Prop 121 would reduce the state income tax rate from 4.55% to 4.40% for tax year 2022 and future years. For someone making $60K/year, their state income tax would be reduced by about $60 in state budget year 2023-24.
Under Prop 121, projections for the state’s General Fund revenue are reduced by $638 million in the 2022-23 budget year and by $413M in 2023-24. The 2022-23 budget year would have to compensate for the impact of the retroactive full 2022 calendar year of lower taxes despite the completion of the 2021-22 budget year. Meanwhile, TABOR required the state to return money to taxpayers in 2020 and 2021 and is expected to do so through 2024, by changing the effective tax rate to 4.50%.
Recommendation: TAX
As noted above, TABOR already restricts the amount of revenue that the state can take in. This site recommended a NO on the similar Prop 116 in 2020.
Website for the Yes side – Path to Zero
No known website – Info on a proponents’ website appreciated.
Jon Caldara of the Independence Institute is one of the people who filed this initiative.
Website for the No side – Keeping Colorado Great
No known website – Info on an opponents’ website appreciated.
The Bell Policy Center is listed as an opponent in Ballotpedia.
Approved Ballot Language
Proposition 121 (Statutory)
Shall there be a change to the Colorado Revised Statutes reducing the state income tax rate from 4.55% to 4.40%?
YES/FOR ____
NO/AGAINST ____
Proposition 121 initiative language filed with the Secretary of State
https://www.sos.state.co.us/pubs/elections/Initiatives/titleBoard/filings/2021-2022/31Final.pdf
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