On the November ballot, Colorado voters will decide a question potentially worth as much as $1.7 billion.
Proposition CC asks voters for permission to end the cap on state tax revenue outlined in the Taxpayer’s Bill of Rights. If the answer is yes, the state plans to spend the money on schools, higher education and transportation projects. If the answer is no, the money would get returned to taxpayers as a refund — mostly to benefit seniors and disabled veterans.
Just how much money is at stake became clearer Friday, as state economists released the latest economic projections to inform the ballot question
The tax revenue is estimated to exceed the TABOR caps by $541.7 million to $1.7 billion total in the next three fiscal years through 2022, according to forecasts from legislative economists and Gov. Jared Polis’ budget office. If the state’s economy continues to prosper, the total would continue to grow in future years.
House Speaker KC Becker, D-Boulder, said the numbers show how much Colorado voters can do to address priority spending areas in the $30 billion state budget if Prop. CC is approved.