The biggest income tax cut in Colorado history is the latest push from the Senate Republicans to bring financial relief for the people of Colorado. Today, Senate Bill 24-228, sponsored by Senate Republican Leader Paul Lundeen was introduced. It will put about $450 million in TABOR refunds into the pockets of the Colorado taxpayers.
“This historic income tax cut is the type of relief the people of Colorado have asked us to deliver and I’m grateful to help make it happen,” said Senator Lundeen.
Senate Bill 24-228 will create additional income tax reductions under the Taxpayers Bill of Rights, as well as add a sales and use tax cut to the current TABOR refund mechanisms. Once passed, Coloradans can expect to pay less in both income and sales taxes in years when state revenues are projected to exceed the TABOR cap.
“While the cost of living continues to reach unfathomable highs, the legislature has a responsibility to do everything it can to keep Coloradans’ tax dollars in their pockets where they belong,” continued Lundeen. “By making these necessary changes to the TABOR refund mechanism, we are ensuring over $450 million dollars of Coloradans hard earned dollars will stay in their pockets, instead of being filtered through the hands of state government. This bill embodies the Republican principle that a dollar in a private citizen’s hand is more effectively spent than a dollar in the Government’s purse.”
The Colorado Senate Republicans have a detailed history in trying to lower taxes for Coloradans and shrink the size of the state government. Previous Republican attempts to lower the state income tax include the following, all of which were defeated by democrats:
- Senate Bill 18-061
- House Bill 18-1203
- Senate Bill 19-055
- Senate Bill 20-020
- House Bill 22-1021
- House Bill 22-1125
- House Bill 24-1065
Senate Bill 24-228 is co-prime sponsored by Republican Representative Rose Pugliese as well as Democrat Senator Kyle Mullica and Democrat Representative Chris deGruy Kennedy. It will be considered in the Senate upon its passage in the statehouse in the coming days. The 2024 legislative session ends on May 8th.
###