CALIFORNICATION: The Challenge of Economic Recovery Continues to Grow under New Regulatory Burdens and More than $2.1 Billion in New Taxes and Fees. “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. 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. Though any single new regulation may not change the outcome of a firm’s decision to expand in Colorado or to relocate to our state, at some point the cumulative regulatory burden could.”