Gov't Affairs, Govt - State of Colorado

Colorado: Initiative Would Increase Income Taxes for Higher Incomes

The deadline for supporters of Initiative 93 to turn in 98,492 valid Colorado voter signatures is today, July 11. Supporters of the initiative, “Great Schools, Thriving Communities” say the measure “builds on the successes of Colorado’s public schools by expanding educational opportunities for our students to prepare them for success in college, career and life.”

This initiative would fund P-12 education through higher income taxes on income earned above $150,000 and on corporations. Supporters Initiative 93 argue it “stabilizes the volatile local share of education funding by first lowering property tax rates and then freezing the rates, which are third lowest in the nation.”

According to some sources, supporters turned in enough signatures, including a few thousand extras, yesterday. But it will take time for the Secretary of State’s Office to review the signatures and confirm their validity. If the measure makes the ballot and is approved by voters in November, it would generate an estimated $1.1 billion of new revenue for education in FY 2019-2020 according to the non-partisan Colorado Legislative Council.

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