Democrats in the legislature referred a measure to the November ballot that would ask voters to increase the state’s cap on government growth and spending by billions of dollars
Colorado voters will decide in November whether to give up their Taxpayer’s Bill of Rights refunds for the foreseeable future and let the state keep and spend billions more dollars, primarily to increase K-12 education funding.
Democrats in the legislature gave final approval early Tuesday to Senate Bill 135, which places the question on the ballot.
If voters approve the ballot measure, the state’s annual TABOR cap on government growth and spending would increase by an amount equal to the most the state has spent on K-12 funding in a single year. That’s currently about $4.6 billion, but it’s expected to rise in future years.
The TABOR cap restricts the amount of money state lawmakers can spend each year based on the annual change in inflation and population. Any dollars collected over the cap must be refunded to taxpayers.
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