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 $226,300,000 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 owned by income category identified in the table that follows:
Initiative 31
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 -
Income categories $25,000 or less
Current average income tax owed $83
Proposed average income tax owed $82
Proposed change in average income tax owed + or - -$1
Income categories $25,001 - $50,000
Current average income tax owed $784
Proposed average income tax owed $775
Proposed change in average income tax owed + or - -$9
Income categories $50,001 - $100,000
Current average income tax owed $1,899
Proposed average income tax owed $1,877
Proposed change in average income tax owed + or - -$22
Income categories $100,001 - $200,000
Current average income tax owed $4,169
Proposed average income tax owed $4,121
Proposed change in average income tax owed + or - -$47
Income categories $200,001 - $500,000
Current average income tax owed $9,241
Proposed average income tax owed $9,136
Proposed change in average income tax owed + or - -$105
Income categories $500,001 - $1,000,000
Current average income tax owed $18,733
Proposed average income tax owed $18,520
Proposed change in average income tax owed + or - -$213
Income categories $1,000,001 - $2,000,000
Current average income tax owed $29,888
Proposed average income tax owed $29,548
Proposed change in average income tax owed + or - -$340
Income categories $2,000,001 - $5,000,000
Current average income tax owed $49,465
Proposed average income tax owed $48,903
Proposed change in average income tax owed + or - -$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 $226,300,000 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 owned by income category identified in the table that follows:
Initiative 31
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 -
Income categories $25,000 or less
Current average income tax owed $83
Proposed average income tax owed $82
Proposed change in average income tax owed + or - -$1
Income categories $25,001 - $50,000
Current average income tax owed $784
Proposed average income tax owed $775
Proposed change in average income tax owed + or - -$9
Income categories $50,001 - $100,000
Current average income tax owed $1,899
Proposed average income tax owed $1,877
Proposed change in average income tax owed + or - -$22
Income categories $100,001 - $200,000
Current average income tax owed $4,169
Proposed average income tax owed $4,121
Proposed change in average income tax owed + or - -$47
Income categories $200,001 - $500,000
Current average income tax owed $9,241
Proposed average income tax owed $9,136
Proposed change in average income tax owed + or - -$105
Income categories $500,001 - $1,000,000
Current average income tax owed $18,733
Proposed average income tax owed $18,520
Proposed change in average income tax owed + or - -$213
Income categories $1,000,001 - $2,000,000
Current average income tax owed $29,888
Proposed average income tax owed $29,548
Proposed change in average income tax owed + or - -$340
Income categories $2,000,001 - $5,000,000
Current average income tax owed $49,465
Proposed average income tax owed $48,903
Proposed change in average income tax owed + or - -$562
* Adjusted Gross Income reported to the federal Internal Revenue Service.
Hearing April 19, 2023
Single subject approved; staff draft amended; titles set.
Board members: Theresa Conley, Eric Meyer, Jason Gelender
Hearing adjourned 4:14 PM.
Rehearing April 28, 2023
Motion for rehearing (proponents) denied in its entirety.
Board members: Theresa Conley, Jason Gelender, Kurt Morrison
Hearing adjourned 10:24 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.
