CO HB1104

Requires the Colorado Department of Revenue to prepare and publish an annual tax expenditure report beginning January 1, 2012, detailing information about all state and federal tax provisions that reduce state tax revenue.

Each report must include for every tax expenditure: statutory authority, enactment year, description, estimated revenue loss for current and next three tax years, intended purpose, analysis of effectiveness, and effects on tax burden distribution by income and business class.

Report must analyze income classes using minimum income quintiles with the highest quintile subdivided into top 1%, next 4%, and remainder, and separately consider corporate and individual taxpayers.

Department must distribute copies to all general assembly members, present the report annually to finance committees by February 1, make it available for public inspection, and publish it on the department website.

Legislative Council Staff shall provide information about the intended purpose and effectiveness analysis of tax expenditures to assist the department in preparing the report.