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 Oct. 20, 2023).

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