) 632-0808 News Fax: (719) 634-3741
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 1337302 - kktv.com/a?a=1337302