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2025-2026
The title as designated and fixed by the Board is as follows:
A reduction to the state income tax by 0.2% for the taxable years commencing on or after January 1, 2027, thereby reducing state revenue, which will reduce funding for state expenditures that include but are not limited to health care policy and financing, education, and higher education by an estimated $32.2 million in tax revenue, by a change to the Colorado Revised Statutes concerning a reduction in the state income tax rate from 4.40% to 4.39% which will result in the estimated change in income taxes owed by individuals as identified in the table that follows:
| Change in Income Taxes Owed by Income Category (Tax Year 2027) |
|||
|---|---|---|---|
| Income Categories* | Current Average Income Tax Owed |
Proposed Average Income Tax Owed |
Proposed Change in Average Income Tax Owed + or - |
| $25,000 or less | $58 | $57 | $0 |
| $25,001 - $50,000 | $758 | $756 | -$2 |
| $50,001 - $100,000 | $1,897 | $1,893 | -$4 |
| $100,001 - $200,000 | $4,137 | $4,127 | -$9 |
| $200,001 - $500,000 | $9,248 | $9,227 | -$21 |
| $500,001 - $1,000,000 | $18,028 | $17,987 | -$41 |
| $1,000,001 - $2,000,000 | $26,419 | $26,539 | -$60 |
| $2,000,001 - $5,000,000 | $40,671 | $40,579 | -$92 |
* 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 0.2% for the taxable years commencing on or after January 1, 2027, thereby reducing state revenue, which will reduce funding for state expenditures that include but are not limited to health care policy and financing, education, and higher education by an estimated $32.2 million in tax revenue, by a change to the Colorado Revised Statutes concerning a reduction in the state income tax rate from 4.40% to 4.39% which will result in the estimated change in income taxes owed by individuals as identified in the table that follows:
| Change in Income Taxes Owed by Income Category (Tax Year 2027) |
|||
|---|---|---|---|
| Income Categories* | Current Average Income Tax Owed |
Proposed Average Income Tax Owed |
Proposed Change in Average Income Tax Owed + or - |
| $25,000 or less | $58 | $57 | $0 |
| $25,001 - $50,000 | $758 | $756 | -$2 |
| $50,001 - $100,000 | $1,897 | $1,893 | -$4 |
| $100,001 - $200,000 | $4,137 | $4,127 | -$9 |
| $200,001 - $500,000 | $9,248 | $9,227 | -$21 |
| $500,001 - $1,000,000 | $18,028 | $17,987 | -$41 |
| $1,000,001 - $2,000,000 | $26,419 | $26,539 | -$60 |
| $2,000,001 - $5,000,000 | $40,671 | $40,579 | -$92 |
* Adjusted Gross Income reported to the federal Internal Revenue Service. |
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Hearing April 2, 2025
Single subject approved; staff draft amended; titles set.
The Board made a technical correction to the text of the initiative.
Board members: Theresa Conley, Jason Gelender, Kurt Morrison
Hearing adjourned 12:15 PM.
* Unofficially captioned "Income Tax Rate" by legislative staff for tracking purposes. This caption is not part of the titles set by the Board.