Results for Proposed Initiative #16
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 and that are funded by cash fund transfers from the general fund 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 |
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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 | $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 | -$1,019 |
| $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 and that are funded by cash fund transfers from the general fund 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 | -$1,019 |
| $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 11:11 AM.
* Unofficially captioned "Reduction in State Income Tax Rate" by legislative staff for tracking purposes. This caption is not part of the titles set by the Board.