House Committee of Reference Report
Committee on Appropriations
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August 21, 2025
After consideration on the merits, the Committee recommends the following:
HB25B-1003be amended as follows, and as so amended, be referred to the Committee of the Whole with favorable recommendation:
Page 1, Line 1Amend printed bill, page 2, strike lines 9 through 15 and substitute:
Page 1, Line 2"(a) The insurance premium tax rate tax expenditure has not met
Page 1, Line 3its intended purpose since, as evidenced by the office of the state auditor's
Page 1, Line 42020 and 2025 evaluations of the tax expenditure, the hiring and
Page 1, Line 5investment levels of the vast majority of all insurance companies claiming
Page 1, Line 6the tax expenditure have not been substantially affected by the presence
Page 1, Line 7of the tax expenditure; and
Page 1, Line 8(b) In its 2025 evaluation of the insurance premium tax rate tax
Page 1, Line 9expenditure, the office of the state auditor found that, from 2022 through
Page 1, Line 102024, fifteen of the eighteen insurers that claimed the tax expenditure
Page 1, Line 11actually reduced their Colorado workforces by about four thousand three
Page 1, Line 12hundred employees, while the tax benefit that those insurers received
Page 1, Line 13from the tax expenditure increased by approximately seventeen million
Page 1, Line 14five hundred thousand dollars. Moreover, the reduction in the Colorado
Page 1, Line 15workforce of those Colorado insurers that claimed the tax expenditure
Page 1, Line 16occurred during a period when the number of insurance jobs increased
Page 1, Line 17nationally.".
Page 1, Line 18Page 2, line 17, strike "purpose" and substitute "purposes".
Page 1, Line 19Page 2, line 19, strike "is" and substitute "are".
Page 1, Line 20Page 2, line 21, strike "owed;" and substitute "owed, and to streamline
Page 1, Line 21insurance premium tax statutes by eliminating a tax expenditure that is
Page 1, Line 22not meeting its intended purpose; and".
Page 1, Line 23Page 2, strike line 24 and substitute "and the streamlining of the insurance
Page 2, Line 1premium tax statutes is:".
Page 2, Line 2Page 3, line 18, after "percent." insert "On and after January 1, 2026,
Page 2, Line 3the tax rate is two percent.".