![]() ![]() As shown by Figure 3, the state income tax rate would need to increase by 1.23 percentage points to raise the same amount of revenue ($2.2 billion ) that pending fees from the last four years are projected to raise. 08 percentage reduction in the state income tax just approved by voters last year under Proposition 116 raising $255 million through the state income tax would require a rate increase of. ![]() This figure is relevant to two ballot measures passed in 2020. New fee-based revenue from the 2021 session is projected to be over $255 million annually. The Challenge of Economic Recovery Continues to Grow under New Regulatory Burdens and More than $2.1 Billion in New Taxes and Feesĭespite tax revenue to the state’s General Fund rebounding to more than $2 billion above pre-pandemic levels and a surge of more than $65 billion in federal funds to Colorado, the 2021 legislative session, which ended June 8th, resulted in an additional net tax burden of $302 million (in FY23) on individuals and businesses. ![]()
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