Non-economic damages cap raised in Colorado

Colorado’s Gov. Jared Polis (D) signed HB 24-1472 into law, which is a significant measure that raises the cap on non-economic damages in the state. Currently set at $250,000, the cap will increase to $1.5 million starting in 2025. Additionally, beginning in 2028 and every two years thereafter, the cap will be adjusted to account for inflation, ensuring that it remains relevant over time. This legislative change aims to better reflect the actual impact of non-economic damages on individuals. The bill marks a substantial shift in the state’s approach to compensating non-economic losses.