DENVER (KDVR) — Governor Jared Polis’ office says the leader of the state is looking into whether a proposal to lower the state’s income tax rate would yield a positive outcome.
“The Governor will discuss his observations on whether the various ballot initiatives are good, neutral, or bad for Colorado after the ballot is set,” a spokesman told FOX31.
The proposal would lower Colorado’s income tax rate for the first time in around 20 years. Proposition 116 is a plan to lower income taxes from 4.63% to 4.55% for people and businesses in Colorado. Senator Jerry Sonnenberg of Sterling is backing the proposal after his previous two efforts stalled at the state capitol.
“Now more than ever, people need tax relief. People have been, out of work, business have been shut down. This is what they need to be able to move forward,” Sonnenberg said.
Some opponents said the 0.08% cut wouldn’t amount to much for people making $50,000 or more.
“They will argue that $40 is the average of what the average consumer will save in taxes. For that single mom, that $40 means the difference between school supplies and something else,” Sonnenberg said.
It’s projected to cost the state $170 million in revenue in the next fiscal year. Ballots will be mailed to voters the week of Oct. 9.
