Results for Proposed Initiative #176

Ballot Title Setting Board
2023-2024

The title as designated and fixed by the Board is as follows:

A reduction to the state income tax by 1.14%, thereby reducing state revenue, which will reduce funding for state expenditures that include but are not limited to education, health care policy and financing, and higher education by an estimated $164.4 million in tax revenue, by a change to the Colorado Revised Statutes to reduce the state income tax rate from 4.40% to 4.35%, which will result in the estimated change in income taxes owed by individuals as identified in the table that follows:

Initiative 176
Change in Income Taxes Owed by Income Category

Income Categories* Current Average
Income Tax Owed
Proposed Average
Income Tax Owed
Proposed Change
in Average
Income Tax Owed
if Passed
+ or -
$25,000 or less $83 $82 -$1
$25,001 - $50,000 $784 $775 -$9
$50,001 - $100,000 $1,899 $1,877 -$22
$100,001 - $200,000 $4,169 $4,121 -$48
$200,001 - $500,000 $9,241 $9,136 -$105
$500,001 - $1,000,000 $18,733 $18,520 -$213
$1,000,001 - $2,000,000 $29,888 $29,548 -$340
$2,000,001 - $5,000,000 $49,465 $48,903 -$562
*Adjusted Gross Income reported to the federal Internal Revenue Service

The ballot title and submission clause as designated and fixed by the Board is as follows:

Shall there be a reduction to the state income tax by 1.14%, thereby reducing state revenue, which will reduce funding for state expenditures that include but are not limited to education, health care policy and financing, and higher education by an estimated $164.4 million in tax revenue, by a change to the Colorado Revised Statutes to reduce the state income tax rate from 4.40% to 4.35%, which will result in the estimated change in income taxes owed by individuals as identified in the table that follows?

Initiative 176
Change in Income Taxes Owed by Income Category

Income Categories* Current Average
Income Tax Owed
Proposed Average
Income Tax Owed
Proposed Change
in Average
Income Tax Owed
if Passed
+ or -
$25,000 or less $83 $82 -$1
$25,001 - $50,000 $784 $775 -$9
$50,001 - $100,000 $1,899 $1,877 -$22
$100,001 - $200,000 $4,169 $4,121 -$48
$200,001 - $500,000 $9,241 $9,136 -$105
$500,001 - $1,000,000 $18,733 $18,520 -$213
$1,000,001 - $2,000,000 $29,888 $29,548 -$340
$2,000,001 - $5,000,000 $49,465 $48,903 -$562
*Adjusted Gross Income reported to the federal Internal Revenue Service

Hearing March 7, 2024

Single subject approved; staff draft amended; titles set.
Board members: Theresa Conley, Kurt Morrison, Ed DeCecco
Hearing adjourned 1:55 PM.

* Unofficially captioned "State Income Tax Reduction" by legislative staff for tracking purposes. This caption is not part of the titles set by the Board.