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 3.41%, 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 $467,200,000 in tax revenue, by a change to the Colorado Revised Statutes to reduce the state income tax rate from 4.40% to 4.25% 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 | $80 | -$3 |
| $25,001 - $50,000 | $784 | $757 | -$27 |
| $50,001 - $100,000 | $1,899 | $1,834 | -$65 |
| $100,001 - $200,000 | $4,169 | $4,027 | -$142 |
| $200,001 - $500,000 | $9,241 | $8,926 | -$315 |
| $500,001 - $1,000,000 | $18,733 | $18,094 | -$639 |
| $1,000,001 - $2,000,000 | $29,888 | $28,869 | -$1,109 |
| $2,000,001 - $5,000,000 | $49,465 | $47,779 | -$1,686 |
* 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 3.41%, 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 $467,200,000 in tax revenue, by a change to the Colorado Revised Statutes to reduce the state income tax rate from 4.40% to 4.25% 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 | $80 | -$3 |
| $25,001 - $50,000 | $784 | $757 | -$27 |
| $50,001 - $100,000 | $1,899 | $1,834 | -$65 |
| $100,001 - $200,000 | $4,169 | $4,027 | -$142 |
| $200,001 - $500,000 | $9,241 | $8,926 | -$315 |
| $500,001 - $1,000,000 | $18,733 | $18,094 | -$639 |
| $1,000,001 - $2,000,000 | $29,888 | $28,869 | -$1,109 |
| $2,000,001 - $5,000,000 | $49,465 | $47,779 | -$1,686 |
* 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 10:19 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.