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2025-2026
The title as designated and fixed by the Board is as follows:
A reduction to the state income tax rate by 22.7%, thereby reducing state revenue, which will reduce funding for state expenditures that include but are not limited to health care policy and financing, education, and higher education by an estimated $3.3 billion in tax revenue, by a change to the Colorado Revised Statutes modifying existing law and creating new law to reduce the state income tax rate from 4.40% to 3.40% for taxable years commencing on or after January 1, 2027, which will result in the estimated change in income taxes owed by individuals as identified in the following table:
Initiative 156
Change in Income Taxes Owed by Income Category (Tax Year 2027)
| Income Categories | Current Average Income Tax Owed |
Proposed Average Income Tax Owed |
Proposed Change in Average Income Tax Owed + or - |
|---|---|---|---|
| $25,000 or less | $58 | $44 | -$13 |
| $25,001 - $50,000 | $758 | $586 | -$172 |
| $50,001 - $100,000 | $1,897 | $1,466 | -$431 |
| $100,001 - $200,000 | $4,137 | $3,196 | -$940 |
| $200,001 - $500,000 | $9,248 | $7,146 | -$2,102 |
| $500,001 - $1,000,000 | $18,028 | $13,931 | -$4,097 |
| $1,000,001 - $2,000,000 | $26,419 | $20,415 | -$6,004 |
| $2,000,001 - $5,000,000 | $40,671 | $31,428 | -$9,243 |
| Income categories reflect adjusted gross income reported to the 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 rate by 22.7%, thereby reducing state revenue, which will reduce funding for state expenditures that include but are not limited to health care policy and financing, education, and higher education by an estimated $3.3 billion in tax revenue, by a change to the Colorado Revised Statutes modifying existing law and creating new law to reduce the state income tax rate from 4.40% to 3.40% for taxable years commencing on or after January 1, 2027, which will result in the estimated change in income taxes owed by individuals as identified in the following table?
Initiative 156
Change in Income Taxes Owed by Income Category (Tax Year 2027)
| Income Categories | Current Average Income Tax Owed |
Proposed Average Income Tax Owed |
Proposed Change in Average Income Tax Owed + or - |
|---|---|---|---|
| $25,000 or less | $58 | $44 | -$13 |
| $25,001 - $50,000 | $758 | $586 | -$172 |
| $50,001 - $100,000 | $1,897 | $1,466 | -$431 |
| $100,001 - $200,000 | $4,137 | $3,196 | -$940 |
| $200,001 - $500,000 | $9,248 | $7,146 | -$2,102 |
| $500,001 - $1,000,000 | $18,028 | $13,931 | -$4,097 |
| $1,000,001 - $2,000,000 | $26,419 | $20,415 | -$6,004 |
| $2,000,001 - $5,000,000 | $40,671 | $31,428 | -$9,243 |
| Income categories reflect adjusted gross income reported to the Internal Revenue Service. | |||
Hearing October 15, 2025
Single subject approved; staff draft amended; titles set.
Board members: Christy Chase, Kathleen Wallace, Kurt Morrison
Hearing adjourned 11:56 AM.
* Unofficially captioned "Income Tax Rate Reduction" by legislative staff for tracking purposes. This caption is not part of the titles set by the Board.