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Tax Foundation · Mar 13, 2026

Colorado Considers Legislation to Tax Phantom Income

Tax Brief summary and classification of the original reporting.

Bottom Line

💡 Colorado Considers Legislation to Tax Phantom Income. Worth reviewing for potential client impact.

Summary

Under HB26-1221, Colorado would make two changes that raise additional revenue by taxing income that doesn’t actually exist. The proposed changes to the state’s alternative minimum tax and net operating loss provisions are designed to overstate income, leading to double taxation and distorting taxpayer behavior.

Classification

Category: fyiPriority: importantReason: Contains 'changes to' - significant update

Applies To

1040

Affected Groups

Individual return preparers

Original Source

We aggregate public tax updates and provide AI-assisted summaries. Please read the original reporting for full details.

Read original article