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Colorado: Comments Sought on Draft Proposed Rule on Qualified Business Income Deduction Addback
Request for Public Input – Qualified Business Income Deduction Addback, Colo. Dept. of Rev. (2/24/23); Draft Proposed Reg. section 39-22-104(3)(r), Colo. Dept. of Rev. (2/24/23). The Colorado Department of Revenue (Department) announced that it is seeking input from the public regarding a draft of a new rule intended to clarify the requirement to add back, in the calculation of Colorado taxable income, the amount that an electing pass-through entity owner is allowed to deduct under Internal Revenue Code section 199A. Written comments on the draft proposal will be accepted through April 7, 2023, and the Department explains that it then will determine whether the draft should move forward and, if so, whether further revisions to the rule are necessary. According to the Department, if it moves forward with the proposed rule, additional comments will be accepted following a notice of proposed rulemaking. Please contact us with any questions.
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