Colorado Offers Tax Relief to Partnerships and Property Owners

Colorado Gov. Jared Polis signed tax relief legislation expanding a workaround to the federal $10,000 cap on deductions for state and local taxes, and a separate bill granting homeowners $700 million in property tax relief over the next two years.

Polis signed the SALT Parity Act, S.B. 22-124 Monday, making Colorado the only state in the country to permit workarounds retroactive to 2018. The new law modifies a previous statute permitting pass-through businesses such as partnerships and S corporations to pay their state income taxes at the entity level as a workaround to the $10,000 cap in the 2017 ...