Colorado Eyes Tax Revenue From Foreign Investment, Vendor Fees

Colorado Democrats plan to roll back several business tax benefits and exclusions during a special legislative session kicking off Thursday as they seek to close a budget gap opened by President Donald Trump’s new tax-and-spending law.

Among the bills pre-filed ahead of the session are measures that would eliminate subsidies provided to retailers for collecting and remitting sales taxes, clamp down on tax avoidance attributable to foreign tax havens, and require businesses to add back the federal qualified business income (QBI) deduction when calculating their state taxable income.

Democratic lawmakers, who control both the House and the Senate, said they ...