The tens of millions of dollars raised from the tax would have gone to provide health care for uninsured children.
The House Finance Committee voted 9-2 Wednesday against House Bill 1341.
The measure would have also required the approval of Colorado voters this fall.
Opponents said the alcohol industry could not support a two percent sales tax increase.
"The proposed measure sets a bad precedent and targets one very important industry in the state," said Donnah Moody with the Colorado Association of Commerce and Industry. "And I also have to point out there's no nexus between those paying the increased taxes and how those funds will be used."
Colorado has the lowest taxes on alcohol sales of any state in the country that taxes beer, wine and spirits.
Supporters had introduced the measure because it is estimated there are more than 100,000 children in Colorado with no health insurance.
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