Overview

• The legislature convened Thursday for a governor‑called special session, expected to last four to six days, to address the shortfall tied to recent federal tax changes.
• Democratic sponsors advanced measures to raise roughly $300–$400 million by reversing business tax breaks — repealing a $70 million insurance home‑office credit, tightening foreign C‑corp rules, phasing out vendor fees — and by proposing up to $100 million in new fees on health insurers.
• Leaders expect to draw about $300 million from the state’s general fund reserve to help close the gap this fiscal year.
• Two bills would require Gov. Jared Polis to brief the Joint Budget Committee before potential Sept. 1 reductions, with the governor retaining authority to implement cuts subject to JBC review in January.
• Republicans press for spending cuts and propose changes to a tax relief program for families under $95,000, citing Department of Revenue data showing about 230,000 households received $663 million more than they owed.