CO HB1429

Creates annual joint meetings of House and Senate finance committees beginning in 2011 to review state tax benefits and determine whether they should be continued, repealed, or modified.

Defines tax benefits as credits or exemptions from severance tax, gasoline and special fuel tax, alcohol beverage tax, sales and use tax, and income tax.

Establishes a 10-year review cycle: severance, fuel, and alcohol taxes in 2011; sales and use tax exemptions in 2012-2015; and income tax credits in 2016-2020, repeating thereafter.

Requires Legislative Council staff to prepare annual fiscal impact reports before January 1 and authorizes Department of Revenue to provide necessary information (excluding confidential income tax data) to assist with report preparation.

Allows legislation recommended by the joint finance committee to repeal or modify tax benefits to be introduced without regard to normal introduction deadlines or bill limitations.