Last year, Independence Institute’s fiscal policy center published a 67-page report detailing every change made to state tax expenditures over Gov. Polis’s first term in office. This year, the legislature has proposed around two dozen new bills to further expand tax expenditures by over $600 million dollars in FY2024-25 alone, with more in future years.
Put simply, tax expenditures are provisions in the tax code that reduce overall state revenue by allowing special tax benefits for certain qualified tax taxpayers. These benefits might include credits, deductions, or exemptions to tax.
Today, Independence Institute released a short video explaining how in the 2023 legislative session the legislature is proposing over $600 million in new tax expenditures (FY2024-25) – and more in future years – and how they will use taxpayer refunds mandated under Colorado’s Taxpayer’s Bill of Rights to pay for those tax benefits for politically favored special interests.
You can watch the video here:
The fiscal policy center has also published several op-eds on the topic:
- Bishop: Legislature paying off special interests with taxpayer refund dollars – Complete Colorado
- Murrey: Polis taketh away tax credits — and giveth to others – Colorado Politics
- Petrie: House Bill 1312 money grab not what Polis promised – Complete Colorado
- Murrey: To keep campaign promise, Polis must veto House Bill 1311 – Complete Colorado
Ben Murrey, director of our fiscal policy center, also took several interviews to discuss the issue:
- Leland Conway Show – 630 KHOW Denver
- Mandy Connell Show – KOA 850 AM Denver
- Dan Caplis Show – 630 KHOW Denver
- Ross Kaminsky Show – KOA 850 AM Denver
- Jimmy Lakey Show – 600 KCOL
- Kim Monson Show – KLZ 650 AM Denver
- Jeff Crank Podcast