§ 39-21-303 — Tax profile and expenditure report

Colorado § 39-21-303

• Jurisdiction: Colorado
• Title 39: Taxation
• Art.: Procedure and Administration

Text

(1) On or before January 1,
2013, and January 1 of every odd-numbered year thereafter, the department shall
prepare a tax profile and expenditure report for the state that includes the
information set forth in subsection (2) of this section.

(2) (a) A tax profile and expenditure report must include the following
information for each tax expenditure for any tax levied and collected by the state
that is administered by the department:

(I) A citation of the statutory or other legal authority for the tax expenditure;

(II) The year that the tax expenditure was enacted;

(III) A description of the tax expenditure;

(IV) An estimate of the tax expenditure's effect on revenue for the most
recently completed tax or calendar year, as appropriate, for which such information
is available;

(V) The estimate required pursuant to subparagraph (IV) of this paragraph (a)
for the tax expenditure that was included in each of the three prior tax profile and
expenditure reports, if available; and

(VI) For a tax expenditure that is subject to the requirement set forth in
section 39-21-304, a statement of the intended purpose of the tax expenditure.

(b) For the state income tax only, the tax profile and expenditure report must
include the effect of the tax expenditure by income class. The provisions of this
paragraph (b) shall only apply to the extent that the department is capable of
accessing the necessary information from its data system.

(c) The tax profile and expenditure report must include the sum of all
estimates required pursuant to subparagraphs (IV) and (V) of paragraph (a) of this
subsection (2) for each tax.

(d) (I) To the extent not otherwise included in the tax profile and expenditure
report pursuant to this subsection (2), the report must also include any information
that was included in the Colorado tax profile study 2001 for any taxes covered by
such study, which includes but is not limited to information related to:

(A) State and local tax collections;

(B) Revenues, taxes, incidence, and equity;

(C) The distribution of state and local taxes among households; and

(D) Colorado statistics of income.

(II) The information required pursuant to subparagraph (I) of this paragraph
(d) shall be for the most recent tax year for which such information is available.

(3) (a) The department shall provide a copy of the report to all members of
the general assembly in accordance with section 24-1-136 (9), C.R.S.

(b) Repealed.

(c) The department shall make the tax profile and expenditure report
available for public inspection and shall publish the report on the department
website.

(4) The reporting requirement set forth in this section is exempt from the
provisions of section 24-1-136 (11).

(5) To the extent that the tax profile and expenditure report must include the
distribution of tax burden by income class pursuant to paragraphs (b) and (d) of
subsection (2) of this section, the department shall use at least as many income
classes as the Colorado statistics of income in the Colorado tax profile study 2001,
and the highest income class shall be at least as high as in such Colorado statistics
of income.

(6) Repealed.

Legislative History

Source: L. 2011: Entire part added, (SB 11-184), ch. 290, p. 1349, � 3, effective June 3. L. 2014: (6) repealed, (HB 14-1018), ch. 35, p. 190, � 1, effective August 6. L. 2024: (3)(b) repealed and (4) amended, (HB 24-1036), ch. 373, p. 2533, � 29, effective August 7.