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Colorado – Colorado became the first state to address the effects of the One Big Beautiful Bill. In a six-day special session, the legislature enacted a few measures to offset the projected budget deficit attributable in part to the OBBA. These measures include: H.B. 25B-1001, which removed the sunset date for the qualified business deduction add back; H.B. 25B-1002, which added five countries to the tax-haven list and amended foreign-derived deduction-eligible income; and H.B. 25B-1005, which eliminates the sales tax vendor’s fee beginning January 1, 2026. To review the bills, see Colorado 2025 Special Session Bills.

In our last two updates, we discussed how state legislatures throughout the country have felt pressure to address the ongoing property tax revolt that has resulted from surging residential values, local budget concerns, and ultimately higher property tax bills. We also discussed how taxpayers have the right and the opportunity to directly address their property valuation with the local appraiser/assessor via the open property roll review and appeal process. With current year property values now more or less set, local jurisdictions are nearing final calculations regarding the current year millages/tax rates needed to fund local budgets, given the tax base and to hold formal hearings to discuss those budgets and millages/tax rate adjustments.

We are excited to let you know the Louisiana Legislature passed a new business incentive program in the 2025 fiscal session, called the “Louisiana High Impact Jobs Program” or “HIP” for short. Immediately following the bill’s passage, the Louisiana Department of Economic Development (LED) issued emergency rules for businesses to be able to determine their potential eligibility and apply.

The Louisiana Department of Revenue (LDR) recently issued several updates to clarify recent sales and use tax law changes.
• Governmental Sales Tax Exemption for Contractors
On August 14, 2025, LDR released Revenue Information Bulletin No. 25-023, which explains how general contractors and subcontractors can qualify for the extended governmental sales tax exemption created by Act 384 of the 2025 Regular Session. To claim this exemption, contractors and subcontractors working on state or local government projects must submit the newly developed Form R-85012, Public Projects Contractor/Subcontractor Certification and Exemption Application, through the Louisiana Taxpayer Access Point (LaTAP).