Results for Proposed Initiative #13

Ballot Title Setting Board
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

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.

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.

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.