Shall state taxes be increased by $950,100,000 annually in the first full fiscal year and by such amounts as are raised thereafter by amendments to the Colorado Constitution and the Colorado Revised Statutes concerning funding for preschool through twelfth-grade public education, and, in connection therewith, increasing the current state income tax rate on individuals, estates, and trusts and imposing an additional rate so higher amounts of income are taxed at higher rates; requiring the resulting increases in tax revenues be spent only for improvements to preschool through twelfth-grade public education; allowing all tax revenues attributable to this measure to be collected and spent without future voter approval; requiring at least 43% of state sales, excise, and income tax revenues be deposited in the state education fund; and repealing certain existing public education funding requirements?
Amendment 66 proposes amending the Colorado Constitution and the Colorado Statutes to change how the state funds public preschool through twelfth grade (P-12) education by raising taxes to increase the amount of money available, changing how the state distributes funding to school districts, and requiring that a fixed percentage of revenue from certain state taxes be annually set aside for schools.
Specifically, the measure:
· Raises the state individual income tax rate from 4.63 percent to 5.0 percent on the first $75,000 of taxable income and to 5.9 percent on any taxable income over $75,000 and deposits the additional tax revenue in a separate fund to increase public education funding
· Implements legislation passed by the state legislature creating a new formula for allocating state and local funding to school districts; repeals the constitutional requirement that base per pupil funding for public education increase by at least the rate of inflation annually;
· Requires that at least 43 percent of state income, sales, and excise tax revenue, collected at existing tax rates, be set aside annually to pay for public education.
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This information was taken from the 2013 State Ballot Information Booklet written by the Legislative Council of the Colorado General Assembly. For additional information on the ballot measure, read the book.