DENVER ~ In a special session held today, Governor Jared Polis signed a series of bills and took executive action to address the billion-dollar budget hole created by President Trump and Representatives Gabe Evans, Jeff Hurd, Lauren Boebert, and Jeff Crank through H.R.1.

The controversial law, which was passed by Congress, has been criticized for its potential to kick millions of Americans off health care and make it harder for Coloradans to access food. It also includes tax breaks for large corporations that have resulted in significant cuts to the state budget.

Governor Polis expressed his concerns about the impact of H.R.1 on Colorado's schools, health care system, and roads. "This special session was necessary to address the threat H.R.1 has on our communities," he stated. "I'm proud of our partnership with the General Assembly to get this done."

The Governor acknowledged that these were challenging decisions forced upon states by President Trump and Republicans in Washington D.C. He emphasized that Colorado has a responsibility to balance its budget despite Congress's actions.

To address the budget hole, the Polis administration and legislature took a three-pronged approach. Firstly, they passed bills to close corporate tax loopholes estimated at nearly $250 million. Secondly, they utilized some rainy day funds totaling $325 million. And finally, they made spending reductions of $105 million and general fund transfers of $147 million.

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One of the key bills signed by Governor Polis was SB25B-001 - Processes to Reduce Spending During Shortfall. This legislation gives him authority to take measures across the state to reduce costs and save money in order to balance the budget.

In addition, Governor Polis also signed Executive Order D 2025 014 which allows him to suspend certain spending until Colorado's budget is balanced before the end of Fiscal Year 2025-26. The order outlines specific funding suspensions through that time period, and the Office of State Planning and Budgeting submitted a letter to the Joint Budget Committee explaining the cuts in more detail.

The Governor also signed several bills into law administratively, including HB25B-1001, which eliminates the Qualified Business Income Deduction Add-Back, and HB25B-1002, which addresses Corporate Income Tax Foreign Jurisdictions. Other bills signed include HB25B-1003, HB25B-1004, HB25B-1005, HB25B-1006, SB25B-004, and SB25-005.

These measures aim to close corporate tax loopholes, improve transparency for algorithmic systems, and reallocate funding from the Department of Natural Resources to the Health Insurance Enterprise.

Governor Polis thanked the legislature for their hard work during this special session but acknowledged that there is still more work ahead. He stated that while Congress may be able to "blow up" the national debt, Colorado has a responsibility to balance its budget and protect its communities.

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