Tax tables for individuals

(1) In lieu of the tax imposed by section 39-22-104, there is hereby imposed for each taxable year on the federal taxable income of every individual for Colorado income tax purposes who does not itemize his deductions for the taxable year and whose federal taxable income for Colorado income tax purposes for such taxable year does not exceed the ceiling amount a tax determined under tables applicable to such taxable year, which shall be prescribed by the executive director and which shall be in such form as he deems appropriate. In the tables so prescribed, the amount of the tax shall be computed on the basis of the rate prescribed by section 39-22-104.

(2) For purposes of subsection (1) of this section, ceiling amount means, with respect to any taxpayer, the amount, not less than twenty thousand dollars, determined by the executive director for the tax rate category in which such taxpayer falls.

(3) Repealed.

(4) For purposes of this article, the tax imposed by this section shall be treated as the tax imposed by section 39-22-104.

(5) Whenever it is necessary to determine the federal taxable income of an individual for Colorado income tax purposes to whom this section applies, the federal taxable income for Colorado income tax purposes shall be determined under section 39-22-104.

(6) The executive director may provide that this section shall apply for any taxable year to individuals who itemize their deductions.