DENVER (KDVR) — State lawmakers were back under the dome for a special session at the state capitol Thursday, working to fill a big budget gap in a short amount of time.
Committee hearings were held by both chambers, starting in the morning and going into the evening. Lawmakers hope to get through 30 bills in just a matter of days.
“Really wishing I was back home, baling hay this morning. But unfortunately, we’re here in what has now become the ‘summer session’ of the general assembly and no longer much of a special session,” said Senate Minority Leader Cleave Simpson.
State lawmakers are back at the Capitol for an extraordinary legislative session for the third year in a row. This time, they are working to make up for a $1.2 billion loss of revenue from changes in tax laws in the “One Big Beautiful Bill Act.” The parties are at odds over what those tax changes mean for Coloradans.
“Republicans in Congress passed tax relief, which causes less tax collections in the state, about $1.2 billion. Of those less taxes collected in the state, $840 million of them approximately are from individuals,” said Republican Senator Barbara Kirkmeyer. “$34 million is related to corporate taxes. Doesn’t sound like they’re going after the wealthy.”
“We’re back to address a one billion dollar budget shortfall thanks to Trump and Republicans in Congress. One billion dollars that should be invested in Colorado for Coloradans. But instead, it’s lost to tax breaks for corporations and the ultra-wealthy. How do we feel about that?” said Senate President James Coleman, to boos. “Over the past several weeks, my colleagues have been hard at work, wrapping our arms around the problem before us.”
To make up for the lost revenue, lawmakers are expecting to use $200 to $300 million from the state’s reserves. They’re also looking to repeal some corporate tax breaks from the state to offset federal tax breaks, hoping to save the state $300 to $400 million.
To make up the remaining loss, they are hoping to cut $300 million in various places in the budget. Lawmakers did introduce a bill that would require the governor to notify the Joint Budget Committee when he plans to make cuts through executive orders.
Lawmakers had eight committee hearings on just the first day. The special session is set to last for at least five days.
Anthony Sutton is a business strategist and writer with a passion for management, leadership, and entrepreneurship. With years of experience in the corporate world, he shares insights on business growth, strategy, and innovation through management-opleiding.org.
