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state_revenue_changes_and_the_colorado_state_budget_9212015.pdf

🔗 Source: leg.colorado.gov

📊 Size: 278 KB

👤 Author: Kate Watkins

⬇️ Downloads: 36

Summary

The TABOR Amendment limits the amount of revenue the State of Colorado can retain and spend, with a "base" equal to the prior fiscal year's revenue limit grown by inflation and population growth. Referendum C allows the state to retain and spend revenue above the TABOR limit base, with surplus revenue in excess of the Referendum C cap refunded to taxpayers. Tax and fee revenue changes impact the state budget differently, with tax increases requiring voter approval and fees able to be changed by the state legislature without voter approval. Tax expenditures, such as tax credits and exemptions, reduce tax revenue collected by governments and can impact the TABOR surplus and subsequent refund to taxpayers. Changes in cash fund revenue can affect the availability of General Fund revenue in a TABOR surplus situation.

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Description

The TABOR Amendment limits the amount of revenue the State of Colorado can retain and spend, with a "base" equal to the prior fiscal year's revenue limit grown...

Technical Information

File Format: PDF
File Size: 278 KB
Pages: 4
Language: EN
Author: Kate Watkins
Total Downloads: 36
Last Updated: 2 months ago

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