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2021 Colorado Code
Title 39 - Taxation
Article 22 - Income Tax
Part 3 - Corporations
§ 39-22-343. Election
Universal Citation: CO Code § 39-22-343 (2021)
- Notwithstanding sections 39-22-201, 39-22-302, and 39-22-322, and except as provided in subsection (2) of this section, for income tax years commencing on or after January 1, 2022, an S corporation or partnership may annually elect to be subject to tax at the entity level for the taxable period. The S corporation or partnership shall make the election on the return filed by such S corporation or partnership under section 39-22-601. The filing of such return is binding on all electing pass-through entity owners.
- The election allowed under subsection (1) of this section is only allowed in an income tax year where there is a limitation on the deductions allowed to individuals under section 164 of the internal revenue code.
History. Source: L. 2021: Entire subpart added, (HB 21-1327), ch. 300, p. 1802, § 1, effective June 23.
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