DENVER — It’s official. Coloradans will be giving less to Colorado state government in 2020.
Income tax rates will be decreasing from a flat 4.63% to 4.5%.
The decrease was mandated by the Colorado State Constitution and the Taxpayer Bills of Rights (TABOR) which limits how much government can grow each year.
Passed in 1992, this is the first year TABOR has triggered cuts. As opposed to sending checks to taxpayers, income tax rates will be cut instead.