C.R.S. Section 39-21-304
Tax expenditure

  • tax preference performance statement
  • tax expenditure repeal requirement

(1)

Intentionally left blank —Ed.

(a)

On and after January 1, 2021, any bill that creates a new tax expenditure or extends an expiring tax expenditure must include a tax preference performance statement as part of a statutory legislative declaration.

(b)

If the bill extends an expiring tax expenditure, the bill must either include a tax preference performance statement if one was not earlier included or it must amend, in such a way as to provide updated information, the tax preference performance statement that was included when the tax expenditure was enacted.

(2)

The tax preference performance statement must indicate one or more of the following general categories, by reference to the applicable category specified in this subsection (2), as the legislative purpose of the new tax expenditure:

(a)

Tax expenditure intended to induce certain designated behavior by taxpayers;

(b)

Tax expenditure intended to improve industry competitiveness;

(c)

Tax expenditure intended to create or retain jobs;

(d)

Tax expenditure intended to reduce structural inefficiencies in the tax structure; or

(e)

Tax expenditure intended to provide tax relief for certain businesses or individuals.

(3)

In addition to the general category specified in subsection (2) of this section, a tax preference performance statement must also provide detailed information regarding the legislative purpose of the new tax expenditure or of the extension of the expiring tax expenditure. The required detailed information must, at minimum, include clear, relevant, and ascertainable metrics and data requirements that allow the general assembly and the state auditor to measure the effectiveness of the tax expenditure in achieving the purpose designated under this section.

(4)

On and after January 1, 2021, any bill that creates a new tax expenditure must include a repeal of the expenditure after a specified period of tax years and any bill that extends an expiring tax expenditure must extend the expenditure for a specified period of tax years. A bill that creates a new tax expenditure or extends an expiring tax expenditure may not establish the tax expenditure for an indefinite period of time.

Source: Section 39-21-304 — Tax expenditure - tax preference performance statement - tax expenditure repeal requirement, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-39.­pdf (accessed Dec. 24, 2024).

39‑21‑101
Definitions 39‑21‑102
Scope 39‑21‑103
Hearings 39‑21‑104
Rejection of claims 39‑21‑104.5
Frivolous submissions 39‑21‑105
Appeals 39‑21‑105.5
Notice - first-class mail - definition 39‑21‑106
Compromise 39‑21‑107
Limitations 39‑21‑108
Refunds 39‑21‑109
Interest on underpayment, nonpayment, or extensions of time for payment of tax 39‑21‑110
Interest on overpayments - repeal 39‑21‑110.5
Rate of interest to be fixed 39‑21‑111
Jeopardy assessment and demands 39‑21‑112
Duties and powers of executive director 39‑21‑113
Reports and returns - rule - repeal 39‑21‑114
Methods of enforcing collection 39‑21‑114.5
Surrender of property subject to levy - definition 39‑21‑115
Reciprocity with other states for collection of taxes provided 39‑21‑116
Closing agreements 39‑21‑116.5
Penalties - repeal 39‑21‑117
Saving clause 39‑21‑118
Criminal penalties - repeal 39‑21‑119
Filing with executive director - when deemed to have been made 39‑21‑119.5
Mandatory electronic filing of returns - mandatory electronic payment - penalty - waiver - definitions 39‑21‑120
Signature and filing alternatives for tax returns 39‑21‑121
Unclaimed property offset - definition 39‑21‑201
Program established 39‑21‑301
Legislative declaration 39‑21‑302
Definitions 39‑21‑303
Tax profile and expenditure report 39‑21‑304
Tax expenditure - tax preference performance statement - tax expenditure repeal requirement 39‑21‑305
Tax expenditure - state auditor evaluation 39‑21‑401
Legislative declaration 39‑21‑402
Definitions 39‑21‑403
Legislative oversight committee concerning tax policy - creation - duties - report 39‑21‑404
Task force concerning tax policy - creation - membership - duties 39‑21‑405
Repeal of part
Green check means up to date. Up to date

Current through Fall 2024

§ 39-21-304’s source at colorado​.gov