HB 23B-1006

House Bill 23B-1006 creates a task force that will study Colorado's tax system and recommend changes aimed at reducing the overall tax burden on citizens while promoting economic growth. The task force, made up of lawmakers and non-lawmakers, must meet regularly starting in June 2024 and submit their findings by June 2025. They aim to simplify the state’s taxes so that only sales and use taxes remain. Since the bill has been signed into law, this task force will officially begin its work as planned.

Official Summary

The bill creates the tax code legislative task force (task force). The task force consists of both members of the general assembly and individuals who are not members of the general assembly. The purpose of the task force is to make recommendations to restructure the tax burden on the citizens of the state to foster economic growth and to design a new tax code that eliminates all taxes and fees in the state other than the sales and use tax. The task force is required to: Convene no later than June 3, 2024; Meet at least once every 3 months or more often as directed by the chair of the task force; Make findings and determinations regarding specified aspects of state and local government taxes and revenue; and Submit a report with its findings and recommendations to the general assembly within one year of its first meeting. The task force is repealed on June 30, 2026. (Note: This summary applies to this bill as introduced.)

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