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Free download cost is steep6/20/2023 While the impact of each new regulation has not been fully valued yet, efforts to comply with them will cost many individuals and businesses billions of dollars in total, likely even more than the $2.1 billion in direct costs. New net direct costs, which will exceed $2.1 billion in 2023, comprise only part of the financial burden facing Coloradans and Colorado businesses-they do not include the indirect costs of numerous new laws and regulations. Overall, the 2021 legislative session resulted in an additional $699 million dollars in new taxes and fees, but, through both an increase in income tax deductions and a temporary 2-year property tax cut, there is also a projected $397 million in tax cuts in FY23.ĭirect Taxes and Fees are Just the Tip of the Iceberg of New Costs This evades the need for approval by Colorado voters which 2020 Proposition 117 now requires.
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