BCDP Recommends NO on PROPOSITION 121*:
Rationale from the CDP — The measure reduces the state income tax rate from 4.55 percent to 4.40 percent for tax year 2022 and all later tax years. This rate applies to the Colorado taxable income of individuals and corporations. The measure decreases state General Fund revenue by an estimated $572.1 million in FY 2022-23 and $397.9 million for FY 2023-24, with ongoing decreases in later years. The estimate for FY 2022-23 represents a full-year impact for tax year 2022 and a half-year impact for tax year 2023, because the measure takes effect after completion of FY 2021-22. Taxpayer Impact For tax year 2022: the measure reduces state income tax due by an average of $95 per individual taxpayer, and by twice this amount for married couples filing tax jointly. The actual amount by which tax will decrease depends on one’s taxable income.
*The State Central Committee of the CDP recommended opposing Proposition 121, and the Executive Committee of the BCDP voted to take the recommended position of the CDP.