HB 25-1048

House Bill 25-1048, which has been signed into law, requires the creation of an online database by the Department of Revenue. This database will list all state tax breaks and grant programs that meet certain criteria, such as those with limited funding or requiring approval from a state agency. The database must be completed by December 31, 2026, and updated annually thereafter. This law affects anyone interested in state grants or tax benefits, including businesses and individuals who might qualify for these programs. Since the bill has been signed, it is now an active law that will guide how the Department of Revenue manages this new database.

Official Summary

Legislative Oversight Committee Concerning Tax Policy. The bill creates an online database managed by the department of revenue that includes information on all qualifying state tax expenditures and state grant opportunities. A state grant opportunity is any grant funded by state money or administered by the state. A qualifying state tax expenditure is any state tax expenditure for which at least one of the following applies: A limited amount of dollars or credits is available; To qualify for the tax expenditure, a discretionary determination made by a state agency is necessary; or To qualify for the tax expenditure, a person must submit an application to and receive a certificate or other designation of approval from a state agency. The database must be created by December 31, 2026, and must be reviewed and updated on an annual basis. (Note: This summary applies to this bill as introduced.)