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LCS and OSPB project FY25-26 TABOR shortfall, flag uncertain tax-credit triggers after HR1
Summary
Legislative Council Staff and OSPB told the JBC that federal tax-law changes (HR1) and special-session measures create large revenue uncertainty; their September forecast shows a likely FY25-26 TABOR shortfall and potential suspension of several state tax credits absent December forecast shifts.
Legislative Council Staff and OSPB presented competing but aligned revenue outlooks showing significant uncertainty from recent federal tax-law changes and the six bills passed in Colorado's special session.
Greg Sobetsky told the Joint Budget Committee that, while LCS revised general-fund revenue up modestly for FY25-26 compared with a July update, the forecast contains much uncertainty: "Our revenue forecast has a lot of uncertainty in it right now, not only because of economic expectations, but because of how we're trying to make revisions in the forecast to account for the federal tax changes in OBAA," he said.
Both offices highlighted the mechanics that make the November and December forecasts politically and financially consequential.…
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