![]() An across the board income tax rate reduction will allow these business owners and their employees to keep and spend more of their own money. In many rural communities, there are no big-box stores, just small businesses. Colorado State Senator Jerry Sonnenberg (R): “Small business owners all over Colorado are feeling the pain of these shutdowns, and their incomes have suffered as a result.The word count for the ballot title is 18, and the estimated reading time is 4 seconds. The FKGL for the ballot title is grade level 9, and the FRE is 62. The Colorado Title Board wrote the ballot language for this measure. The Flesch-Kincaid formulas account for the number of words, syllables, and sentences in a text they do not account for the difficulty of the ideas in the text. Readability scores are designed to indicate the reading difficulty of text. Readability score See also: Ballot measure readability scores, 2020 Using the Flesch-Kincaid Grade Level (FKGL and Flesch Reading Ease (FRE) formulas, Ballotpedia scored the readability of the ballot title and summary for this measure. Will pay $37 less in individual income taxes for tax year 2020. The impact in dollar terms will vary by income. All taxpayers will pay 1.7 percent less in state income tax, though By reducing tax revenue, Proposition 116 reduces theĪmount available to be spent or saved beginning in state budget year 2020-21. The measure is expected to increase state spending by about $15,000 Impact for tax year 2021 due to the timing of the change in the tax rate. The first-year estimate includes the measure’s full impact for tax year 2020 and half of its ![]() $203 million in state budget year 2020‑21 and $154 million in state budget year 2021‑22. Proposition 116 reduces state General Fund revenue by an estimated Great Education Colorado also opposed the measure and said the initiative "is bad news for Colorado: in the midst of a recession, massive job loss, and a diminishing tax base, education and other public services have already suffered near irreparable damage. The top donor was the North Fund, which provided $750,000. The committees reported $3.19 million in contributions. Protect Colorado's Recovery and Fair Tax Colorado registered to oppose the measure. The top three donors (which gave 99.64% of the total contributions) were Unite for Colorado, Independence Institute, and Colorado Rising State Action. Together, the committees reported $1.55 million in contributions. So, we will do it for them." Ballotpedia identified two committees registered to support the initiative: Energize our Economy (306 Real Fair Tax) and Americans for Prosperity Colorado Issue Committee. And in order to do that people need to be able to use more of their own money. State government doesn’t need to increase its already bloated budget.” Caldara said, “Coronavirus has crippled our state. Sonnenberg said, “Small business owners all over Colorado are feeling the pain of these shutdowns, and their incomes have suffered as a result. President of the Independence Institute Jon Caldara and Colorado State Senator Jerry Sonnenberg (R) sponsored the initiative. Who supported and opposed Proposition 116? See also: Support, Opposition, and Campaign finance The measure also reduced the tax rate for domestic and foreign C corporations operating in Colorado from 4.63% of Colorado net income to 4.55%. Proposition 116 decreased the state income tax rate for individuals, estates, and trusts from 4.63% of federal taxable income to 4.55% for tax years commencing on and after January 1, 2020. Overview How did Proposition 116 change the state income tax rate? See also: Text of measure But even with what the voters did, we’re interested in working with them to backfill it by eliminating tax loopholes and tax expenditures, to make sure that there's no revenue loss to the state by reducing the income tax level." Colorado Governor Jared Polis (D) said, "We would love to cut the income tax more.The following is a list of reactions to the approval of Proposition 116: 9.6 Types of corporate income tax rates in other states.9.5 Colorado corporate income tax revenue.9.4 Colorado corporate income tax rate history. ![]()
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