Election: Measures for income tax cut, more control on state enterprises appear close to victory
Colorado voters appear to be backing two ballot measures that would cut the state’s income tax and place further restrictions on parts of the state’s government that are exempt from TABOR restrictions.
With 81% of votes counted as of 9 p.m., 56.5% are backing Proposition 116, which would lower the state’s income tax from 4.63% to 4.55%, which state budget analysts estimate would reduce the state’s income by $203 million in fiscal year 2020-2021 and $154 million in the year after.
At the same time, 52% of votes so far are in favor of Proposition 117.
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The measure would require any “state enterprise” expected to raise more than $100 million over five years to get voter approval before being enacted. State enterprises are entities that receive less than 10% of their funding from state-sourced Colorado dollars and can issue their own bonds. These entities include state universities, the unemployment trust fund, hunting and fishing license sales from the Colorado Parks and Wildlife and others.
It would not affect existing state enterprises unless one enterprise were to lose its status.
