x
Breaking News
More () »

Denver's Leading Local News: Weather, Traffic, Sports and more | Denver, Colorado | 9NEWS.com

Proposition 116: Colorado voters projected to approve income tax reduction

Proposition 116 asked voters to reduce the state income tax from 4.63% to 4.55%.

COLORADO, USA — Colorado voters have passed a reduction in the state income tax, according to the latest projections from The Associated Press.

Proposition 116 asked voters to reduce the state income tax from 4.63% to 4.55%. The reduction in income tax would mean $154 million fewer dollars for the state in 2021.

Earlier this year, lawmakers had to cut $3 billion from the 2020-21 budget as a result of the COVID-19 pandemic.

Last month, the governor's budget director estimated that $1.6 billion would need to be cut in 2022-23 and $2.2 billion in 2023-24.

In 2020-21, the state's income taxes covered 60.5% of Colorado's general fund. The general fund is the part of the budget that the state legislature controls.

The general fund is the money that goes to the operation of nearly two dozen state departments:

  • Agriculture

  • Corrections

  • Education

  • Governor

  • Health Care

  • Higher Education

  • Human Services

  • Judicial

  • Labor & Employment

  • Law

  • Legislative Department

  • Local Affairs

  • Military & Veterans Affairs

  • Natural Resources

  • Personnel

  • Public Health & Environment

  • Public Safety

  • Regulatory Agencies

  • Revenue

  • State

  • Transportation

  • Treasury

The latest results are below:

RELATED: Let's Just Vote: Colorado will decide on Prop. 116

RELATED: Colorado Election Day 2020 live updates

SUGGESTED VIDEOSPolitics