Colo. Code Regs. 39-22-104(2)-1

Current through Register Vol. 47, No. 23, December 10, 2024

Rule 39-22-104(2)-1 - Modification to Federal Taxable Income for FAMLI Benefits

Basis and Purpose. The bases for this rule are sections 39-21-112(1), 39-22-104, 8-13.3-504, and 8-13.3-517(2), C.R.S. The purpose of this rule is to clarify that the exemption from state income tax for family and medical leave insurance benefits is applied as a subtraction from federal taxable income.

(1)General Rule. To the extent included in federal taxable income, the amount of any FAMLI benefits received during the taxable year may be subtracted from federal taxable income.

(2)Definition. For purposes of this rule, "FAMLI benefits" means the benefits provided pursuant to part 5 of article 13.3 of title 8, C.R.S., including benefits received from a private plan approved under section 8-13.3-521, C.R.S.

(3)Applicability. This rule applies to taxable years beginning on and after January 1, 2024.

39-22-104(2)-1

47 CR 07, April 10, 2024, effective 4/30/2024