Colorado legislature approves tax credit sales to address budget shortfall

This story was first published at Colorado Newsline.

DENVER | Two tax credit bills from the special legislative session are headed to Gov. Jared Polis’ desk after gaining approval from Colorado lawmakers on Tuesday. The bills would both allow the state’s treasury department to sell state tax credits in order to raise revenue for the current fiscal year, with one sending money to the general fund and the other funding programs to lower health insurance premiums.

Large taxpayers would be able to buy credits for future tax liability at a lower rate, so the state would get that money now and the payer would benefit from the discount.

The Legislature began its special session last Thursday to lessen the blow of an approximately $750 million gap in the state’s budget, spurred by tax code cha