Colorado § 39-22-329 Tax credits

Colorado Statutes

§ 39-22-329 — Tax credits

Colorado·Title 39 Taxation·Art. Income Tax

(1)For the purposes of section 39-22-108, each resident shareholder shall be considered to have paid a tax imposed on each resident shareholder in an amount equal to each resident shareholder's pro rata share of any net income tax paid by the S corporation to a state which does not measure the income of shareholders of an S corporation by reference to the income of the S corporation. For the purposes of this section, the term net income tax means any tax imposed on, or measured by, an S corporation's net income.

(2)Each shareholder of an S corporation shall be allowed a credit against the tax imposed by section 39-22-104 in an amount equal to each shareholder's pro rata share of the tax credits described in sections 39-30-103.5 to 39-30-105.6 earned by the S corporation.

Free access — add to your briefcase to read the full text and ask questions with AI

(1) For the purposes of section 39-22-108, each
resident shareholder shall be considered to have paid a tax imposed on each
resident shareholder in an amount equal to each resident shareholder's pro rata
share of any net income tax paid by the S corporation to a state which does not
measure the income of shareholders of an S corporation by reference to the income
of the S corporation. For the purposes of this section, the term net income tax
means any tax imposed on, or measured by, an S corporation's net income.

(2) Each shareholder of an S corporation shall be allowed a credit against
the tax imposed by section 39-22-104 in an amount equal to each shareholder's pro
rata share of the tax credits described in sections 39-30-103.5 to 39-30-105.6
earned by the S corporation.

Colorado § 39-22-329 (Tax credits) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.