Amendment 73

On Nov. 6, voters across Colorado will have a chance to make their voices heard on a ballot measure that would establish income tax brackets, raise corporate tax rates and create the Quality Public Education Fund.According to the Colorado Secretary of Stateís website, Amendment 73, known as the ìEstablish Income Tax Brackets and Raise Taxes for Education Initiative,î would raise an estimated $1.6 billion in total revenue that would be placed in the Quality Public Education Fund and used statewide specifically for the following:

• Increase the statewide base per-pupil funding rate to $7,300
• Increase state funding above the current 2018-2019 fiscal year levels for special education by $120 million, English language proficiency programs by $20 million, gift and talented programs by $10 million and preschool funding by $10 million

According to a report prepared by Colorado Legislative Council staff in April 2018, the base per-pupil funding rate in Colorado is currently $6,546.20.The Secretary of Stateís website lists the proposed tax brackets and how each would be affected by Amendment 73:

• Taxable income of $0 to $150,000: tax rate remains at 4.63 percent
• Taxable income of $150,001 to $200,000: tax rate increases to 5 percent
• Taxable income of $200,001 to $300,000: tax rate increases to 6 percent
• Taxable income of $300,001 to $500,000: tax rate increases to 7 percent
• Taxable income over $500,000: tax rate increases to 8.25 percent

Amendment 73 would decrease property tax rates for residential property from 7.2 percent to 7 percent and non-residential property from 29 percent to 24 percent, the website states. Conversely, Amendment 73 would increase the corporate tax rate from 4.63 percent to 6 percent, according to the website. The changes to property tax rates only apply to taxes levied by school districts, not any other local government agencies, the website states.This amendment is a combined initiated constitutional amendment and state statute, which, according to the amendmentís Initial Fiscal Impact Statement, means ìthe measure makes changes to the Colorado Constitution and state law related to funding for public education.î