These are all of the Mega category bills proposed in the 2020 session. Each bill has its own bill number, please use your browser search feature to find the bill you are interested in. Note that these are across all categories, return to the Colorado home page to pick a specific bill category. All Mega bills also appear on their specific category pages.

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Senate

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SB20-020 Reduce The State Income Tax Rate

SB20-020 Reduce The State Income Tax Rate (Sonnenberg (R)) [Pelton (R)]

Appropriation: None
Fiscal Impact: Loss of $100 million property tax exemption would have come from TABOR surplus in two years, plus potential additional losses in future years for same reason

Goal: Reduce the state income tax rate by 0.14%.

Description:

Reduces the state individual and corporate income tax rates from 4.63% to 4.49% and the alternative minimum tax by the same 0.14%.

Additional Information: n/a

Auto-Repeal: None

Arguments For:

The state is flush with cash, so much so that we are projecting three straight years of TABOR tax refunds and the refund in 2019 was so large it triggered an automatic temporary reduction of the tax rate down to 4.5%. Right now the state is projected to return $1.1 billion to state taxpayers in the next three years. This is a sign that our taxes are too high and that we should allow taxpayers to keep more of their own money, where they can put it to use bolstering our state economy rather than having the state sit on it for a year only to give some of it back.

Arguments Against:

Another recession is coming. It is inevitable and the only question is when and how hard will it hit. Balancing our state revenues around their peak is a recipe for disaster when we reach a valley. We cannot simply raise taxes back up in that circumstance, it would require voter approval on a general election ballot. We still haven’t fully recovered from the last recession, as we still owe our schools hundreds of millions of dollars. The state needs to use as much money as it can to get back to even from our last recession and put away some reserves to prepare for the next one. Colorado’s economy is booming with our current tax structure. Our unemployment is among the lowest in the country. The state is one of the fastest-growing in the country. We don’t need lower taxes. In addition, this bill causes the state to have to find tens of millions of dollars for property tax exemption refunds that would have been covered by TABOR refunds.


Three straight years of TABOR refunds along with hundreds of millions of dollars owed to our schools and billions in transportation needs shortfalls shows that we have a TABOR problem, not a tax problem. Lowering our taxes permanently will only make these funding issues worse. The solution continues to be, despite the results of the last election, to fix TABOR.


A tax cut done in this matter is highly regressive. Those earning under $100,000 would see less than $100 of tax relief, while those earning over $1,000,000 would get over $1,000. This is unacceptable.

How Should Your Representatives Vote on SB20-020