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Colorado, 8 other states, push IRS for clarification on taxability of FAMLI benefits
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Approved, coloradopolitics.com, State

Colorado, 8 other states, push IRS for clarification on taxability of FAMLI benefits

By Marissa Ventrelli | SOURCE: COLORADO POLITICS Gov. Jared Polis joined governors from eight other states in urging IRS Commissioner Daniel Werfel to provide guidance on the taxability of Family and Medical Leave Insurance, or FAMLI, benefits to avoid double taxation. “As states operating these programs, we urge the Internal Revenue Service to provide clarifying guidance in this area, specifically regarding the taxability of these benefits and premiums, and to prevent the risk of double taxation," said a Jan. 18 letter signed by the state leaders. “The current absence of guidance from the IRS on the tax treatment of these programs creates a substantial risk of an unexpected and large tax liability for those who rely on these programs to take family leave, deal with a personal i...
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Evaluating Gov. Polis’s Tax Reform Agenda: Tax Expenditures vs. Broad-Based Tax Relief
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Approved, i2i.org, State

Evaluating Gov. Polis’s Tax Reform Agenda: Tax Expenditures vs. Broad-Based Tax Relief

By Fiscal Policy Center | SOURCE: INDEPENDENCE INSTITUTE Colorado’s governor, Jared Polis, champions increasing state revenue by eliminating provisions of the tax code that benefit special interests—what state budgeters call “tax expenditures.” Rather than use the new money to grow government or redistribute surplus revenue through tax handouts and Taxpayer’s Bill of Rights (TABOR) refunds, however, the governor argues the state should use the revenue to provide tax relief for all Colorado taxpayers through income tax rate reductions. As far back as 2018, Polis campaigned on this tax reform approach. This report evaluates Governor Polis’s progress in advancing these tax reform goals. By calculating the revenue impact of each tax expenditure modification, it determines whether legislatio...
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Here’s how lawmakers want to pay for $78 billion child tax credit and business tax bill
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Approved, denvergazette.com, National

Here’s how lawmakers want to pay for $78 billion child tax credit and business tax bill

By Zachary Halaschak, Washington Examiner | SOURCE: THE GAZETTE The $78 billion bipartisan proposal that would expand the child tax credit and renew key business investment deductions is meant to be fully paid for — here is how. The House Ways and Means Committee advanced the bipartisan bill on Friday in an overwhelming 40-3 vote, moving it one step closer to becoming law. The legislation enhances the child tax credit while restoring some major business tax provisions and would pay for it through changes to the pandemic-era employee retention tax credit, or ERC. The $78 billion bill, which came after weeks of negotiations, would be offset by stronger enforcement and penalties tied to fraudulent ERC claims and would bring an early end to...
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Douglas County sues to overturn state board’s decision to block property tax relief plan
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Approved, Denver Metro, Local, The Colorado Sun

Douglas County sues to overturn state board’s decision to block property tax relief plan

By Jesse Paul, Colorado Sun Douglas County is suing a state board that last month blocked the county’s creative attempt to offer a $28 million property tax break to homeowners by making an across-the-board reduction in previously determined home values.  The 15-page lawsuit was filed Tuesday in Denver District Court against the State Board of Equalization. It argues that the board didn’t have the authority to block the tax break and that it didn’t follow Colorado’s open meetings laws in doing so.  The county is asking a judge to overturn the board’s unanimous decision to stop the reduction in home values.  The Douglas County Commission voted in September to reduce the county’s valuations, determined in May, of single-family homes, townhomes an...
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Polis’ Ambitious Housing and Property Tax Reform Faces Harsh Criticism
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Approved, State, thelobby-co.com

Polis’ Ambitious Housing and Property Tax Reform Faces Harsh Criticism

SOURCE: TheLobby-CO.com During his State of the State address, Governor Jared Polis outlined an extensive set of policy goals aimed at addressing Colorado's housing shortage and property tax issues. However, critics argue that his proposed solutions rely on liberal "big government" approaches that may have unintended consequences and fail to address the root causes of the problems. Governor Polis, emboldened by his re-election and speculation about a potential presidential run, challenged both parties to adopt unconventional thinking in order ‘to make the state more livable and affordable.’ He called on Democrats to reconsider their opposition to cutting the income tax, a plea that has historically fallen flat among the Democrat majorities in the legislature. Polis urged legis...
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