Taxes
Taxes
Posted on Jun 9, 2015
New law removes state income tax for Coloradans in military
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This is great news for Colorado Service members. My whole career while I was in my home state had this exemption also. It made a big difference as an E-4 with a family and later on it was always nice to not have to file state taxes every year. Share with you Soldiers, Sailors, Marines and Airmen
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Note: Full article added by RP Staff.
DENVER - One bill Gov. John Hickenlooper signed into law this year is intended to be a homecoming of sorts for Colorado's active-duty military.
Active-duty military members are provided with a list of the 30 states that either don't have income tax or exempt military members from paying it and asked where they'd like to declare their residency.
"There isn't a whole lot of head scratching going on," said Rep. Jon Keyser, R-Morrison.
Colorado residents who join the military are picking Texas or Florida as their states of residence to save thousands of dollars in income tax. Even those stationed at Fort Carson who are longtime Colorado natives have declared residency in other states. Just look at all of the out-of-state license plates on base, he said.
House Bill 1181, called the "Honoring Our Military Exemption" or the HOME bill, allows servicemembers who have their official "home of record" as Colorado to maintain Colorado residency without having to pay state income tax.
"This bill doesn't cost the taxpayers anything," Keyser said, noting that it's unlikely active-duty members are paying Colorado income tax .
And, he said it could increase revenue by having those who reclaim Colorado residency register their cars in state.
Keyser, a graduate of the Air Force Academy and a major in the Air Force Reserves, said the challenge now that the bill has become law is making sure Colorado's recruits know when they are provided with a choice of which state to call home that they won't have to pay income taxes if they pick the Centennial State.
The bill passed 56-9 in the House and 27-8 in the Senate.
Keyser said the goal is to someday have the exemption apply to any active-duty military members who want to call Colorado home, but for now it is limited to those who have established residency in the state when they enlist.
http://gazette.com/new-law-removes-state-income-tax-for-coloradans-in-military/article/1553361
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Note: Full article added by RP Staff.
DENVER - One bill Gov. John Hickenlooper signed into law this year is intended to be a homecoming of sorts for Colorado's active-duty military.
Active-duty military members are provided with a list of the 30 states that either don't have income tax or exempt military members from paying it and asked where they'd like to declare their residency.
"There isn't a whole lot of head scratching going on," said Rep. Jon Keyser, R-Morrison.
Colorado residents who join the military are picking Texas or Florida as their states of residence to save thousands of dollars in income tax. Even those stationed at Fort Carson who are longtime Colorado natives have declared residency in other states. Just look at all of the out-of-state license plates on base, he said.
House Bill 1181, called the "Honoring Our Military Exemption" or the HOME bill, allows servicemembers who have their official "home of record" as Colorado to maintain Colorado residency without having to pay state income tax.
"This bill doesn't cost the taxpayers anything," Keyser said, noting that it's unlikely active-duty members are paying Colorado income tax .
And, he said it could increase revenue by having those who reclaim Colorado residency register their cars in state.
Keyser, a graduate of the Air Force Academy and a major in the Air Force Reserves, said the challenge now that the bill has become law is making sure Colorado's recruits know when they are provided with a choice of which state to call home that they won't have to pay income taxes if they pick the Centennial State.
The bill passed 56-9 in the House and 27-8 in the Senate.
Keyser said the goal is to someday have the exemption apply to any active-duty military members who want to call Colorado home, but for now it is limited to those who have established residency in the state when they enlist.
http://gazette.com/new-law-removes-state-income-tax-for-coloradans-in-military/article/1553361
Taxes
Colorado Springs
Benefits
Denver
Posted 9 y ago
Responses: 8
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I am curious of what is really in it for Colorado. They say car registrations but I know tons of folks that register cars in states they don't have residency in. I am one of them I have in fact never registered a car in the state of my residence (Florida). It has always been the state I purchased the car as a matter of convenience (PA, NJ, OH, LA).
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CSM Michael Lynch
I don't know how they will do the tags. Vermont it didn't matter where my car was registered I didn't have to pay or file state taxes at all. I could register my car where ever I was stationed dnaa most of those states had an expemption because I was military and my state of residence was Vermont. If Colorado wants to gain anything it should be as taking care of their service members while they serve. Maybe the folks will move back there after their service.
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CSM Michael Lynch
SFC Mark Merino Just saw that article a day or too ago. 42 Million in a month on sales. Yeah they are high on life and rolling in the dough. Maybe they'll give their vets bonuses out of that grass cash next. LOL
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SFC Mark Merino
Marketing, brother. Ding Dongs and Twinkies sell outside the dope stores for $19.95...lol
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I know the state congressman and AF Reserve Maj who sponsored (and I think authored) this bill. Props to Jon Keyser. I'll see if I can get him on RP.
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Michigan had this law as well. It was nice only having to file a federal tax return all those years.
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