May 27, 2024

Rocky Daily News

Colorado Politics-Sports-Business-Weather

Gov. Polis signs bills providing income tax, property tax cuts

1 min read

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Colorado Gov. Jared Polis signed several tax-related bills into law Tuesday, including two that deliver what officials are touting as historic cuts to taxes of different kinds.

One reduces income and sales taxes. Senate Bill 228 cuts the state’s income rate by up to 0.15% in years when state revenue handily exceeds the cap set by the Taxpayer’s Bill of Rights, with a similar mechanism for the state’s sales tax rate. That equals an estimated $466 million this year — with the income tax rate reduced by the full amount, to 4.25% — plus an estimated $222 million reduction in sales taxes through a slight decrease in that rate, shaving off 0.13 points to make it 2.77%.

The second law, passed as Senate Bill 233, comparatively dwarfs the first. It makes adjustments that cut property…

Nick Coltrain

2024-05-15 06:00:51

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