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2023-2024
The title as designated and fixed by the Board is as follows:
A reduction to the state income tax by 1.14% thereby reducing state revenue, which will reduce funding for state expenditures that include but are not limited to education, health care policy and financing, and higher education by an estimated $155,700,000 in tax revenue, by a change to the Colorado Revised Statutes to reduce the state income tax rate from 4.40% to 4.35% that will result in the estimated change in income taxes owed by income category identified in the table that follows:
| Change in Income Taxes Owed by Income Category |
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|---|---|---|---|
| Income Categories* | Current Average Income Tax Owed |
Proposed Average Income Tax Owed |
Proposed Change in Average Income Tax Owed + or - |
| $25,000 or less | $83 | $82 | -$1 |
| $25,001 - $50,000 | $784 | $775 | -$9 |
| $50,001 - $100,000 | $1,899 | $1,877 | -$22 |
| $100,001 - $200,000 | $4,169 | $4,121 | -$47 |
| $200,001 - $500,000 | $9,241 | $9,136 | -$105 |
| $500,001 - $1,000,000 | $18,733 | $18,520 | -$213 |
| $1,000,001 - $2,000,000 | $29,888 | $29,548 | -$340 |
| $2,000,001 - $5,000,000 | $49,465 | $48,903 | -$562 |
* Adjusted Gross Income reported to the federal Internal Revenue Service. |
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The ballot title and submission clause as designated and fixed by the Board is as follows:
Shall there be a reduction to the state income tax by 1.14% thereby reducing state revenue, which will reduce funding for state expenditures that include but are not limited to education, health care policy and financing, and higher education by an estimated $155,700,000 in tax revenue, by a change to the Colorado Revised Statutes to reduce the state income tax rate from 4.40% to 4.35% that will result in the estimated change in income taxes owed by income category identified in the table that follows?
| Change in Income Taxes Owed by Income Category |
|||
|---|---|---|---|
| Income Categories* | Current Average Income Tax Owed |
Proposed Average Income Tax Owed |
Proposed Change in Average Income Tax Owed + or - |
| $25,000 or less | $83 | $82 | -$1 |
| $25,001 - $50,000 | $784 | $775 | -$9 |
| $50,001 - $100,000 | $1,899 | $1,877 | -$22 |
| $100,001 - $200,000 | $4,169 | $4,121 | -$47 |
| $200,001 - $500,000 | $9,241 | $9,136 | -$105 |
| $500,001 - $1,000,000 | $18,733 | $18,520 | -$213 |
| $1,000,001 - $2,000,000 | $29,888 | $29,548 | -$340 |
| $2,000,001 - $5,000,000 | $49,465 | $48,903 | -$562 |
* Adjusted Gross Income reported to the federal Internal Revenue Service. |
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Hearing March 15, 2023
Single subject approved; staff draft amended; titles set.
Board members: Theresa Conley, David Powell, Jason Gelender
Hearing adjourned 10:11 AM.
* Unofficially captioned "State Income Tax Rate Reduction" by legislative staff for tracking purposes. This caption is not part of the titles set by the Board.