(1) Annually, the state auditor shall study and evaluate impacts to the state's policy of using federal taxable income as the basis for Colorado taxable income. The evaluation must include a review of federal tax law, including changes, that may have a significant impact on the state's tax base or otherwise impact taxable income within the state. (2) Notwithstanding sections 2-3-103 (2) and 24-1-136 (9), the state auditor shall present the findings made pursuant to subsection (1) of this section in the form of a report that must be posted on the general assembly's website and delivered to the joint budget committee and the finance committees of the senate and the house of representatives. The state auditor shall ensure that the first report is delivered no later than June 30, 2025, and shall ensure that subsequent reports are delivered no later than June 30 of each year thereafter. (3) (a) Any records, information, or documentation generated pursuant to this section are work papers of the state auditor and shall be open to public inspection only upon approval of a majority of members of the legislative audit committee created in section 2-3-101. Only the specific work papers that the legislative audit committee votes to approve for disclosure shall be open to public inspection. Work papers that have not been specifically approved for disclosure by a majority vote of the legislative audit committee shall remain confidential. Under no circumstances shall the work papers be open to public inspection prior to a completed report being posted as specified in subsection (2) of this section. (b) (I) The state auditor shall collaborate, at least annually, with the department regarding the department's knowledge or awareness of: (A) Any expected impacts to the state's policy of using federal taxable income as the basis for Colorado taxable income; and (B) Federal tax law changes that may have a significant impact on the state's tax base or otherwise impact taxable income within the state. (II) As necessary to determine the impacts described in subsection (3)(b)(I) of this section, the department shall provide the state auditor with statistics, so classified as to prevent the identification of particular reports or returns and the items thereof, to the extent authorized in section 39-21-113 (5), section 6103 (d)(1) of the federal "Internal Revenue Code of 1986", as amended, and the regulations and policies promulgated thereto. (c) The state auditor's authority set forth in section 2-3-107 applies to the state auditor's report set forth in this section.
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