$35.6 million (increasing to $72 million next year) of new revenue is a tax increase, a violation of TABOR, and requires a vote of the people. Decisions regarding eligibility for taxation purposes should not be in the unreviewed hand of a single individual at the Revenue Department with unilateral judicial authority who might be tempted in the future to show favoritism. At the very least, a corporation must have the opportunity to challenge such findings. This legislation will drive many C corporations out of the state as they will seek a state that will not harass them. This General Assembly wants to penalize big and small businesses, that create jobs and prosperity in Colorado, to make up for its inability to control spending and manage priorities.
