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State senators, representatives brief Longmont council on special session after federal tax changes
Summary
State Sen. Katie Wallace and Rep. Karen McCormick told Longmont officials that changes in federal tax law (referred to in the meeting as HR 1) created an immediate revenue shortfall in Colorado; the special session will prioritize fixes to school-meal funding, health insurance premium assistance and other tax adjustments.
State Sen. Katie Wallace and state Rep. Karen McCormick briefed Longmont City Council members on Aug. 18 about Colorado’s special legislative session and why lawmakers returned to Denver to repair a budget gap created by recent federal tax law changes. "We are heading into the special ... the tax **** budget bill coming, from the federal level, really tore a hole in the state's budget," Wallace said. The briefing focused on measures to shore up school-meal funding, stabilize the individual insurance market and make targeted tax-code changes.
Wallace said the federal changes immediately altered Colorado’s revenue because state income-tax rules are tied to federal adjusted gross income. She told the group that the state’s balance was disrupted, forcing leaders to consider dipping into reserves and to weigh a range of revenue and decoupling options during the special session. "We had a balanced budget on July 1. Come July 4 and the signing of HR 1, that bill was blown apart,"…
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