Colorado Amendment 87 — Graduated Income Tax

What it does

SHALL STATE TAXES BE INCREASED $2.7 BILLION ANNUALLY, IN ORDER TO INCREASE OR IMPROVE LEVELS OF PUBLIC SERVICES, INCLUDING K-12 PUBLIC SCHOOL EDUCATION, HEALTH CARE, AND EARLY CHILD CARE AND EDUCATION SERVICES, BY AN AMENDMENT TO THE COLORADO CONSTITUTION AND A CHANGE TO THE COLORADO REVISED STATUTES REPEALING EXISTING LAW AND CREATING NEW LAW TO REPLACE THE UNIFORM STATE INCOME TAX RATE WITH A GRADUATED INCOME TAX STRUCTURE, AND, IN CONNECTION THEREWITH, AMENDING THE TAXPAYER’S BILL OF RIGHTS TO ELIMINATE THE CONSTITUTIONAL REQUIREMENT FOR ALL TAXABLE NET INCOME TO BE TAXED AT ONE RATE WITH NO ADDED TAX ON INCOME; ESTABLISHING VARIOUS INCOME TAX RATES BASED ON THE AMOUNT OF TAXABLE INCOME EARNED BY INDIVIDUALS, ESTATES, TRUSTS, AND CORPORATIONS, WHILE MAINTAINING THE CURRENT 4.4% TAX ON INCOME FROM THE SALE OF A PRINCIPAL RESIDENCE, WHICH WILL RESULT IN THE ESTIMATED CHANGE IN INCOME TAXES OWED BY INDIVIDUALS AS IDENTIFIED IN THE FOLLOWING TABLE; AND AUTHORIZING THE STATE TO RETAIN AND SPEND ANY INCREASED REVENUE FROM THE NEW TAX STRUCTURE, AS A VOTER-APPROVED REVENUE CHANGE, TO SUPPLEMENT CURRENT LEVELS OF FUNDING FOR K-12 PUBLIC SCHOOL EDUCATION, HEALTH CARE, AND EARLY CHILD CARE AND EDUCATION PROGRAMS? [Table — Change in Income Taxes Owed by Income Category (average income tax owed): $25,000 or less: $59 current, $50 proposed, -$9 change; $25,001 - $50,000: $751 current, $632 proposed, -$119 change; $50,001 - $100,000: $1,877 current, $1,666 proposed, -$210 change; $100,001 - $200,000: $4,126 current, $3,828 proposed, -$298 change; $200,001 - $500,000: $9,344 current, $9,019 proposed, -$325 change; $500,001 - $1,000,000: $19,288 current, $18,963 proposed, -$325 change; $1,000,001 - $2,000,000: $29,432 current, $34,196 proposed, +$4,764 change; $2,000,001 - $5,000,000: $41,196 current, $55,110 proposed, +$13,914 change. Income categories use adjusted gross income reported to the federal Internal Revenue Service.]

A YES vote means

A yes vote replaces Colorado's single flat income tax rate with graduated rates and lets the state keep the estimated $2.7 billion in added annual revenue for K-12 education, health care, and early childhood programs.

A NO vote means

A no vote keeps the constitutional requirement that all taxable income be taxed at one flat rate.

Needed to pass

55% of votes cast

Put on the ballot by

citizen initiative

Official text: source

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• Amendment 86 — Congressional Redistricting
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