Denver — Buoyed by a predicted $1.62 billion in excess revenues over the next two years thanks to a booming economy, state Sen. Jerry Sonnenberg, R-Sterling, and House co-sponsor Rep. Rod Pelton, R- Cheyenne Wells, introduced Senate Bill 19-055 to the Senate Finance Committee on Jan. 10. The bill would reduce Colorado’s personal and corporate income tax rate from 4.63 percent to 4.49 percent and decrease the state alternative minimum tax by 0.14%. The bill also makes conforming amendments for compliance with the Taxpayer’s Bill of Rights (TABOR).
“Governor Polis during his campaign and again in his State of the State address recognized the importance of tax cuts to the people of Colorado,” said Sonnenberg. “I am excited to present my income tax reduction bill again this year that will do just what the Governor asked because I too know that allowing taxpayers to keep more of their money is good policy.”
“Coming from a conservative district that is HD65 and with the extra revenue that Colorado is acquiring it makes sense to lower state income taxes,” said Pelton. “Governor Polis even called for a reduction in taxes so I think it’s time for this bill to pass.”
No committee hearings have been scheduled so far.
