DENVER (KDVR) — Multiple sources told FOX31 on Tuesday night that Gov. Jared Polis will call a special session by the end of the month.

The Colorado legislature will be asked to cut over a billion dollars from the state budget after the state budget director shared that the “One Big, Beautiful Bill Act” would dramatically impact state finances.

Colorado is expected to get significantly less funding than in previous years due to the law signed by President Donald Trump earlier this summer. Community groups spoke with Capitol Democrats last week to hear what funding will be needed.

Last week, Polis told FOX31 he was looking at when would be a good time to call the special session, and said that if it happened, it would be sooner rather than later.

“There’s clearly a hole to fill, and the advantage to doing it sooner rather than later is that those cuts can be spread across a longer period of time,” Polis said on Aug. 1. “If we were to wait until January or February, that would be a four- or five-month period.”

The Governor’s Office also shared a statement about the possible special session with FOX31 on Tuesday night.

“The Governor has not made a final decision regarding the call or what would be included. As he’s previously said, given the impact of HR 1 on the state budget he is considering what is necessary to close the budget deficit, including a special session.”

Leaders of organizations related to health care, food security, economic mobility and clean energy in Colorado testified about impacts on daily life, including having to re-enroll in Medicaid while losing food assistance. The Larimer County Human Services Director testified that the county has seen a 150% increase in people seeking help with SNAP benefits in the past five years, and this could mean those individuals lose assistance.

Additionally, state tax credits will be suspended in 2026 and 2027 and some federal tax credits were also not renewed in the federal bill.

“These enhanced premium tax credits significantly boosted affordability and led to record levels of enrollment in Colorado and across the country. Especially true for rural areas. Roughly 34,000 Coloradans will lose access to tax credits altogether as the tax credit cliff goes back into effect. While those that remain eligible for tax credits will see huge increases in their out-of-pocket premiums,” testified Adam Fox of the Colorado Consumer Health Initiative.

Legislators have already begun to eye the Taxpayer Bill of Rights as a way to move money around in Colorado.